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Swedish Meda Q3 '09 results top market consensus

Posted on: Tue, 03 Nov 2009 08:02:00 EST

Symbols: ZEDAF

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Nov 03, 2009 (M2 EQUITYBITES via COMTEX) --
ZEDAF | Quote | Chart | News | PowerRating -- 3 November 2009 - Swedish pharma company Meda AB (STO: MEDA A) said
today its pretax profit surged to a higher-than-expected SEK493m in the
third quarter of 2009 on the back of a 28% annual revenue growth.

In the corresponding period of 2008, the company posted a pretax profit
of SEK275m. Analysts polled by SME Direkt had on average forecast a
profit of SEK441m for July-September 2009.

Sales also rose substantially, to SEK3.017bn in the third quarter of
2009 from SEK2.356bn a year earlier.

However, Meda's biggest product, Astelin for treatment of allergic and
non-allergic rhinitis, registered a decrease in sales, to SEK261m from
SEK278m. In the USA, Astelin sales in local currency went down 20%,
mainly due to the launch of the new Astepro product.

In October 2009, Meda started the launch of Astepro 0.15%, an
azelastine-based nasal spray against allergic rhinitis, and of cancer
pain drug Onsolisis (fentanyl buccal soluble film) in the US market.

Meda booked EBITDA of SEK1.007bn in the third quarter of 2009, up from
SEK745m a year earlier. The result exceeded the market consensus by 7%.

The EBITDA margin was 33.4%, outperforming the average forecast for
31.2%.

Meda's net profit surged 84% on the year to SEK338m in July-September
2009, corresponding to diluted earnings per share (EPS) of SEK1.12.

For the full 2009, the company expects to generate sales of some
SEK13bn and EBITDA of some SEK4.2bn.

(EUR1 = SEK10.4)

Comments on this story may be sent to 
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