In a statement, CEO Grigorios Siokas said the international pharmaceutical company will devote itself to building up its Sky Premium Life food supplement brand in 2019 as well as broadening its line of product offerings.
“Our focus in 2018 included increasing our core distribution business, formally launching our Sky Premium Life food supplement brand, expanding our direct to pharmacy reach, and vertically integrating into our supply chain,” Siokas said.
In 2018, the company's revenue jumped 23.6% to $37 million from $30 million in 2017 while its gross profit climbed 23.1% to $2.4 million from $1.96 million in 2017.
Investors applauded the results, sending Cosmos shares up 10.37% to US$3.30 in afternoon trade on Tuesday.
In other milestones, the pharma company completed the acquisition of Cosmofarm Ltd, an Athens-based pharmaceutical wholesale company in December 2018, which features a robotic fulfillment center and an automated supply chain. It also recently paid off the remaining balance of its convertible notes, totaling $5.5 million.
READ: Cosmos posts 3Q profit and strong profit margins on booming drug sales and bolstered balance sheet
Cosmos Holdings specializes in acquiring, developing, and commercializing medicines. The Chicago-based company has offices and distribution centers in Thessaloniki, Greece and in the UK.