Dennis Bastas’ pharmaceutical company records nearly 50 per cent rise in profit

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Arrotex Pharmaceuticals is Australia’s largest generic drug supplier and it has recorded an almost 50 per cent rise in profits in a year to the end of March, the Australian Financial Review has reported.

Chairman and CEO at Arrotex Pharmaceuticals, Dennis Bastas, took full control of the company in July.

In an interview with AFR Weekend, Mr Bastas said: “supplying COVID rapid tests to the New Zealand government might count for a third of pre-tax profit growth.”

Dennis Bastas.

“The rest is we managed to pick up a bit of new business to become by far the biggest player in the Australian generic pharmaceutical space, and increased our market share to 65 per cent.”

According to AFR, Bastas has a fortune of $1.32 billion with a 30 per cent increase compared to the previous year and in March this year he was placed 110th in ‘Australia’s Richest 250’ list.

Bastas is the son of Greek immigrant parents who came to Australia in the early 1960s and settled in Melbourne, Victoria.

Source: Australian Financial Review

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