REYKJAVIK, Iceland, Feb. 28, 2007 (PRIME NEWSWIRE) -- Actavis Group ("ACT"), the international generic pharmaceuticals company, announces its results for the fourth quarter and full year ended 31 December 2006.
Highlights
* Reported revenue in the fourth quarter increased significantly by
80.0% to EUR350.2 million (4Q2005: EUR194.5 million) and by 138.2%
to EUR1,379.9 (2005: EUR579.3 million), reflecting a first full year
contribution from Alpharma's human generics division, acquired in
December 2005
* Underlying revenue for the quarter increased by 17.1% (4Q 2005 pro
forma: EUR299.1 million) and by 9.4% for the year (2005 pro forma:
EUR1260.9 million) reflecting strong organic growth in Eastern Europe
and North America
* On a divisional basis:
* Pro-forma sales in Central and Eastern Europe and Asia ("CEEA")
increased to EUR148.6 million for the quarter (4Q 2005 pro forma:
EUR113.2 million). Underlying growth was 31.3% in the quarter and
17.9% for the year.
* Pro-forma sales in North America increased 28.9% to EUR92.0
million for the quarter (4Q 2005 pro-forma: EUR71.4 million),
representing underlying growth of 28.9% and 12.5% for the full
year.
* Sales in Western Europe, Middle East and Africa increased 13.1%
on a pro-forma basis to EUR76.9 million for the quarter (4Q 2005
pro forma: EUR68.0 million), but were unchanged for the year due
to price erosion, especially in Germany.
* Third-party sales declined 25.5% to EUR33.8 million for the
quarter and by 6.5% for the year due to pricing pressure
following the recent health care reforms in Germany.
* The EBITDA margin was 19.9% for the quarter and 20.8% for the year
as a whole. Excluding distribution in Bulgaria, the EBITDA margin was
21.7% for the quarter and 22.3% for the year.
* Net profit was EUR32.5 million for 4Q and EUR102.7 million for the
full year. Underlying net profit increased by 1.5% for the quarter
and increased 71.7% for the year (excluding one time costs related
to the attempted acquisition of PLIVA and amortisation of purchased
intangibles).
* Underlying diluted earnings per share was up 16.7% to EUR0.03190 for
the full year.
* Actavis completed strategic acquisitions in the U.S., Russia and India,
all of which are expected to deliver revenue growth and further
reductions in supply chain costs going forward.
* The Group continued to leverage its strong pipeline through 113 product
and market launches in the quarter, making a total of 376 launches for
the year.
Actavis President and CEO, Robert Wessman, commented:
"This is another strong performance for the Group, where we have delivered on our EBITDA and net income targets for the year. We have continued to grow our business, both organically and through strategic acquisitions, achieving double-digit underlying growth in CEEA and the U.S. and expanding our operations in key markets including Russia and Romania. The strength in our underlying business combined with our potential to drive further efficiencies across the Group, provides us with a solid platform for future growth."