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Arseus 2011 Net Income Jumps 25% as Fagron Business Drives Sales

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Feb. 7 (Bloomberg) -- Arseus NV, the Belgian supplier of ingredients to compounding pharmacies, reported a 25 percent jump in net income for 2011, boosted by a 35 percent increase in sales from its Fagron compounding business.

Net income rose to 28.1 million euros ($36.9 million) from 22.4 million euros a year earlier, Waregem, Belgium-based Arseus said today in a statement. Revenue climbed 16 percent to 492.3 million euros and earnings before interest, taxes, depreciation, amortization and one-time items, or Rebitda, rose 21 percent.

The company met its own forecast for revenue and profitability growth, though the results missed its forecast for organic sales, which exclude acquisitions. The company predicts “healthy organic growth” this year with profitability increasing faster than revenue.

“Arseus posted strong 2011 numbers which were broadly in line with expectations,” Jan De Kerpel, an analyst at KBC Securities NV in Brussels who rates the stock “buy,” wrote in a note. “Rebitda and net profit increased much stronger than sales growth, thus organic growth lagged. Fagron maintained its strong margins.”

The company increased its gross dividend 14 percent to 50 cents a share.

Arseus shares rose as much as 4 percent to 11.44 euros in Brussels. The stock traded at 11.19 euros, or 1.7 percent higher, at 10:13 a.m. local time.

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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