Faulding sales rise 17.5%, boosted by pharma

F H Faulding of Australia has reported sales growth of 17.5% to A$2.73billion ($1.41 billion) for the year to June 30, 2001, with earnings before interest and tax up 21.1% to A$171.9 million. Net profits rose 35.4% to A$106 million or, taking account of significant one-off expenses and revenues, to 25.7% to A$98.4 million, and earnings per share advanced 33.8% to 65.3 cents. R&D expenditure grew 12.2% to A$77.8 million.

Faulding is in the process of being sold, with the purchase by Mayne Nickless of its overall health care and pharmaceutical businesses. After this transaction is completed, Alpharma of the USA is to acquire Faulding's generic oral solid-dose pharmaceutical businesses, which include the operations of Purepac Pharmaceuticals and Faulding Labs in the USA, for around $600 million (Marketletter July 16).

In its statement on the year's trading, Faulding notes the pharmaceutical division's strong performance, with EBIT up 29.8% to A$118.5 million. Purepac again performed well ahead of expectations and of the previous year, and was the major growth contributor to the firm's business in the Americas, where EBIT rose 22.4% to $55.1 million, driven by continued strong sales of diltiazem, giving the firm a 24% market share, and also of spironolactone, lorazepam and phentermine.