Meda AB (publ) – Interim report, January-September 2011

  • Group net sales reached SEK 9,400 million (8,561). At fixed currency rates, sales increased 19%.
  • EBITDA rose to SEK 3,493 million (3,057 [1] ), corresponding to a 37.2% margin (35.7[1]). At fixed currency rates, EBITDA increased 24%[1].
  • Operating profit amounted to SEK 1,986 million (1,772[1]).    
  • Profit after tax totaled SEK 1,098 million (1,249). Excluding non-recurring effects, profit after tax totaled SEK 1,098 million (940[2]).  
  • Earnings per share reached SEK 3.63 (4.13). Excluding non-recurring effects, earnings per share totaled SEK 3.63 (3.11[2]).  
  • Cash earnings per share rose to SEK 7.13 (6.04).
  • Strong profit increase in Q3 . EBITDA up by 36% to SEK 1,174 million (866). EBIT increased 51% to SEK 641 million (424), and net profit rose 64% to SEK 345 million (210).

 

  • Forecast for full-year 2011 :

     “The Meda Group expects to achieve sales of about SEK 12,700 million and an EBITDA of about SEK 4,700 million for full-year 2011.”

 

CEO’S COMMENTS  

The third quarter is typically the weakest quarter for Meda due to lower activity in the summer months. However, the difference from other quarters is not as great this year. A strong start for our partnership with Valeant for Elidel and other products in North America is a contributing factor.

The negative growth for medicines in the southern European markets continues. But outside these markets Meda is in a very exciting position with growth potential. We are entering new growth markets, launching new drugs, and increasing investments in OTC drugs.

Meda’s establishment in new markets continues to improve. So far this year, we have begun establishing commercial companies in markets such as Australia, China, South Africa, as well as additional countries in the Balkans and Middle East. Furthermore, partnerships are expected to contribute strongly with royalty revenues from products like Retigabine.

In the fourth quarter, we will continue preparations for launching new products with great potential, such as Dymista. In the OTC area, SB12 and Nalox will be launched at a fast pace in more than ten new markets. All in all, this means increased investments in marketing that are already being seen in the third quarter. These investments will begin to bear fruit next year, but this quarter we can already note that Meda’s Nordic OTC sales to consumers grew 11% (pro forma) compared to the same quarter last year.

Anders Lönner

Group President and CEO


[1] Excluding non-recurring revenue of SEK 429 million in Q2 2010.            

[2] Excluding non-recurring revenue of SEK 429 million in Q2 2010 and its related tax effect.            

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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