On August 22, 2026, Zist Arvand Pharmed was introduced to Iran’s capital market. Known to market participants by its ticker symbol, DARVAND, the company’s entry into the stock market marks the beginning of CinnaGen Pharmaceutical Group’s presence in the capital market. With three decades of experience in the pharmaceutical industry, the group operates across research and development, advanced biologic medicines, chemical pharmaceuticals, and specialized supplements.

With more than 6,500 employees and 15 manufacturing sites, CinnaGen Pharmaceutical Group has expanded its activities across research and development, manufacturing, technology transfer, and international markets.

Zist Arvand Pharmed specializes in the production of specialized supplements and novel chemical medicines. Its product portfolio covers a range of therapeutic areas, including diabetes, cardiovascular diseases, inflammatory conditions, autoimmune disorders, and neurological diseases.

CinnaGen Pharmaceutical Group and DARVAND: By the Numbers

For business professionals, pharmaceutical industry stakeholders, and investment market participants, the scale and financial performance of CinnaGen Pharmaceutical Group and Zist Arvand Pharmed are of particular interest. These figures were presented at DARVAND’s introductory ceremony at the Tehran Stock Exchange by the head of CinnaGen Pharmaceutical Group and the CEO of Arvand Pharmed.

According to Haleh Hamedi-Far, Head of CinnaGen Pharmaceutical Group, the group exports to more than 42 countries and accounts for over 70% of Iran’s total pharmaceutical exports. Furthermore, according to the 2025 Pharmaceutical Statistical Yearbook, CinnaGen ranked first in Iran in pharmaceutical sales. The group’s total sales reached IRR 353 trillion.

According to the country’s pharmaceutical statistics, CinnaGen Pharmaceutical Group has generated more than USD 25 billion in foreign currency savings for Iran over the past decade.

Mohammad Kazem Khoeiniha, CEO of Arvand Pharmed, provided further details about DARVAND’s financial performance. The company has a registered capital of IRR 12 trillion, with sales per employee amounting to IRR 70 billion. The company’s sales increased steadily from 2020 to 2025. During the first five months of 2026, it achieved sales equivalent to 100% of its total sales for 2025.

The company’s receivables collection period stood at 182 days before declining to between 130 and 140 days in 2026. The company continues to work toward reducing this period and ranks fifth among pharmaceutical companies on this metric.

How Much Is DARVAND Worth?

One of the key sources for determining a company’s value is its independent valuation report. Such valuations are conducted under the supervision of Iran’s Securities and Exchange Organization and typically involve a rigorous and cautious assessment. Based on the valuation, the estimated total value of Zist Arvand Pharmed stands at IRR 73.93 trillion.

At the introductory ceremony, Dr. Rahmat Abbaspour referred to the company’s latest registered capital of IRR 12 trillion, explaining that DARVAND’s production capacity is not limited to its nominal capacity, as outsourcing agreements can enable it to increase output. He also noted that supplements account for more than half of the company’s revenue and are not subject to the same risk of government-mandated pricing.

According to reports published through CODAL, Iran’s Comprehensive Database of All Listed Companies, and presentations delivered at the introductory ceremony, the company’s initial sales forecast for 2026 was approximately IRR 470 trillion. Given that the company had achieved its budgeted sales target for the first three months of the year, this estimate was expected to rise to between IRR 570 trillion and IRR 620 trillion.

The company’s projected net profit for 2026 was estimated at between IRR 170 trillion and IRR 210 trillion, of which approximately IRR 4.83 trillion had been realized in the first quarter.

DARVAND: A Technology-Driven Pharmaceutical Company Enters the Capital Market

According to the latest assessment by Iran’s Vice Presidency for Science, Technology and Knowledge-Based Economy, Zist Arvand Pharmed has been upgraded from an Innovative Knowledge-Based Company to a Technology-Driven Knowledge-Based Company in recognition of its performance in developing knowledge-based products.

Mohammad Kazem Khoeiniha, CEO of Zist Arvand Pharmed, explains that this upgrade reflects the company’s sustained focus on research and development, the advancement of technical expertise, and the transformation of that expertise into new products aligned with the latest developments in the global pharmaceutical industry. Zist Arvand Pharmed continues to prioritize the development of new, cutting-edge products as a central pillar of its growth strategy.

In the coming days, coinciding with Zist Arvand Pharmed’s initial public offering, the opening bell will ring to mark the commencement of trading under the ticker symbol DARVAND.