MEDA: Interim Report, January–March 2013
MEDA AB (STO:MEDAA)
- Group net sales reached SEK 3,199 million (3,375) corresponding to unchanged organic growth compared to previous year.
- EBITDA amounted to SEK 923 million (1,153), corresponding to a 28.9% margin (34.2).
- Operating profit totaled SEK 384 million (620).
- Profit after tax amounted to SEK 208 million (368).
- Earnings per share reached SEK 0.70 (1.24).
- Cash earnings per share amounted to SEK 1.77 (1.93).
The first quarter was characterized by our continued focus on long-term growth. We took carefully planned and extensive initiatives in new products and made investments in growth markets.
It is pleasing to note that Dymista was very well received in the US. In a short period of time, we have achieved a 5% market share in the segment "branded allergy nasal sprays”. However, the allergy season started late and did not take off until after Q1. In the first quarter sales of Dymista reached SEK 63 million. Sales grew well in April and reached SEK 40 million in the US. In Europe, we are now starting the launch of Dymista. In April, pre-launch began to specialists in Germany, the UK, Ireland and the Nordic countries and more markets will be added during the year. Sales in Europe in April totaled approximately SEK 9 million.
We are also continuing to follow our plan to use the company’s global product potential in the OTC area to the best of its advantage. The international launch of CB12 continued during the quarter, with Russia as the first market to be launched in the Emerging markets geographical region. The product is now available in 15 countries, and shows strong sales growth in several markets. In Q1, additional OTC products were launched in Germany and France with good market figures.
In Emerging markets Russia leads the way with strong sales growth that correlates with our increased marketing efforts, while sales in the Middle East were short term affected negatively by irregular distributor purchasing patterns. During the quarter the new markets China and Brazil showed good development.
A continued price pressure mainly in southern Europe as well as generic competition for our older products in the US negatively affect our organic growth. With Dymista showing a good performance in the US and now also being launched in Europe at the same time as we are experiencing a strong trend in our other growth areas, I estimate that organic growth for the full-year 2013 will amount to 3-5%.
Anders Lönner Group President and CEO
1) Organic growth – Sales growth adjusted for currency effects, acquisitions, disposed operations, and revenues from the cooperation agreement with Valeant.
Webcasted presentation of the report on May 7 at 10:30 AM
The presentation can be reached at www.meda.se/financial-information (http://www.meda.se/sv/finansiell-information). A recorded version will also be available until the next interim report is presented.
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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