Ozon Pharmaceuticals (OZPH): A Russia Healthcare Stock Pick for the MOEX Portfolio

Pick date: August 28, 2026. Primary listing: Ozon Pharmaceuticals PJSC, ticker OZPH, Moscow Exchange (MOEX).

Why OZPH fits this Russia portfolio

For the Russia Portfolio, the new pick is Ozon Pharmaceuticals PJSC (OZPH), a MOEX-listed Russian generic pharmaceuticals and emerging biotech manufacturer. The portfolio already owns Tatneft, Sberbank, and PhosAgro, so OZPH adds healthcare exposure that is less directly tied to oil prices, banking spreads, or fertilizer export cycles.

The core thesis is that OZPH offers a better risk-adjusted six-to-twelve-month setup than many Russia-listed cyclicals because it combines defensive domestic medicine demand, improving profitability, low leverage, and identifiable product and capacity catalysts. The company reported first-half 2026 revenue growth, materially faster adjusted EBITDA growth, and sharply higher net profit, while confirming its 2026 revenue growth guidance range.

Investment thesis

Ozon Pharmaceuticals is a scale Russian generics platform with a broad registered drug portfolio and a growing position in oncology and biotechnology. In the first half of 2026, public reports showed revenue of about RUB 14.8 billion, adjusted EBITDA of about RUB 5.8 billion, and net profit of about RUB 3.2 billion, with management continuing to guide for 15% to 25% revenue growth for 2026.

The rerating case is straightforward: if the company sustains margin improvement, converts its pipeline into registrations, and keeps leverage low while paying dividends, the stock can screen as both a defensive compounder and a Russia import-substitution beneficiary. At recent public quote levels around the low-RUB-40s per share and approximately 1.17 billion ordinary shares outstanding, the implied equity value is roughly RUB 50 billion, placing OZPH near the lower end of the target small/mid-cap range depending on exchange-rate assumptions.

Key catalysts over the next 12 months

• Confirmation that second-half 2026 revenue acceleration is sufficient to meet the 15% to 25% full-year growth guide.
• Further dividend decisions after the board recommended a first-half 2026 dividend of RUB 0.49 per share.
• Progress on oncology and biotechnology investments, including Ozon Medica and Mabscale, ahead of the planned 2027 commercial ramp.
• Additional drug registrations and expansion of the high-value oncology portfolio, where first-half 2026 disclosures pointed to strong shipment growth.
• Potential investor-base broadening as a listed Russian small/mid-cap healthcare name with growing disclosure history and index inclusion.

Valuation and balance sheet

OZPH is not a deep-value commodity stock; the appeal is a combination of earnings growth, defensive domestic demand, and a credible dividend framework. Using recent quoted prices around RUB 42–43 and the disclosed share count, market capitalization is approximately RUB 49–50 billion. Against disclosed last-12-month IFRS net profit of about RUB 7.7 billion used in the dividend calculation, that is a mid-single-digit earnings multiple, although investors should treat the estimate as approximate because live MOEX pricing and FX rates can move quickly.

The balance sheet is a major part of the risk-adjusted case. As of June 30, 2026, reported net debt to 12-month EBITDA was about 0.4x, while adjusted net debt to 12-month EBITDA including non-recourse factoring was about 0.8x. That leverage profile supports continued capex, registrations, and dividends, assuming operating momentum holds.

Sanctions, access, and liquidity

This is a Russia-listed security and must be treated as a restricted-access idea. For U.S. persons, OFAC guidance generally prohibits new investment in equity securities issued by Russian entities, and MOEX, NSD, and NCC were designated by OFAC in June 2024. As a result, OZPH is not realistically investable for most U.S. investors and may also be inaccessible for many EU, UK, and other foreign investors depending on local rules, broker access, custody arrangements, and sanctions screening.

For permitted onshore Russian investors or investors in jurisdictions where trading Russian securities is lawful and operationally possible, OZPH is a MOEX-traded ordinary share. Liquidity is still meaningfully below mega-cap Russian names, so position sizing and limit orders are important.

Bottom line

Ozon Pharmaceuticals is the preferred new Russia Portfolio pick because it diversifies the current holdings, has visible earnings and dividend catalysts, and provides exposure to domestic healthcare import substitution rather than another bank, oil, or fertilizer cycle. The main reason not to own it is not the company-specific thesis, but the extraordinary sanctions, custody, and market-access risk attached to all Russia-listed equities.

Risk disclaimer: This article is financial research for informational purposes only and is not personalized investment advice. Russia-listed securities involve sanctions, liquidity, currency, custody, and political risks that can result in permanent loss or inability to trade.