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Q4 turnover down for Nycomed

Nycomed has reported a 2.5 per cent decrease in its 2007 Q4 turnover despite announcing its most successful financial year so far

Nycomed has reported a 2.5 per cent decrease in its 2007 Q4 turnover despite announcing its most successful financial year so far.

The privately owned pharma company saw Q4 profits fall by $20.3mn from $883.5m in 2006 to $863.2m in 2007.

But Nycomed did experience a 3 per cent rise in net turnover, which was up from $3,394.4m in 2006 to $3,497.4m at the end of 2007, an increase of  $103.0m.

Håkan Björklund, CEO of Nycomed, said: "The past year was Nycomed's most successful year so far."

"We are building a best-in-class, mid-sized healthcare company that is ready for the future and well positioned to take advantage of growth opportunities," he added.

Earnings before interest, taxes depreciation and amortisation (EBITDA) for Nycomed were up by 31 per cent.

During the Q4, Nycomed instigated acquisition and licensing deals and is hoping that Instanyl, its intranasal fentanyl spray for managing cancer pain, will be granted European approval.

Björklund said: "We finalised a couple of agreements that are proof of our growth strategy ñ among others, the acquisition of Bradley Pharmaceuticals was successfully closed in early 2008."

A generic version of Pantoprazole, a drug that Nycomed claims to be its most profitable product that had a 6.2 per cent growth in sales, will be launched in the US in partnership with Wyeth.

Financial strain created by the credit crunch and volatility in the US market has left pharma companies such as Nycomed uncertain as to how 2008 will affect turnover and sales.

Nycomed said: "The total growth in net turnover from 2007 to 2008 will be dependent on the situation in the US market in connection with the launch of generic Pantoprazole."

10th March 2008

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