Droguería Inti S.A.

What it is

Droguería Inti S.A. is Bolivia’s largest pharmaceutical company: it makes, imports and sells more than 1,500 medicines and health products, commanding roughly one-fifth of the country’s pharmaceutical market by sales.

It holds Bolivia’s Good Manufacturing Practices (BPM) certificate from the Ministry of Health, operates a plant in El Alto and runs a contract-manufacturing service — making medicines under its standards for third parties — alongside its own branded portfolio.

Who owns it

The Schilling family and closely related German-domiciled entities are the controlling shareholders, as shown in the BBV company card current to 31 December 2025: named shareholders include Miguel F. Apt Brofman, PROFECTIO-DSD-GmbH & Co.

KG, EKMISCH GmbH & Co. KG, and Lina Nuñez Vda.

de Schilling.

In September 2024 a further block of 288,507 shares was transferred from Continental Investments S.R.L. to Carolina Schilling Nuñez, deepening family concentration; exact percentage splits per shareholder are not published in the BBV card’s publicly visible extract.

Who runs it

Sven Phillip Schilling Vob signs the company’s audited accounts as Gerente General (chief executive), placing a member of the founding family at the operational top; José Larrea Flores is Gerente Administrativo Financiero (the chief financial officer equivalent).

Carmen Ayala Marín serves as Jefe de Contabilidad (head of accounting); all three signed the audited financial statements to 31 March 2024 filed with the BBV.

The money, in plain words

In the year to 31 March 2024, the company billed Bs 805,678k (≈ US$81.8m) before discounts and returns, settling at net revenue of Bs 740,833k (≈ US$75.2m) — a rise of about 7.2% on the prior year’s net Bs 691,049k (our calculation).

Of that net revenue, it keeps just over 6 cents in every boliviano as final profit — a net margin of 6.5% (our calculation) — delivering a net profit of Bs 48,388k (≈ US$4.9m); that is a modest but stable return, roughly in line with the prior year’s Bs 48,115k.

Owners’ equity stood at Bs 783,799k (≈ US$79.6m), meaning the business earned about 6.2 bolivianos for every 100 bolivianos of equity invested — a return on equity of 6.2% (our calculation), restrained partly by rising financial costs: interest expenses nearly doubled year-on-year, from Bs 15,295k to Bs 29,530k, reflecting the company’s outstanding bond programme.

The balance sheet is solid: the AA1 credit rating from Pacific Credit Rating (December 2022) reflects what the agency calls “solvency, transparency and compliance with all obligations.” Not published: a full breakdown of net cash versus total debt by maturity is contained in bond prospectuses held by the BBV and ASFI but the aggregate figure is not disclosed in the publicly visible quarterly filings.

What it is doing now

The most recent disclosed corporate event is the September 2024 share transfer of 288,507 shares from Continental Investments S.R.L. to Carolina Schilling Nuñez, reported by ASFI — a move that tightens family ownership further without any announced change in strategy or leadership.

On the operational side, INTI ranked among Bolivia’s top three employers by workplace quality in the 2024 Great Place to Work ranking (category: companies with more than 700 staff), a signal it uses actively in recruitment as it expands its branded and contract-manufacturing pipeline.

What to watch

• Debt cost: financial expenses nearly doubled in FY2024; the next bond-series prospectus will reveal whether the company re-finances at current Bolivian rates or reduces leverage.
• Succession: the September 2024 transfer of shares to Carolina Schilling Nuñez suggests an active ownership transition within the Schilling family — worth watching for any board reconstitution.
• Peru subsidiary: Inti Perú S.A.C. (99.83% owned) is the main international vehicle; its results are consolidated but not separately disclosed in Bolivia filings.
• FX pressure: Bolivia’s managed exchange rate has faced hard-currency stress; a company that imports active pharmaceutical ingredients is exposed if the official rate shifts.
• Disclosure gap: Droguería Inti lists only bonds on the BBV — meaning no obligation to publish share-level market data or full IFRS accounts. Investors wanting deeper numbers must request prospectus supplements from ASFI directly.

This is news, not investment advice.