Positive third quarter for Navamedic
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today
announced its third quarter results. The Company saw significant result
improvements in its traditional business, while overall results were affected by
the build-up of the Company's new Generics Business Area.
Navamedic's sales in the third quarter were NOK 13.7 million, which is at par
with the same quarter last year. The Company's sales in the first nine months of
2010 were NOK 39.4 million, a slight increase over last year. Navamedic's
traditional operations provided an EBITDA of NOK 1.0 million in the third
quarter, up from NOK 0.4 million in the same quarter last year. Also the
accumulated results for the first nine months underpinned Navamedic's positive
development. Accumulated EBITDA for the company's traditional business was NOK
1.9 million compared to NOK -2.2 million in the first nine months of last year.
Costs related to the build-up of Navamedic's new generic pharmaceutical products
business landed the Company's overall EBITDA at NOK -1.7 million for the quarter
(NOK 0.4 million last year) and at NOK -4.5 million for the first nine months
(last year: NOK -2.2 million). Navamedic has invested NOK 6.4 million in its new
business area so far in 2010.
"We are pleased to see that our traditional business is performing better and
that the turnaround process has been successful. We have reduced operating costs
in this business area by more than 20 per cent since last year," said Navamedic
CEO Olof Milveden.
Navamedic now aims for a strong position in the growing market for generic
pharmaceutical products. Earlier this year, the Company entered into a
partnership with Aspen of South Africa, one of the world's largest manufacturers
of generic pharmaceuticals. Navamedic currently has a broad pipeline of high
volume generic drug candidates.
"We will launch our first generic product in the Nordic market towards the end
of 2011. Our aim is to have more than 15 generic products in the market by 2014
and be one of the top five Nordic generic pharmaceuticals players in 2015," said
CEO Olof Milveden.
For further information, please call Olof Milveden, CEO, telephone
+46 733 463 736.
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 acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1456243]
Navamedic ASA Q3 2010 pressemelding:
http://hugin.info/136020/R/1456243/396036.doc
Navamedic ASA Q3 2010 press release:
http://hugin.info/136020/R/1456243/396035.doc
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Source: Navamedic ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2010 - 22:17 Uhr
Sprache: Deutsch
News-ID 46770
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