REYKJAVIK, Iceland, May 8, 2007 (PRIME NEWSWIRE) -- Actavis Group (OMX:ACT), the international generic pharmaceuticals company, today announced results for the first quarter ending 31 March 2007.
1Q Highlights
* Reported revenue increased by 11.9% to EUR382.7 million (1Q 2006:
EUR341.9 million)
* Underlying revenue increased by 8.3% (1Q 2006 pro forma: EUR353.5
million), reflecting strong performance in the UK, Germany and
Russia
* On a divisional basis:
* Pro-forma sales in Central & Eastern Europe and Asia (CEEA)
increased to EUR157.2 million (1Q 2006 pro forma: EUR138.3
million). Underlying growth was 13.6%
* Pro-forma sales in North America increased to EUR108.9 million
(1Q 2006 pro-forma: EUR103.7 million), representing underlying
growth of 5.0%
* Sales in Western Europe, Middle East and Africa increased by 9.9%
on a pro-forma basis to EUR79.7 million (1Q 2006 pro forma:
EUR72.6 million)
* Third Party sales declined 5.4% to EUR35.9 million (1Q 2006
pro forma EUR37.9 million)
* EBITDA margin of 20.7% for the quarter, excluding distribution
business. EBITDA margin is 23.1%
* Net profit down by 15.3% to EUR27.0 million, underlying net
profit (excluding purchase price amortisation), down 7.8% to
EUR32.4 million
* Underlying diluted earnings per share down 3.6% to EUR0.00660
* 80 product and market launches (48 molecules), including 180
day exclusivity on Ranitidine oral solution in the U.S.
* Partnership agreements signed with large German insurance funds,
to support further growth
Actavis President & CEO, Robert Wessman, commented:
"Actavis has a good start to the year, in line with our expectations. We continue to benefit from the diversity of our global business as well as the strength of our product pipeline, which has resulted in a significant product launch activity. It is particularly encouraging to see good improvement in Western Europe, supported by continued strong performance in the U.S. and Russia. Continued underlying growth combined with the impact of recent acquisitions means that we remain on track to meet our targets for the full year."