Meda reports 8% increase in net sales

Meda has published its financial results for the 2006 fiscal year, reporting an eight per cent increase in net sales. The company generated revenues of SEK5,256 million (384 million pounds), compared to SEK2,869.9 million in 2005.

Net income rose 363 per cent in 2006 to SEK788.4 million, while profit per share increased from SEK1.118 to SEK7.25, with a proposed dividend per share of SEK1 for the year.

The company reported that its recent acquisition of the pharmaceutical division of 3M had been completed, with its integration into the company progressing as anticipated, while Meda also received a new indication for Aldara from the European Commission.

“In the asthma therapy area, Novolizer system sales remained robust,” the company reported.

“[The] launch of Novopulmon 400 micrograms in several European markets played a key role in this growth,” it added.

Meda also reported that its planned launch of Formatris in France had been put back to the first half of 2007 as a result of delays from the authorities, while the company’s pain treatment Tramadol maintained its strong market position in spite of increased competition.

Last week, Meda reported that 99.84 per cent of the shares offered by the company had been subscribed, with the rights issue oversubscribed by around 56 per cent.