Meda AB's net sales up almost 50% on 3M buy

Sweden's Meda AB's net sales in the first nine months of 2007 rose nearly 50% on the like, year-ago period, to 5.82 billion Swedish kronor ($911.9 million), mainly due to the acquisition of 3M's pharma division in Europe (Marketletter December 11, 2006). Exchange rate changes adversely affected group sales by 25.0 million kronor, while the 3M product portfolio accounted for revenues of 1.56 billion kronor, boosted also by income from its main products, while the asthma drug Formatris demonstrated good sales growth after its launch on several European markets during the second quarter of 2007.

Net profit for the period, excluding a non-recurring item impact, reached 701.0 million kronor from 397.1 million kronor. Including this impact, net income totaled 749.0 million kronor. The firm's operating profit amounted to 1.32 billion kronor versus 1.11 billion kornor. Earnings before interest, taxes, depreciation and amortization, excluding non-recurring profit impact, climbed to 1.98 billion kronor from 1.07 billion kronor, as the EBITDA margin improved substantially to 34.0% from 27.5%.