Nycomed well positioned in emerging markets
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Nycomed well positioned in emerging markets
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* Emerging markets now account for 39% of Nycomed's net turnover
* Double-digit growth in 2010 turnover of Key Products and in emerging
markets, especially Russia/CIS and Latin America
* Pantoprazole decline in Europe decelerates, while price pressure continues
* Daxas® launched in several European markets; FDA granted approval for
roflumilast in the US
* 51.34% stake acquired in Guangdong Techpool Bio-Pharma to increase presence
in China
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 athttp://www.nycomed.com/Investors/Reports
Nycomed's 2010 performance continued to show above industry average growth in
emerging markets, as well as strong growth of Key Products (excluding
pantoprazole), Regional and Local prescription (Rx) drugs. Net turnover was
steady with a slight decrease by 1.8% to ? 3,170.6 million in 2010 from
? 3,228.0 million in 2009 (+0.4%, excluding one-time payment from Forest
Laboratories in 2009). The decrease was primarily driven by declining sales of
pantoprazole due to the loss of patent exclusivity in several markets, including
Australia and Switzerland, and the full-year impact of the expiry of the
pantoprazole patent in other key European markets.
Håkan Björklund, CEO of Nycomed, commented on the company's results:
"Our performance in 2010 demonstrates that Nycomed is well positioned to gain
from major trends in the pharmaceutical industry. We are already generating
impressive sales and continuing to expand in emerging markets, which will be a
powerful engine of growth for the future.
Turnover in 2010 in emerging markets rose 30% over the previous year. Russia/CIS
is our largest market and Brazil has moved into the second position. In 2010, we
made a major acquisition in China and we recently launched a number of new
affiliates in Asia, Latin America and the Middle East. In total, emerging
markets accounted for 39% of turnover in 2010. By 2015, we expect them to make
up around 60% of our sales. Nycomed has one of the highest proportion of sales
from emerging markets among major pharmaceutical companies.
Our portfolio of Specialty and Respiratory products achieved double-digit
growth, and we are optimistic about the prospects for Daxas. Nycomed received EU
marketing authorization for Daxas in July 2010 and we have been rolling the
product out since September. This medicine has significant potential, because
there is a huge unmet medical need in COPD across mature and emerging markets.
The Global Initiative for Chronic Obstructive Lung Disease (GOLD) has included
roflumilast (Daxas) as a new treatment option in its COPD management guidelines.
In Europe, we are co-promoting Daxas with Merck & Co. In the United States, the
Food and Drug Administration (FDA) granted approval for roflumilast. Our partner
Forest Laboratories expects to market the product under the brand name
DalirespTM in the second quarter of 2011.
European sales of our leading product, pantoprazole, stabilised following
widespread patent expiries. Our portfolio of established and innovative
medicines grew strongly, with particularly good performances from Actovegin,
TachoSil, Instanyl and Calcichew.
We have made progress in our strategy to expand our portfolio through
partnerships, notably in Russia/CIS, where we established a collaboration with
GE Healthcare on imaging agents and in-licensed Zenpep, a pancreatic enzyme,
from Eurand. In Mumbai, Zydus Nycomed our joint venture with Zydus Cadila, has
started producing active pharmaceutical ingredients (API) at the newly expanded
manufacturing facility, enabling us to get high quality APIs in Nycomed's
branded generic portfolio produced at competitive cost.
Our 2011 results will be impacted by continuing strong marketing and sales
efforts around launches of Daxas and focus on our operations in the emerging
markets. Protonix lost exclusivity in the United States on January 19, 2011, and
we expect price pressure to continue in the mature markets. This will be partly
offset by strong growth in our Key Products portfolio as well as in emerging
markets, especially with our new activities in China."
Key figures
+------------+---------+--------+-----------------------+----------+-----------+
| |Q4 2010 |Q4 2009 |Change Full year |Full year |Change |
| |(?m) |(?m) | 2010 (?m) |2009 (?m) | |
+------------+---------+--------+-----------------------+----------+-----------+
|Net turnover|792.9 |781.1 |+1.5% 3,170.6 |3,228.0 |-1.8% |
| | | |-3.3%(1) | |-6.2%(1) |
| | | | | |+0.4%(2) |
+------------+---------+--------+-----------------------+----------+-----------+
|Gross profit|531.8 |537.6 |-1.1% 2,181.7 |2,332.8 |-6.5% |
| | | | | | |
|Margin |67.1% |68.8% | 68.8% |72.3% | |
+------------+---------+--------+-----------------------+----------+-----------+
|Operating |-126.1 |7.2 |n/m -44.2(3) |288.0 |n/m |
|profit | | | | | |
|(EBIT) | | | | | |
+------------+---------+--------+-----------------------+----------+-----------+
|EBITDA |160.2 |197.8 |-19.0% 774.9 |999.1 |-22.5% |
| | | | | | |
|Margin |20.2% |25.3% | 24.4% |31.0% | |
+------------+---------+--------+-----------------------+----------+-----------+
|Adjusted |202.8 |221.8 |-8.6% 850.5 |1,074.6 |-20.9% |
|EBITDA | | |-17.7%(1) | |-25.7%(1) |
| | | | | |-15.3%(2) |
|Margin |25.6% |28.4% | 26.8% |33.3% | |
+------------+---------+--------+-----------------------+----------+-----------+
(1) In local currency
(2) In Euro excluding one-time payment from Forest Laboratories in 2009 (? 70.7
million)
(3) Primarily due to decreased gross profit and increased investments in new
emerging market affiliates and the launch of Daxas®
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. 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 diversified
portfolio focused on branded medicines in gastroenterology, respiratory and
inflammatory diseases, pain, osteoporosis and tissue management. A range of OTC
products completes the portfolio.
Its R&D is structured around collaborations. In-licensing and expanding in
emerging markets are cornerstones of the company's growth strategy.
Nycomed employs 12,500 associates worldwide, and its products are sold in more
than 100 countries. It has strong platforms in Europe and in fast-growing
markets such as Russia/CIS, Latin America, Asia and the Middle East. In the US
and Japan its products are available through best in class partners.
Headquartered in Zurich, Switzerland, the company generated total sales of
? 3.2 billion in 2010 and an adjusted EBITDA of ? 851 million.
For more information visit www.nycomed.com
For further information
Media:
General phone: +41 44 555 15 10
Beatrix Benz, phone: +41 44 555 15 08
Tobias Cottmann, phone: +41 44 555 15 01
Investors:
Christian B. Seidelin, phone: +41 44 555 11 04
--- End of Message ---
Nycomed
Thurgauerstrasse 130 Glattpark-Opfikon Switzerland
Press Release Q4 FY 2010 EN:
http://hugin.info/144179/R/1493734/429488.pdf
Press Release Q4 FY 2010 DE:
http://hugin.info/144179/R/1493734/429489.pdf
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Source: Nycomed via Thomson Reuters ONE
[HUG#1493734]
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Datum: 02.03.2011 - 09:59 Uhr
Sprache: Deutsch
News-ID 52060
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