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Q-Med's aesthetics operations showed better-than-expected profitability in the second quarter of 2009 and Handelsbanken has therefore raised its estimate for the company's operating profit by 6% for 2009 and by 11% for 2010, the broker said in an analysis of Q-Med's interim report that was published last Thursday.
The sales of urological drug Deflux will now go to US firm Oceana Therapeutics LCC, which bought the rights in April, so Handelsbanken expects Q-Med to post lower revenues this and next year.
The broker sees a 60% chance that Durolane, a single-dose product for the treatment of pain caused by osteoarthritis of the knee, will get pre-market approval from the US Food and Drug Administration (FDA) in August.
Q-Med saw its net profit surge to SEK589m in the first half of 2009 from a year-earlier SEK28m, backed by a 14% sales rise.
By 09:10CET on Monday, the company's stock had lost 1.25% to SEK47.40 on the OMX Nordic Exchange in Stockholm.
(EUR1 = SEK10.6)
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