Meda publishes first-quarter interim report

Meda has published its interim report for the first quarter of the 2007 fiscal year, with the firm reporting a speedier than expected integration of the pharmaceutical division of 3M along with improved core operating profit during the first three months of the year.

The company generated net sales of SEK 1,788.1 million (113.63 million) during the quarter, a 35.9 per cent increase over the same period in 2006, while operating profit rose from SEK 225.6 million to SEK 434.1 million.

Meda reports that sales growth was driven by its acquisition of the pharmaceuticals business of 3M, especially noting the contribution of the Aldara, Minitran and Tambocor products.

“Market sales of Aldara developed generally better than planned, and positive effects on sales from indication expansion to actinic keratosis can already be observed,” the company stated.

It added that its sales of these product lines to wholesalers were temporarily reduced as a result of transfers made to its own distribution channels.

Last month, Meda announced plans to acquire a product portfolio from Wyeth consisting of ten products, with the value of the purchase being in the region of SEK 525 million.

The company predicted its sales figures for the last eight months of the year to be increased by a sum in the region of SEK 160-170 million as a result of this transaction.