Meda AB (publ) – Interim report, January-March 2012

  • Group net sales reached SEK 3,375 million (2,944). At fixed currency rates, sales increased 14%.

  • EBITDA rose to SEK 1,151 million (1,119), corresponding to a 34.1% margin (38.0).

  • Operating profit amounted to SEK 618 million (650).

  • Profit after tax amounted to SEK 370 million (373).

  • Earnings per share reached SEK 1.24 (1.24).

  • Cash earnings per share reached SEK 1.93 (1.99).


Highlights

Dymista approved by the FDA

  • The US Food and Drug Administration (FDA) approved Dymista.

  • Dymista is a new patented product for the treatment of seasonal allergic rhinitis, which annually affects about 60 million patients in the US.
  • Dymista has in several clinical studies consistently shown rapid and more complete relief of symptoms compared with standard treatment.

  • Efficacy and safety were documented in studies with more than 4,000 patients, including a long-term study of more than 600 patients.

CEO STATEMENT

Sales increased by 14% to SEK 3,375 million. Key products in priority areas showed good growth rates. As measured by organic growth, the outcome was unchanged compared with 2011 – a significant improvement over the fourth quarter last year.

There is a dividing line between pharmaceutical companies that have new products and those that do not. Meda has a valuable pipeline of products that are also close to market. A higher rate of investment in marketing will help take advantage of these growth opportunities. Investments are being made primarily in these areas:

  • Dymista has the highest priority and clearly the greatest potential, and was recent approved by the FDA. It has been quite some time since a Swedish pharmaceutical company has had a drug with blockbuster potential registered in the US. We are working very actively on the US launch, scheduled for this fall. The registration process in other markets is progressing as planned, and we are hoping for approval in Europe next year.
  • Initiatives in emerging markets continue. During the first quarter, just over 200 people were employed in countries such as Turkey, Mexico, China, Russia, and Eastern Europe. The expansion mainly concerns persons in the marketing organization. Sales growth is good and we have an interesting pipeline for these countries.
  • Launch of OTC products SB12 and Nalox outside the Nordic countries began in the first quarter. The first were countries such as Germany, Holland, Austria, and Switzerland. During the current year, launches will also begin in other European countries.

As I previously mentioned, our ambition is to maintain a good profitability with increasing growth with the unique investments that lie ahead.

Anders Lönner

Group President and CEO

For more information, contact

Anders Larnholt,                                                                                      Phone        46 8-630 19 62
VP Corporate Development and Investor Relations                                                     46 709-458 878

The company’s auditors did not review this interim report.

FORWARD-LOOKING STATEMENTS

This report is not an offer to sell or a solicitation to buy shares in Meda. This report also contains certain forward-looking statements with respect to certain future events and Meda’s potential financial performance. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and may sometimes include words such as “may”, “will”, “seek”, “anticipate”, “expect”, “estimate”, “intend”, “plan”, “forecast”, “believe”, or other words of similar meaning. These forward-looking statements reflect the current expectations on future events of the management at the time such statements are made, but are made subject to a number of risks and uncertainties. In the event such risks or uncertainties materialize, Meda’s results could be materially affected. The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of pharmaceutical research and product development, manufacturing and commercialization, the impact of competitive products, patents, legal challenges, government regulation and approval, Meda’s ability to secure new products for commercialization and/or development, and other risks and uncertainties detailed from time to time in Meda AB’s interim or annual reports, prospectuses, or press releases. Listeners and readers are cautioned that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Meda does not intend or undertake to update any such forward-looking statements.

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Meda is one of Europe's leading specialty pharma companies, with focus on marketing and market-adapted product development. Long-term partnerships and acquisitions are fundamental factors in its strategy.

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