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Cosmos Holdings reports strong 2Q results thanks to booming pharmaceutical sales

CEO Grigorios Siokas says aggressive sales and marketing pushed up quarterly profits
Pills and bottle
Cosmos recently moved to submit an application to uplist its stock to the Nasdaq from OTCQB Venture

Cosmos Holdings Inc (OTCQB:COSM), the Chicago-based international pharmaceutical company, announced Thursday that its revenue and profit catapulted higher in the second-quarter thanks to booming sales of its repetoire of pharmaceutical products.

For the three months ended June 30, Cosmos’s net profit came in at US$782,000 compared with a net loss of US$839,000 in the year-ago quarter.

Revenue, meanwhile, climbed to US$8.8mln, which was 45% higher than the US$6.1mln in revenue recorded in the same period last year.

Big Picture: Cosmos Holdings focuses on Europe as it expands its global wholesale pharmaceutical business

“I am pleased to announce the first half of this year was filled with opportunities for us due to the aggressive sales and marketing efforts we implemented in 2017,” said CEO Grigorios Siokas in a statement. “We are excited about our growth prospects for the future."

Based in Chicago, Cosmos Holdings is a pharmaceutical company with offices and warehouses in Thessaloniki, Greece and Harlow, UK. The company has a trans-European network of over 160 clients and vendors and conducts business in Germany, the United Kingdom, Ireland, the United Arab Emirates, Denmark, Italy, France, Singapore, Spain, Lebanon, Skopje, Jordan, Sweden, Poland, Netherlands, and Greece.

Cosmos made several advances in the quarter. In June, the company raised its profile by formally submitting an application to uplist its common stock to the Nasdaq Composite stock exchange from the OTCQB Venture market. The move underlines the strides Cosmos has made in positioning itself for growth and profitability.

Read: Cosmos Holdings applies to list on the Nasdaq

Cosmos also recently moved to acquire Cosmofarm Ltd, a privately-held wholesale pharmaceutical group based in Athens, Greece. The main line of work for Cosmofarm, which has been conducting business in Athens since 1983, is the purchase, sale and distribution of branded and generic medicines.

For the six months ended June 30, Cosmos’s revenues swung to US$20.8mln, which was more than double the US$10.2mln the company recorded for the same period in the prior year.

Its gross profit, meanwhile, came to US$1.3mln for the six months until the end of the second quarter, up from US$843,000 in the prior year.

Cosmos shares rose 1.5% to finish trading at US$7 Wednesday.

Contact Ellen Kelleher at [email protected]

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