Biotech company Bioton reported a net loss of zł.462.03 million for the fourth quarter of last year and zł.519.47 million for full-year 2009. The firm, Poland’s largest insulin producer, recorded revenues of zł.288 million in 2009, but its finances were severely dented by write-offs.

Source: Bioton

“The restructuring action taken by the executive board … had a significant impact on the financial results,” read a company statement.

“[The board’s] premise was to reduce financial risk by reducing operational costs,” the statement continued.

Bioton is more positive about its prospects for the coming year. The company said in a regulatory statement that it should record a net profit of zł.94 million in 2010 by following a strategy focused on its core competencies.

The firm intends to distribute insulin in China through German pharmaceutical giant Bayer Schering Pharma, with whom it reached an agreement last year. Bioton plans to broker similar deals this year for Russia and as-yet-unnamed countries in the Asia-Pacific region.

Bioton also revealed last week that it had signed a deal to sell its antibiotics unit to Polish drug maker Polpharma for zł.80 million.