Meda AB (publ) – Year-end report, January - December 2012
GÖTEBORG, Sweden -- February 19, 2013
Meda AB (STO:MEDAA):
Full year 2012
· Group net sales reached SEK 12,991 million (12,856). At fixed exchange
rates, sales increased 3%.
· EBITDA amounted to SEK 3,935 million (4,683), corresponding to a 30.3%
· Operating profit amounted to SEK 1,791 million (2,644).
· Profit after tax totaled SEK 1,180 million (1,608). Excluding non-recurring
effects, profit after tax totaled SEK 1,001million (1,480).
· Earnings per share reached SEK4.00 (5.35). Excluding non-recurring effects,
earnings per share totaled SEK 3.41(http://#_ftn1)
· Cash earnings per share reached SEK8.84 (9.07).
· Proposed dividend per share: SEK 2.25 (2.25).
· Group net sales decreased to SEK 3,195 million (3,456). At fixed exchange
rates, sales decreased by 5%.
· EBITDA amounted to SEK 892 million (1,190), corresponding to a 27.9% margin
· Operating profit amounted to SEK 349 million (658).
· Profit after tax totaled SEK 357 million (510). Excluding non-recurring
effects, profit after tax totaled SEK 178million (382).
· Earnings per share reached SEK 1.21 (1.69). Excluding non-recurring effects,
earnings per share totaled SEK 0.62 (1.28).
· Cash earnings per share reached SEK 2.66 (1.94).
(http://#_ftnref1) Excluding a positive non-recurring effect of SEK 179
million in Q4 2012 due to a reduction in the Swedish corporate tax rate.
(http://#_ftnref2) Excluding a positive non-recurring effect of SEK 128
million in Q4 2011 that refers to utilization of a non-capitalized loss
carry-forward in the German operations.
The 2012 fiscal year can be summarized as a year when Meda fully concentrated
on continued growth within the boundaries of its business plan. We took
carefully planned initiatives in new products and made investments into
prioritized growth markets, and combined these with acquisitions of
interesting product opportunities. Despite significantly higher investments in
marketing in 2012, we have successfully maintained a free cash flow level
equivalent to 2011 of SEK 2.7 billion. This represents free cash flow per
share of SEK8.84 (9.07).
The Dymista launch began in the US in the second half of 2012. We have
received very positive feedback from prescribers and patients alike. It is
still too early to draw any definite conclusions, but I am convinced that we
are on the right track and that Dymista presents a unique prospect for the
company. Dymista also received approval in Europe and we expect to begin
introducing the product to specialists in specific large European markets
during Q2 of 2013.
In 2012, we have also significantly expanded Meda’s portfolio with additional
interesting product launches. A handful of products have received new product
approvals in Europe, such as Zyclara, Astepro, Onsolis and Edluar. In
addition, we finalized several product acquisitions in the US. Meanwhile, we
continue to use the company’s global product potential in the OTC area to the
best of their advantage, either alone or through partnerships with other
pharmaceutical companies. OTC products display healthy growth figures and now
comprise about 25 percent of Meda’s total revenue. Another positive effect
from this strategic direction is the continued decrease of Meda’s dependency
on subsidized drugs.
Efforts on prioritized growth markets are also continuing, which has led to a
significant expansion in Meda’s marketing organization. The marketing
organizations in Meda’s growth markets currently employ about 700 people, an
expansion of 300 employees since the beginning of 2012. Meda’s combined sales
in all of growth markets comprises some 15 percent of the company’s total
turnover and are displaying robust growth. Russia, the Middle East and Turkey
currently make up Meda’s largest growth regions.
The pharmaceutical industry is faced with large challenges but Meda is part of
segments that will have growth. In a world that is striving after lower
pharmaceutical costs on several levels, production costs will become more
important. Meda has a good foundation of internal and external production, but
we will gradually search for cost effective solutions in production. Meda's
strong cash flow allows us to continue to act to acquire interesting products
and invest in prioritized markets.
Group President and CEO
The company’s auditors did not review this year-end 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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