∑ The Groupís net sales reached
∑ EBITDA was
∑ Operating profit totaled
∑ Profit after tax amounted to
∑ Earnings per share reached SEK†0.86 (0.70).
∑ Cash earnings per share amounted to SEK†1.97 (1.77).
Meda has seen a positive start to the year. With an increase in net sales of 5% in the first quarter we are continuing to deliver organic growth of 3% and we are noticing an improvement in the EBITDA margin to 30.0%, despite the strong end to 2013.
Dymista was the growth engine during the first quarter and we are continuing to focus considerable effort on this launch. In addition to increased sales in the US we are now seeing rising market share in
In the first quarter, emerging markets displayed organic growth of 2%. We expect the rate of growth on these markets to continue to fluctuate and vary between regions and markets. Several markets, including
The OTC business area showed negative growth of -1% in the first quarter. The base business is showing stable numbers. As previously mentioned, we have initiated measures to improve the trend for the more recently launched products within the OTC area. We have come a long way, and we are in a phase where we are building brand awareness and shaping the position. However, it takes time to build brands and to see the impact of the programs that have been implemented.
Organic growth for
With organic growth of 14% in the first quarter, the US is the region that contributed the most to Medaís growth. This was mainly fueled by Dymista and the launch of Aerospan. The response from asthma specialists is positive. During the early launch phase we will focus on specialists and experts within the field of asthma.
The EBITDA margin strengthened for the quarter compared with the full year 2013 and Q4, which is consistent with our objective for the full year. However, I would like to clarify that we will see variations between the quarters.
Medaís ambition is to develop into a world-leading specialty pharma company. I believe that Meda is well-positioned to meet this challenge. Meda has broad geographic coverage of the global market and a well-established product portfolio, which combined with continuing product launches offers us excellent opportunities to grow organically going forward. Intensifying our focus on acquisitions will be even more important if the company is to achieve its goals. Meda has both financial and organizational capacity for growth through major acquisitions as well as a good track-record. I look forward to taking Meda to the next level, together with my colleagues.
We remain committed to previously announced objectives for the full year on continued healthy organic growth at the same level as 2013, and an improved EBITDA margin.
|1) Organic growth: Sales growth adjusted for currency effects, acquisitions, disposed operations and revenues from the cooperation agreement with Valeant.|
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Paula Treutiger, Investor Relations