Strong result for Pharmaq

In presenting these results to the shareholders Morten Nordstad, CEO of PHARMAQ said ”There was a very positive development of the company through 2006 in all or markets. This was not just reflected in vaccine sales but in our other fish therapeutants too. This result provides a solid basis for us to continue our intensive efforts in research and development of new health products for the global aquaculture industry”. According the same presse release PHARMAQ holds leading market positions in all the major salmonid vaccine markets (Norway, Chile, UK and Ireland) and the company is well positioned to expand further into the Canadian market. Additionally they are market leaders in the Sea Bass and Sea Bream producing countries of Greece and Turkey. In addition to protecting salmon and trout against disease, PHARMAQ has a lot of experience in the development of vaccines for marine species. In 2006 PHARMAQ delivered most of the vaccine sales for the cod farming industry in Norway. Through the establishment of PHARMAQ Asia the company is also focussing on the rapidly growing marine aquaculture industry, and in 2006 a strong bridgehead has been established in Vietnam. “In the course of 2006 we introduced five new vaccines for use either in salmon or in cod,” said an enthusiastic Morten Nordstad. “It has been an exciting challenge to cover the demand for products in all our markets while also completing production runs for our vaccines and their components. We increased our production by 50% through our factory at Overhalla. We have high ambitions for further growth and development. It is inspiring to see how people in our organisation have grown with the challenges and it adds to my belief that PHARMAQ can expect a successful, expansive strategy to grow the company in the years ahead alongside the aquaculture industry it strives to serve”.