Meda AB (publ) – Interim report, January-June 2012
- Group net sales reached SEK 6,758 million (6,177). At fixed currency rates, sales increased 8%.
- EBITDA amounted to SEK 2,175 million (2,319), corresponding to a 32.2% margin (37.5).
- Operating profit amounted to SEK 1,104 million (1,345).
- Profit after tax amounted to SEK 654 million (753).
- Earnings per share reached SEK 2.20 (2.50).
- Cash earnings per share reached SEK 4.45 (5.10).
CEO STATEMENT
Sales for January-June 2012 rose 8% at fixed exchange rates to SEK 6,758 million. As in the first quarter, sales increased organically outside the US in the second quarter by 4%. In the US, growth is currently negative due to increased generic competition for certain products, such as Felbatol and Soma. Astepro sales are increasing slightly, which is important to the launch of Dymista, our most important new product, which is being introduced in the US in the fall and provides a basis for strong growth.
Growth in Emerging Markets continues, and we are continuously strengthening marketing organizations in prioritized growth markets. A high organic sales growth of 15% was also noted for prescription free products (OTC) in the second quarter. The launch of SB12 and Nalox was initiated during the second quarter in several countries, including Germany, the Netherlands, and Austria. The introduction went very well and sales have been strong. These OTC efforts will continue and also be initiated in additional markets.
Our growing marketing investments will have a negative effect on earnings in the short term. These marketing efforts will continue as the company faces attractive growth opportunities. Despite a significantly higher rate of investment in marketing, Meda remains in the upper echelon of the most profitable international specialty pharma companies. However, Meda risks a certain amount of negative impact from developments in some southern European markets. With an increasing number of OTC products and a specialized product portfolio of prescription drugs, Meda develops with a good growth potential.
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
