HAFNARFIRDHI, Iceland, Aug. 9, 2005 (PRIMEZONE) -- Actavis Group hf. ("ACT"), the international generic pharmaceuticals company, announces its results for the quarter ended 30 June 2005.
Highlights - second quarter and first half 2005
-- Total revenue up 14.4% to EUR122.0m in Q2 (Q2 2004: EUR106.6m)
-- Own Label sales up 27.9% in Q2, but delivery issues slow Third Party progress
-- EBITDA, down 5.3% to EUR23.4m (Q2 2004: EUR24.7m), due to delivery constraints and price reductions in Turkey
-- Net profit in 2Q was EUR11.3 and for H1 EUR22,4
-- Lamotrigine (CNS) in two dosage forms launched in nine different European markets and Actavis first to market with Benazepril Hydrochlorothiazide tablets in Germany
-- Actavis acquired Amide Pharmaceuticals Inc. the U.S.-based generic pharmaceutical company, for EUR414m
-- Successful rights issue and sale of treasury shares, raising ISK21bn (EUR263m)
Actavis President & CEO, Robert Wessman, commented: "The quarter was a busy period for us and we completed the purchase of the U.S. generic company, Amide, our largest acquisition to date. We saw positive results in our Own Label division with strong growth in Russia and Turkey but our Third Party business was impacted by delivery constraints, resulting in lower EBITDA margins and profits for the Group in the quarter. However, with a significant number of new product launches expected in the second half, we are optimistic that we are on track to meet our targets for the year as a whole, supported by continued strong growth in the Own Label division and the consolidation of Amide into the Group accounts. We are pleased to report that Amide is already performing above our expectations."
About Actavis
Actavis is an international pharmaceutical company, founded in 1956, specialising in the development, manufacture and sale of high quality generic pharmaceuticals. The Group has also established itself as a supplier of pharmaceutical intellectual property. Headquartered in Iceland, Actavis has operations in 28 countries with around 7,000 employees. In addition to development and manufacturing facilities in Bulgaria, US, Turkey, Malta, Iceland and Serbia, Actavis has an extensive sales network. The Group has built a strong market position in Europe and is entering the US market through its newly acquired company Amide. Furthermore, Actavis is constantly looking to establish itself in new markets. Actavis' intellectual property has resulted in Actavis and its customers being first to market with generic products when patents expire.
Forward Looking Statements
This press release contains forward-looking statements with respect to the financial condition, results of operations and businesses of Actavis. By their nature, forward-looking statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from that expressed or implied by these forward-looking statements. These factors include, among other things, exchange rate fluctuations, the risk that research and development will not yield new products that achieve commercial success, the impact of competition, price controls and price reductions, the risk of loss or expiration of patents or trade marks, difficulties of obtaining and maintaining governmental approvals for products, the risk of substantial product liability claims and exposure to environmental liability.
http://hugin.info/134004/R/1005475/154855.pdf
-0- Investors Robert Wessman, Actavis Group President & CEO +354 535 2300 Investors / Media Halldor Kristmannsson, Actavis Corporate Communications +354 535 2300/+354 840 3425 Financial Dynamics - London/U.S. David Yates/Julia Phillips/Davina Langdale (London) +44 (0) 207 831 3113 Jonathan Birt, Charlie Armitstead (New York) +212 850 5634