Meda AB (publ) – Interim report, January–September 2012
GÖTEBORG, Sweden -- November 09, 2012
Meda AB (STO:MEDAA):
*Group net sales reached SEK 9,796 million (9,400). At fixed currency
rates, sales increased 5%.
*EBITDA amounted to SEK 3,043 million (3,493), corresponding to a 31.1%
*Operating profit amounted to SEK1,442 million (1,986).
*Profit after tax totaled SEK 823 million (1,098).
*Earnings per share reached SEK2.79 (3.65).
*Cash earnings per share reached SEK6.18 (7.13).
*Forecast for full-year 2012:
“The Meda Group expects to achieve sales close to SEK 13,000 million and an
EBITDA margin of around 30 percent.”
Organic sales growth for the Group in the third quarter was 1%, which was
slightly better than previous quarters. Sales for the third quarter were
affected by significant negative currency effects and planned lower revenues
from the collaboration agreement with Valeant. Outside the United States,
organic growth was 5% in the third quarter, compared with 4% for the first two
quarters. In the United States, generic competition for some older products
continues to affect the Group’s total sales growth. However, as previously
announced, I expect Dymista will be the solution in the US.
We began the US launch of Dymista in September. The first stage will focus on
a well-defined audience of about 6,000 allergy specialists. We call this phase
the pre-launch. Major activities will be conducted in parallel at conventions
and scientific meetings. The base that is built during this period is crucial
to the next phase, the launch, which begins in the spring of 2013. During this
phase, the audience will gradually be increased to about 20,000 doctors
consisting of specialists and some GPs.
It is too early to draw any conclusions about Dymista but we have received
very positive feedback during the initial pre-launch from prescribers and
patients alike. Dymista presents a unique opportunity for Meda and it is
important to establish the product properly.
Besides Dymista, we are continuing the launches of certain OTC products and
build-up in Emerging Markets. The launch of OTC products SB12 and Nalox
outside the Nordic countries is progressing as planned. Their launch has begun
on about a dozen markets in Europe and other markets will be gradually added.
OTC products now constitute about 25% of Group sales and an organic sales
growth of 18% was noted in the third quarter.
Initiatives in Emerging Markets continue and it is nice to note organic sales
growth of 14% after a strong quarter in Russia, Mexico, Turkey, and some other
We have an exciting journey ahead of us with the launch of Dymista, expansion
into Emerging Markets, and a broader platform for OTC products. Concurrently,
there are external factors that have a negative effect on Meda’s sales and
earnings. Some southern European countries are suffering from declining sales
and we continually adapt our costs to maintain profitability. The storm Sandy
has affected our distribution and short-term work on the East Coast in the US.
Fortunately no one was hurt of our employees and the work of pre-launching
Dymista is now proceeding.
Group President and CEO
The company’s auditors did not review this interim report.
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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