Nycomed on track in 2009

01.03.2010

Strong growth of Key Products and in most emerging markets was partly offset by the negative impact of pantoprazole's patent expiry in Europe, the economic downturn and adverse currency fluctuations.

Total net turnover decreased 3.6% (-0.6% in local currencies and excluding one-time effects) to €3,228.0 million (FY/2008: €3,348.0 million). In the fourth quarter, total net turnover decreased 4.9% (-0.4% on a comparable basis) to €781.1 million (Q4/2008: €821.1 million).

Adjusted EBITDA decreased 11.0% (-3.8% in local currencies and excluding one-time effects) to €1,074.6 million (FY/2008: €1,207.6 million). In the fourth quarter, adjusted EBITDA decreased 14.5% (-3.9% on a comparable basis) to €221.8 million (Q4/2008: €259.5 million).

Pantoprazole sales resilient despite loss of exclusivity in May. Newly-launched OTC variant performing strongly in Europe.

Roflumilast (Daxas®) submitted to EMEA and FDA for treatment of COPD. Agreement with Forest Laboratories on US commercialisation signed. Positive phase III trial results published in the medical journal The Lancet.

Instanyl® for breakthrough cancer pain launched in Europe in September with very positive market response.


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 was on track in 2009, with strong growth in Key Products and most emerging markets. Pantoprazole sales were resilient after the loss of exclusivity in May in 12 European countries, as a result of a tailored approach to each region. The pipeline portfolio progressed strongly. Daxas® was submitted to EMEA and the FDA for approval, and positive Phase III trial data were presented in September and published in the medical journal The Lancet. Nycomed is working closely with Forest Laboratories on the US commercialisation of this key product. The launch of Instanyl® in Europe for the treatment of breakthrough pain in cancer patients is progressing well.

Håkan Björklund, CEO Nycomed, commented on the company's results:

"Nycomed demonstrated its resilience in 2009 with net turnover reaching €3,228 million. Key Products and most emerging markets grew strongly despite the economic downturn. While the loss of exclusivity for pantoprazole in May showed the anticipated impact on sales, the post-expiry performance was robust.

Our key development project, roflumilast (Daxas), has been progressing well. It was submitted to European and U.S. regulatory authorities in mid-2009 and we are working closely with our partner Forest Laboratories on the US commercialisation of the product. In September, full results from four phase III trials were published in the medical journal The Lancet and presented at the European Respiratory Society meeting in Vienna. The results reinforce our confidence in the drug's strong commercial prospects.

Instanyl has been introduced to European markets since September for the treatment of breakthrough pain in cancer and we are seeing faster market penetration than for recent competitor launches.

We are also continuing to strengthen our position in emerging markets. With the acquisition of a portfolio of 20 branded generic products, Nycomed strengthened its position in the faster growing markets of Central and Eastern Europe. In Russia, we will build a new production facility by 2014.

For 2010, our focus will be on pantoprazole, roflumilast and the emerging markets. We expect further decreases in sales of pantoprazole, our best-selling product, which we continue to support. The launch of roflumilast will be crucial for the long-term, as will be our growth in emerging markets and we dedicate our efforts accordingly. We are continuously looking into managing our costs. Nycomed is in a good shape to take advantage of the opportunities lying ahead of us."

Key figures

Q4 2009 (€m) Q4 2008 (€m) Change Full year 2009 (€m) Full year 2008 (€m) Change
Net turnover 781.1 821.1

-4.9%

-0.4%(1)

3,228.0 3,348.0

-3.6%(2)

-0.6%(1)

Gross profit

margin

537.6

68.8%

577.9

70.4%

-7.0%

-2.2%

2,332.8

72.3%

2,463.4

73.6%

-5.3%

-1.8%

Operating profit (EBIT) 7.2 -19.2 n/m 288.0 352.0 -18.2%

EBITDA

margin

197.8

25.3%

221.9

27.0%

-10.8%

-6.3%

999.1

31.0%

1,142.8

34.1%

-12.6%

-9.3%

Adjusted EBITDA

margin

221.8

28.4%

259.5

31.6%

-14.5%

-3.9%(1)

-10.2%

1,074.6

33.3%

1,207.6

36.1%

-11.0%(2)

-3.8%(1)

-7.7%

(1) On a comparable basis: in local currencies and excluding one-time effects
(2) In local currencies, net turnover decreased 1.8% and adjusted EBTIDA decreased 8.7%
n/m: not meaningful

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. 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 fourth quarter 2009 the difference between EBITDA and adjusted EBITDA mainly comprises integration, projects and restructuring costs.

About Nycomed

Nycomed is a privately owned global pharmaceutical company with a differentiated portfolio focused on branded medicines in gastroenterology, respiratory and inflammatory diseases, pain, osteoporosis and tissue management. An extensive range of OTC products completes the portfolio.

Its R&D is structured around partnerships and in-licensing is a cornerstone of the company's growth strategy.

Nycomed employs 12,000 associates worldwide, and its products are available in more than 100 countries. It has strong platforms in Europe and in fast-growing markets such as Russia/CIS and Latin America. While the US and Japan are commercialised through best-in-class partners, Nycomed plans to further strengthen its own position in key Asian markets.

Headquartered in Zurich, Switzerland, the company generated total sales of €3.2 billion in 2009 and an adjusted EBITDA of €1.1 billion.

For more information visit www.nycomed.com

 

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

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