Actavis reports profits of EUR29 million in 2Q
- Strong performance in Eastern and Western Europe -
Reykjavik, Iceland 9 August 2007 - Actavis Group, the international generic
pharmaceuticals company, announces its results for the second quarter ended 30
June 2007.
Highlights
Reported revenue in the second quarter increased 4.1% to EUR378.9 million (2Q
2006: EUR364.1 million) and by 7.9% to EUR761.5 million (1H 2006 EUR705.9
million) in the first half, reflecting a strong performance in Eastern and
Western Europe. Underlying revenue for the quarter increased by 4.8% (2Q 2006
pro forma: EUR361.6 million) and by 7.1% for the first half (1H 2006 pro forma
EUR711.1m).
o Sales in Central & Eastern Europe and Asia increased to EUR157.1
million (2Q 2006 pro forma: EUR144.8 million). Underlying growth was
8.5% in 2Q and 12.6% for 1H.
o Sales in Western Europe, Middle East and Africa grew 23.0% on a
pro forma basis to EUR86.3 million (2Q 2006 proforma EUR70.2
million). 1H underlying growth is 16.3%
o Sales in North America were EUR96.3 million (EUR2Q 2006 pro forma
111.4 million), which was in line with management expectations. This
represented an underlying decrease of 13.5%, following strong
performance in the second quarter of 2006. For the first half, the
underlying decline in sales is 4.6%.
o Third Party sales grew by 6.7 % to EUR35.7 million (2Q 2006 pro forma
EUR33.4 million) in the quarter. For the first half, sales are at
last year's levels.
• Strong EBITDA margin of 22.2% in the quarter and 21.5% in the first half.
• Net profit was EUR29.3 million, down 2.6% in the quarter, EUR56.3 million in
the first half.
• Underlying earnings per share (fully diluted) were EUR0.00680 (2Q 2006
EUR0.00787).
• 145 product and market launches (84 molecules) in the quarter, supporting
further growth.
• Novator secures 99.66% of Actavis A class shares in July and Actavis Board
has requested to be removed from the OMX stock exchange in Iceland.
Actavis President & CEO, Robert Wessman, commented:
“This has been another strong quarter for Actavis, with a particularly good
performance in our European business. In the US, we expect to launch a number
of new products in the second half and we now have a record number of pending
ANDAs, supporting our growth in the market as we move into next year. Our core
markets continue to perform well and we are on track to achieve our financial
goals for the year.
“The senior management team at Actavis looks forward, as a private company, to
continue the Company's strong track record of growth. With one of the strongest
product pipelines in the industry and diverse geographic reach, we are
confident that Actavis is well placed to continue to grow its share in the key
European and US markets.”
