Stada Gains Most in 18 Months as Sales Surpass Estimates
Stock Chart for Stada Arzneimittel AG (SAZ)
Stada Arzneimittel AG (SAZ), Germany’s biggest publicly traded generic-drug maker, climbed the most in 18 months after first-quarter sales rose more than estimated and the company reiterated its 2013 profit forecast.
Stada gained 6.8 percent to 31.93 euros at 12:41 p.m. in Frankfurt. The stock climbed as much as 8.2 percent, the biggest intraday advance since Nov. 10, 2011.
Sales jumped 8 percent to about 477 million euros ($625 million), the Bad Vilbel, Germany-based company said in a statement today. Analysts predicted 473 million euros, the average of six estimates compiled by Bloomberg. Revenue in eastern Europe and the Commonwealth of Independent States climbed 33 percent, led by a 42 percent jump in Russia.
“Stada delivered a very impressive operating performance that was driven by strong organic growth in the CIS/Eastern Europe region,” Thomas Maul, an analyst at DZ Bank AG, wrote in a note to clients today. He recommends buying the stock.
Earnings before interest, tax, depreciation and amortization climbed 7 percent to 98.5 million euros from 92.3 million euros a year earlier. Earnings per share missed estimates because of a temporary increase in the tax rate, said James Vane-Tempest, an analyst at Jefferies International Ltd. in London who has an underperform rating on the stock.
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