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First half of 2010: Preliminary Group net income substantially better than expected
Earnings outlook raised
The earnings development was mainly driven by Fresenius Kabi, especially in North America, where new product launches and strong demand due to drug shortages contributed to growth.
Fresenius Kabi also expects to achieve attractive growth in the second half of 2010, albeit more in line with the initial 2010 guidance. In addition, Fresenius Kabi plans to invest in further efficiency improvements in Europe, resulting in expected onetime expenses of approximately €10 million to €20 million pretax in the second half of 2010.
Based on the Group's financial results in the first half and including the planned onetime expenses, Fresenius now expects net income1 to increase by 10% to 15% in constant currency in 2010. Previously, the Company expected net income to increase by 8% to 10% in constant currency.
The detailed financial results for the first half of 2010 will be announced on August 3, 2010, as originally scheduled.
1 Net income attributable to Fresenius SE; adjusted for the effects of marktomarket accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are noncash items.
This release contains forwardlooking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forwardlooking statements due to certain factors, e.g., changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forwardlooking statements in this release.
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