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-Meda pretax profit, sales dip in Q3 2010.

NORDIC BUSINESS REPORT-November 3, 2010--Meda pretax profit, sales dip in Q3 2010(C)2010 M2 COMMUNICATIONS

3 November 2010 - Swedish pharma company Meda AB (STO: MEDA A) said today its pretax profit shrank 41% year-on-year to a lower-than-expected SEK291m in the third quarter of 2010, as sales declined 15% to SEK2.575bn.

Analysts polled by SME Direkt had on average forecast a pretax profit of SEK376m and sales of SEK2.654bn.

"The third quarter is traditionally Meda's seasonally weakest period, and this year is no exception," CEO Anders Lonner commented. Sales were pulled down by negative currency effects of SEK174m and by generic competition for the company's products Astelin and Optivar.

Meda's EBITDA amounted to SEK866m in July-September 2010, 14% lower than a year earlier and 7% below the market consensus. The EBITDA margin improved to 33.6% from 33.4%, but was worse than the expected 35.2%.

Net profit shrank 38% year-on-year to SEK210m in the third quarter of 2010 but rose 4% to SEK1.249bn in the first nine months of the year.

So far in 2010, Meda has made several product acquisitions and one major corporate acquisition in the USA -- Alaven Pharmaceutical LLC.

For the full 2010, Meda forecast sales of some SEK11.4bn and EBITDA, excluding restructuring costs related to the acquisition of Alaven, of about SEK4.4bn.

(EUR1 = SEK9.3)

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Publication:Nordic Business Report
Article Type:Financial report
Date:Nov 3, 2010
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