May 7 (Bloomberg) -- Stada Arzneimittel AG, 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 9.1 percent to close at 32.63 euros in Frankfurt, the biggest 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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