Actavis reports net profit of EUR27 million in 1Q
- Improved performance in Germany and UK drives underlying revenue growth of
8.3% -
Reykjavik, Iceland 8 May 2007 - 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 US
• 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 US 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.”
