Navamedic on track to significant growth
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today
announced its first quarter 2011 results. Sales were record high for the second
quarter running and Navamedic is on track towards additional growth in 2012
based on its new Generics pharmaceuticals business area.
Navamedics' sales were NOK 16.8 million in the first quarter, which is a 28 per
cent growth over last year's first quarter sales. All sales are generated by the
Vitaflo business area, a distributor of patented drugs and healthcare products
in the Nordic and Benelux markets.
Navamedic is currently ramping up its new Generics business area, targeting the
first product launch later this year. Navamedic has so far filed for marketing
license for a total of ten generic pharmaceutical products. The build-up of the
new business area represented costs and investments totalling NOK 3.5 million in
the first quarter.
EBITDA for Navamedic in the first quarter was heavily influenced by the generics
business costs, partly offset by a positive results development in the Vitaflo
business. Navamedic's EBITDA for the quarter came in at NOK -1.0 million,
compared to NOK -1.2 million in the first quarter last year.
"The first quarter results demonstrate the continued positive development in our
Vitaflo business area and that we are on track in building the highly attractive
Generics business area," said Navamedic CEO Olof Milveden.
The Vitaflo business is expected to grow by approximately 20 per cent per year
going forward. The Generics business area forecast an extremely strong growth
from 2012 onwards. The company targets sales of more than NOK 300 million at
attractive margins for this business area in 2015, making Navamedic on of the
top five generic pharmaceutical companies in its defined markets.
For further information, please call Olof Milveden, CEO, telephone
+46 733 463 736 or Bjørn Lindholt, CFO, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company. Through its
subsidiary Vitaflo Scandinavia the Company is a distributor of a broad range of
nutrition and pharmaceutical products in the Nordic markets. Navamedic is
currently building up a generic pharmaceutical business for the Nordic, Dutch
and Belgian markets based on its partnership with Aspen Healthcare of South
Africa. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Navamedic ASA via Thomson Reuters ONE
[HUG#1512869]
Unternehmensinformation / Kurzprofil:
Datum: 05.05.2011 - 13:48 Uhr
Sprache: Deutsch
News-ID 54305
Anzahl Zeichen: 3357
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Town:
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Kategorie:
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