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Nycomed shows positive Q1 FY07 results despite Altana integration

Nycomed Pharma's net turnover grew based on satisfactory growth in most of its established home markets, despite the integration of newly acquired Altana Pharma

Nycomed Pharma's net turnover grew by 6.2 per cent in Q1 FY 2007 to reach EUR 873.5m. The results are based on satisfactory growth in most of its established home markets, despite the intensified focus on cost containment from health authorities, increasing generic competition and the integration of newly purchased Altana Pharma.

The group's adjusted EBITDA reached EUR 286.3m in Q1 FY07, which was an increase of 30 per cent over Q1 FY06. The increase was attributed to reduced expenses for marketing, sales and R&D, as the cost base was lower than anticipated entering 2007.

Nycomed's outlook for 2007 was mainly focused on the integration of itself and Altana Pharma. The company expects low single digit growth in its net turnover, but a strong increase in adjusted EBITDA of around 20 peer cent excluding restructuring and integration costs.

Regional results
For the Europe One region, which includes the Baltic States, Belgium, Denmark, Finland, Norway and Sweden, revealed a net sales growth of 5.3 per cent to reach EUR 93.7m in Q1 2007, driven by strong market performance in those regions.

For the Europe Two region, which includes Austria, France, Germany, Italy, Netherlands, Poland and Switzerland, sales grew 2.3 per cent reaching a net turnover of USD 257.2m. France and Poland showed the strongest growth over the same period in FY06.

For Europe Three, which includes Croatia, Czech Republic, Greece, Hungary, United Kingdom/ Ireland, Portugal, Romania, Slovakia and Spain, exhibited sales growth of 31 per cent to rest at EUR 79.7m, driven by repatriation of key products in Spain and positive business development in the regions, apart from the UK and Portugal.

For the LASA-CAN region, which includes Argentina, Brazil, Canada, Mexico and South Africa, net sales grew 19.7 per cent to EUR 126.0m. Canadian sales grew by 132 per cent compared with Q1 FY06.

The Russia/ CIS region recorded a net turnover of USD 58.9m representing a growth of 8.1 per cent. Results are affected by a 9.4 per cent decrease in the US dollar versus the Euro. In Russia, which represents 72 per cent of Nycomed's total business in the region, growth was influenced by uncertainty related to payments under the Federal Reimbursement Programme.

Fougera, which is Nycomed's manufacturer of multi-source topical pharmaceuticals in the US, grew 42.8 per cent to EUR 56.8m, based on growth in branded generics and the branded dermatological line.

International sales, which include Asia, Australia, China, India, Japan and other export countries, saw sales drop 6.6 per cent to rest at EUR 184.6m. The poor result was due to reduced sales in the export business, but was positively affected by good performance in sales to Wyeth and a strong market performance in Australia.

Contract production up...
Nycomed's contract production results expanded 42.5 per cent to reach EUR 16.6m in Q1 2007. Pantoprazole boosted net turnover with a 19 per cent growth in overall sales over the same period of FY06. Also, Nycomed's Merck portfolio in the CIS and Brazilian sales of Neosaldina, an OTC product which accounted for 11 per cent of Altana's total sales before Nycomed acquired the firm, showed sales growth in excess of 20 per cent. Sales of calcium, the group's second-largest product, declined 19 per cent due to parallel imports in some countries.

Nycomed is privately owned, and the combined group had non-audited estimated FY06 sales of approximately EUR 3.4bn and an EBITDA of EUR 933.4m.

31st May 2007

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