Grindeks
Grindeks is a publicly listed, vertically integrated Latvian pharmaceutical manufacturer producing APIs, generics, and original drugs across cardiovascular, CNS, oncology, diabetes, and dermatology, distributing to over 100 countries via wholly-owned subsidiaries and a newly launched CDMO business.
- Company typePublic
- Founded1946
- HeadquartersRiga, Latvia
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Grindeks does
Grindeks (AS Grindeks) is a vertically integrated, publicly listed pharmaceutical manufacturer headquartered in Riga, Latvia, and the leading pharmaceutical company in the Baltic States. Founded in 1946 and listed on the Riga Stock Exchange (rse:GRD1R), the company produces active pharmaceutical ingredients (APIs), generic dosage forms, and original pharmaceutical products covering cardiovascular, central nervous system, oncology, diabetes, and dermatology therapeutic areas. Its portfolio includes more than 100 generic dosage forms alongside original brands Mildronāts (cardiovascular) and Ftorafur (anti-cancer). Grindeks currently manufactures 30 APIs with 36 more in development and runs 122 products through its pipeline.
The company operates three manufacturing sites: the Riga headquarters, the Tallinn Pharmaceutical Factory in Estonia, and HBM Pharma in Slovakia. Distribution runs through wholly-owned subsidiaries across Europe, North America, Asia, and Australia, with products available in all EU member states (16-56 products per country) and exported to more than 100 countries. Regulatory capability is a core competency, evidenced by 23 new EU registrations completed through decentralized procedure in the last three years. Customer relationships span direct deliveries to pharmacies, hospital procurement tenders, and specialized APIs for academic and global health partners (e.g., Wake Forest University School of Medicine, PATH, Instituto Biológico Argentino).
Revenue is generated primarily through pharmaceutical product sales, supplemented in late 2025 by newly introduced CDMO services and out-licensing of final dosage forms — a deliberate shift in business development strategy under CEO Jānis Romanovskis. Therapeutic-area breadth, vertical integration from API to finished form, established distribution infrastructure, and a publicly listed status are the defining structural features of the business. Headcount sits in the 1,001-5,000 employee range, and Grindeks reported €13 million of profit in the January-May 2025 period; pricing is not publicly disclosed.
Grindeks firmographics
Firmographics- Name
- Grindeks
- Legal name
- AS Grindeks
- Website
- https://grindeks.com
- Company type
- Public
- Founded year
- 1946
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Grindeks is a publicly listed, vertically integrated Latvian pharmaceutical manufacturer producing APIs, generics, and original drugs across cardiovascular, CNS, oncology, diabetes, and dermatology, distributing to over 100 countries via wholly-owned subsidiaries and a newly launched CDMO business.
- Ownership category
- akta.pro rank
Grindeks industry classification
Industry- Product category
- Generic Pharmaceuticals
- NAICS
- Pharmaceutical and Medicine Manufacturing (3254)
- SIC
- Pharmaceutical Preparations (2834), Medicinal Chemicals & Botanical Products (2833)
- akta.pro primary industry
- Drug Substance–Drug Product Integrated CDMO (HLAGABAG)
- akta.pro secondary industries
- Small-Molecule API & Intermediates CDMO (HLAGABAA), Small-Molecule Drug Product (Solid/Oral/Parenteral) CDMO (HLAGABAB), Packaging, Labeling & Serialization (Clinical/Commercial) CDMO (HLAGABAJ)
Keywords
Where Grindeks is headquartered
LocationHeadquarters
- HQ city
- Riga
- HQ country
- Latvia
- HQ region
- Europe
Offices3 records
Markets served
Grindeks business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Others
Revenue model
- Pharmaceutical Product Sales: Sale of original products, generic medicines, and active pharmaceutical ingredients to customers worldwide. Products cover cardiovascular, CNS, oncology, diabetes, and dermatology therapeutic areas.
- CDMO Services: Contract manufacturing services for external pharmaceutical clients requiring development and manufacturing capabilities.
- Out-Licensing Royalties: Licensing of final dosage form products to partners for commercialization in various markets.
- Hospital Segment Products: Sale of hospital segment medications through subsidiary Kalceks, including direct deliveries to pharmacies in European countries.
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Grindeks product offering
Product offeringCore offering
Grindeks is a vertically integrated pharmaceutical manufacturer that produces active pharmaceutical ingredients (APIs), generic finished dosage forms, and its own originator brands (notably Mildronāts®/meldonium and Ftorafur®/tegafur) across cardiovascular, CNS, oncology, dermatology, and anti-diabetic therapy areas. Beyond its own product portfolio, the company offers contract development and manufacturing (CDMO) services through subsidiaries including Kalceks, Tallinn Pharmaceutical Factory, and HBM Pharma, and out-licenses proprietary molecules to partners in more than 100 countries.
Product overview
Grindeks is the leading pharmaceutical company in the Baltic States, operating as a vertically integrated pharmaceutical manufacturer with a portfolio combining original products (Mildronāts®, Ftorafur®), generic medicines (over 100 forms), and active pharmaceutical ingredients (30 currently produced, 36 in development). The company specializes in cardiovascular, central nervous system, oncological, diabetes, and dermatology treatments. Under new CEO leadership, Grindeks has expanded into CDMO services and out-licensing, while its subsidiary Kalceks serves the hospital segment. Products are available in all EU countries and over 100 countries worldwide, with subsidiaries operating in Europe, North America, Asia, and Australia.
Differentiator
Problem solved
Functional benefit
Products and services
- Mildronāts® (meldonium) Grindeks' proprietary originator brand of meldonium, indicated in cardiovascular and central nervous system therapy areas; sold as a finished dosage form across multiple international markets under the Grindeks label.
Quantifiable outcome
- Profit of 13 million euros achieved in January-May 2025
- +2 more outcomes
Companies that use Grindeks
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles1 record
Grindeks technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Grindeks partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and major.
- Latvian Institute of Organic Synthesis (IOS)coreGrindeks agreed on closer cooperation with Latvian Institute of Organic Synthesis for joint development initiatives. Expansion of cooperation confirmed through senior management meetings. Professor Ivars Kalviņš from IOS received St. Georgi medal in 2004. Researcher Maija Dambrova from IOS received Grindelis Medal for pharmacological research on Mildronate.
- Tallinas farmaceitiskā rūpnīca (Tallinn Pharmaceutical Factory)coreManufacturing facility in Estonia that is part of Grindeks Group, strengthening group's global operations and production capacity outside Latvia.
- HBM PharmacoreManufacturing facility in Slovakia that is part of Grindeks Group, strengthening group's global operations and ability to adapt to demand in various markets.
- KalcekscoreSubsidiary company providing hospital segment medications, offering products through direct deliveries to pharmacies in European countries.
- Wake Forest University School of MedicinemajorRespected USA research center selected Grindeks oxytocin for international research project. Contract concluded for supply of active pharmaceutical ingredient oxytocin.
- Instituto Biológico Argentino S.A.I.C. (BIOL)majorArgentinian pharmaceutical company that proposed Grindeks for joint international project 'Oxytocin in Uniject' conducted by PATH for global healthcare.
- PATHmajorInternational nonprofit organization conducting global health initiative 'Oxytocin in Uniject' for which Grindeks supplies oxytocin API.
Scale indicators8 records
Recent moves10 records
Expansion highlights6 records
Grindeks competitors and assessment
Company assessmentMarket position
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Grindeks social profiles
Digital presenceGrindeks financial estimates
Financial estimateRevenue estimate
Valuation estimate
Grindeks leadership team
Management profileNumber of profiles
Profiles2 records
Grindeks subsidiaries and ownership
Company hierarchySubsidiaries4 records
Grindeks funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Grindeks M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Grindeks
What does Grindeks do?
Grindeks is a vertically integrated pharmaceutical manufacturer that produces active pharmaceutical ingredients (APIs), generic finished dosage forms, and its own originator brands (notably Mildronāts®/meldonium and Ftorafur®/tegafur) across cardiovascular, CNS, oncology, dermatology, and anti-diabetic therapy areas. Beyond its own product portfolio, the company offers contract development and manufacturing (CDMO) services through subsidiaries including Kalceks, Tallinn Pharmaceutical Factory, and HBM Pharma, and out-licenses proprietary molecules to partners in more than 100 countries.
Is Grindeks a public or private company?
Grindeks is a public company. It is classified as public and is currently operating.
When was Grindeks founded?
Grindeks was founded in 1946. It employs 1,001 to 5,000 people.
Where is Grindeks based?
Grindeks is headquartered in Riga, Latvia, in the Europe region.
How does Grindeks make money?
Four revenue lines are on record. Pharmaceutical Product Sales are the primary driver. The others are CDMO Services, out-Licensing Royalties and hospital Segment Products.
Does Grindeks have an API?
No public API is recorded for Grindeks.
What industry is Grindeks in?
Grindeks's product category is Generic Pharmaceuticals. Its primary akta.pro industry code is HLAGABAG, Drug Substance–Drug Product Integrated CDMO, with a secondary code of HLAGABAA, Small-Molecule API & Intermediates CDMO. Its NAICS code is 3254 and its SIC code is 2834.