Nycomed interim results – Q3 2006

08.11.2006The financial results reported in this press release are related to Nycomed A/S, which, through its subsidiaries and affiliates, comprises all of the Nycomed Group’s operations. A full report is available under www.nycomed.com/investors/financials.

Conference call today at 4:00 PM (CET). See more details below.

Highlights

In the first nine months of 2006, Nycomed’s net turnover reached € 623.6 million representing a growth of 14.0% compared to the first nine months of 2005. The net turnover during the third quarter of 2006 increased by € 15.9 million from € 184.6 million in 2005 to € 200.5 million during the same period in 2006, representing a growth of 8.6%.

Growth in net turnover, excluding the impact from foreign currency fluctuations, reached 13.6% in the first nine months of 2006 compared to the same period of 2005. During the third quarter of 2006 net turnover, excluding impact from foreign currency fluctuations, increased by 10.2% compared to the third quarter of 2005.

During the first nine month of 2006 growth in Russia-CIS continued to accelerate, increasing net turnover by 47.4% to € 155.8 million. For Russia-CIS, growth in net turnover, excluding the impact from foreign currency fluctuations, was 44.8% compared to the same period last year.

Operations has during the last three months kept the focus on strong cost control and high yield in our production facilities.

In the first nine months of 2006, adjusted EBITDA increased by 7.5% to € 123.7 million, from € 115.1 million in the same period last year. Excluding the impact from foreign currency fluctuations, adjusted EBITDA increased by 6.8% compared to the same period last year.

Adjusted EBITDA for the third quarter of 2006 decreased by 10.2% compared to the same period last year. Excluding the impact from foreign currency fluctuations, adjusted EBITDA decreased by 4.8%. The decrease was primary due to lower sales of Actovegin in the Russia-CIS, which was expected and according to plan.

CEO statement

Håkan Björklund, Nycomed CEO said:

"With a year to date growth in sales of 14.0% and growth in EBITDA of 7.5%, we are on track to deliver a full year result according to plan. We maintain our expectations for 2006 to reach low double-digit growth in both net turnover and EBITDA.

Most of our established European home markets and Russia-CIS continued to show satisfactory growth rates.

The launches of novel osteoporosis treatment Preotact® and pain product Matrifen® are on track with introductions in the European key markets continuing into 2007. We remain optimistic about these strategically important products’ contribution to the continued growth of the company.”

On 21 September 2006 we reached an agreement to acquire ALTANA Pharma AG. The transaction has a total value of € 4.215 billion. The acquisition will be financed by a consortium consisting of international banks. Closing is expected to take place on 29 December 2006 subject to the approval of the shareholders of ALTANA AG (extraordinary meeting to be held in December 2006) and necessary antitrust clearances. The planning of the integration is ongoing. Charles Depasse, formerly Nycomed head of Operations, has been appointed Executive Vice President, Integration.

Financial background

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.

Adjusted EBITDA means net earnings before net financial items, income taxes, depreciation of tangible assets and amortization of intangible assets, adjusted for certain unusual or non-recurring items.


Conference call details

Nycomed will host a conference call today 8 November 2006 at 4:00 PM (CET). To access, participants should dial one of the following phone numbers:

+353 1 439 0434
+44 207 769 6434
+45 70 26 50 40

The conference call will be digitally recorded and transcribed. All participants who dial in will be requested to give their full name and company name. You request operator assistance by pressing [*0] on a touch-tone phone.

A digital replay will be available approximately one hour after the conference call has ended. It will then be available for one week.

The replay dial in number is +353 1 436 4267 or +44 207 769 6425 and the digital replay security code is 775223 # . During replay, touch [#] to play the instructions.


Financial calendar

As a result of the acquisition of ALTANA Pharma AG, expected to be effective by the end of the year, Nycomed has postponed the announcement of the company’s full year results for 2006 until further notice.

About Nycomed

Nycomed is a pharmaceutical company dedicated to meeting needs in Europe. The company provides hospital products throughout the region and general practitioner and pharmacy medicines in selected markets.

New products are sourced through licensing agreements with research companies. Here Nycomed provides late-stage clinical development, registration and marketing.

Headquartered in Roskilde, Denmark, the company employs about 3,500 people throughout Europe and Russia-CIS. Nycomed is privately owned and had a 2005 revenue of € 747.5 million.

For more information visit www.nycomed.com


For further information

Håkan Björklund, CEO
Phone +45 46 77 11 11

Runar Bjørklund, CFO
Phone +45 46 77 11 11

Christoffer Jensen, VP Communications
Phone +45 46 77 11 12
Mobile +45 22 43 69 44


 

 

For further information

Media:
General phone:

+41 44 555 15 10
Beatrix Benz,

phone: +41 44 555 1508
Tobias Cottmann,

phone: +41 44 555 1501

Investors:
Christian B. Seidelin,

phone: +41 44 555 11 04

Related information


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