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Interim Report, January-June 2013

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January-June 2013

  • Group net sales reached SEK 6,478 million (6,758), corresponding to organic growth[1] of 1% compared to previous year.
  • EBITDA amounted to SEK 1,845 million (2,180), corresponding to a 28.5% margin (32.3).
  • Operating profit totaled SEK 765 million (1,109).
  • Profit after tax amounted to SEK 400 million (651).
  • Earnings per share reached SEK 1.34 (2.19).
  • Cash earnings per share amounted to SEK 3.81 (4.45).

Second quarter 2013

  • Group net sales reached SEK 3,279 million (3,383), corresponding to organic growth[1] of 2% compared to previous year.
  • EBITDA amounted to SEK 922 million (1,027), corresponding to a 28.1% margin (30.4).
  • Operating profit totaled SEK 381 million (489).
  • Profit after tax amounted to SEK 192 million (283).
  • Earnings per share reached SEK 0.64 (0.95).
  • Cash earnings per share amounted to SEK 2.04 (2.52).

CEO statement

Our focus on growth is beginning to show results. Organic growth in the second quarter stood at 2% as sales of Dymista were able to help compensate for generic competition on some older products in the US market. Our US operation showed organic growth of 4%. The Dymista launch is on schedule, and we continue to gradually roll out the product in new European markets.

Growth in Emerging Markets is good, while OTC products declined in the second quarter. This was primarily due to lower sales of certain OTC products in the Nordics as well as Betadine in southern Europe. As previously announced, we are prioritizing OTC efforts internationally, and we see good growth for these products and markets.

These efforts to increase growth will have a negative effect on profitability in the short term but should help increase the company’s profitability in the long-term.

As far as the outlook for the remainder of 2013, I stand firm on the assessment that we will achieve organic growth of 3-5% for full year 2013. This challenge is in line with our plans and means that we are counting on higher growth in the second half of the year than we have had in the first half. Most of this increase is expected to occur in the fourth quarter. This growth will be driven by Dymista and Emerging Markets.

Anders Lönner

Group president and CEO

1) Organic growth is defined as sales growth adjusted for currency effects, acquisitions, disposed operations, and revenues from the cooperation agreement with Valeant.

Webcasted presentation of the report on August 2 at 10:30 AM
The presentation can be reached at www.meda.se/financial-information. A recorded version will also be available until the next interim report is presented.

For further inquiries, please contact:
Anders Larnholt, VP Corporate Development and Investor Relations, anders.larnholt@meda.se, 46 709‑458 878.
Paula Treutiger, Investor Relations, paula.treutiger@meda.se, 46 733-666 599.

The company’s auditors did review this interim report.

FORWARD-LOOKING STATEMENT

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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