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Nycomed reports sustained momentum in second quarter 2009
- Total net turnover increased 0.5% to €786.9m (Q2/08: €783.3m)(1)
- Adjusted EBITDA increased 2.5% to €254.8m (Q2/08: €248.7m)(1)
- Turnover of Key Products excluding Pantoprazole grew by 6.9%(1)
- Pantoprazole OTC received marketing authorisation.
- Daxas® marketing authorisation applications filed in May for Europe and in July for the US. Forest Laboratories will commercialise Daxas® in the United States.
- Instanyl® approved in EU in July for breakthrough cancer pain.
(1) Excluding a one-time execution payment of €100.9 million from Sepracor in H1 2008.
The financial results reported in this press release are related to Nycomed S.C.A. SICAR and comprise all of the Nycomed Group's operations. The full interim report is available at http://www.nycomed.com/en/Menu/Investors/Financials
Nycomed reports sustained momentum in the second quarter 2009, with total net turnover increasing by 0.5% to €786.9 million excluding the impact of the Sepracor execution payment received in the first half of 2008. This performance is driven by Nycomed's Key Products. Pantoprazole turnover in Europe dropped only moderately after loosing patent protection in May. On a regional basis, most Nycomed markets performed in line with or above expectations. The pipeline portfolio advanced significantly. Daxas® was filed for approval in the EU and US and Nycomed has agreed with Forest Laboratories on the commercialisation of Daxas® in the US. European approvals were achieved for Instanyl®, for breakthrough cancer pain, and for Pantoprazole OTC.
Adjusted EBITDA increased by 2.5% to €254.8 million (Q2/08: €248.7 million) when excluding the Sepracor payment. In spite of the loss of the substance patent in major EU markets, total turnover of Pantoprazole declined only slightly, down 1.4% during the second quarter. Turnover of Specialty and Respiratory products increased by 6.9% in the second quarter.
Håkan Björklund, CEO, commented on the company's results:
"The second quarter saw important advances in our pipeline. Daxas was filed for approval in Europe in early May and in the US in July. We are also very pleased to have agreed with Forest Laboratories on the US commercialisation of Daxas. We believe they are the best partner for Nycomed in this key market.
Despite the global downturn and currency effects, Nycomed delivered a solid performance in the first half year, sustaining its momentum."
Adjusted EBITDA and EBITDA are key figures used in order to have a more comprehensive analysis of our operating performance and of our ability to service our debt. EBITDA means net income adjusted for net financial terms, income taxes, depreciation of tangible assets and amortisation of intangible assets. Adjusted EBITDA is EBITDA adjusted for unusual or non-recurring items not related to the future and ongoing business. For the second quarter 2009 the difference between EBITDA and adjusted EBITDA mainly comprises integration and restructuring costs.
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