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%
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
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
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
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