Sirio Pharma earns healthy turnover on the international supplement market
17 May 2024 --- Global nutraceutical specialist Sirio Pharma reports a 43% increase in turnover due to international sales, bringing the company’s revenue to US$508 million. Sirio’s core dosages are responsible for the record turnover, with softgel sales amounting to about 43% year-on-year, representing an annual growth of 54%.
Gummies contributed approximately 21% to sales, and liquids accounted for 12%, with both areas seeing roughly 25% growth. International sales nearly reached parity with domestic revenues for the first time in the company’s history.
“We have greatly strengthened and deepened our key partnerships while helping many new brands quickly launch novel nutraceutical formulations. These are the new products making and shaping consumer trends,” says Sara Lesina, general manager of Sirio Europe and Americas.
Strong R&D focus
As a result of the sales boost, Sirio’s international sales account for about 48% of its overall revenues, with domestic sales showing strong growth of US$263 million. The company attributes its success to its R&D approach. It has five R&D centers to empower its brands and facilitate quicker times to market for new products capable of shaping consumer trends.
“Due to Sirio’s large R&D team we can take a different approach to many contract development and manufacturing organization (CDMO), so in addition to developing formulations to order, we also proactively research and develop next generation formulations. This means our customers can come to us and partner with us for market-ready formulations off-the-shelf,” says Lesina.
The CDMO’s underlying net profits have increased by roughly 32%. Sirio is using the extra capital to invest in manufacturing innovation. In the last year, Sirio has secured more than 300 new projects and is supplying nutraceutical products in more than 50 countries.
Nutraceutical reach
Sirio oversees global nutraceutical research and development programs for many large brands, which has enabled it to increase its total annual revenue by approximately 70%. This week, the company announced its financial success at Vitafoods Europe and presented its new women’s health platform featuring 25 formulations and its PureOrganix range.
“Customers are coming to us for not only our quality of product, but also thanks to the depth and breadth of our research teams. Our strategy is, therefore, to partner with leading and well-known brands for premium products and we have seen great rises in sales across Europe, the US and APAC,” says Lesina.
In 2023, Sirio Pharma presented a new range of herbal gummies designed to help over-the-counter customers tap into the consumer interest in cough and cold, oral care and urinary tract infections health products.
By Inga de Jong
