Continued positive development for Navamedic
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical company, today announced
its second quarter 2011 results. Sales were record high for the third
consecutive quarter. The development of Navamedic's new generic drug business
remains on track. The first two products will be launched within the next four
months and the Company predicts profitability and significant sales growth in
2012.
Navamedics' sales were NOK 18.2 million in the second quarter, which is a 43 per
cent growth over last year's second quarter sales. All sales were generated by
the Vitaflo business area, a distributor of patented drugs and healthcare
products in the Nordic markets. For the first half of 2011 sales were up 36 per
cent to NOK 35.0 million.
Navamedic is currently ramping up its new Generics business area, scheduling the
first two product launches within the next four months. Eight new products will
be launched next 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 9.5 million in the second
quarter.
EBITDA for Navamedic in the second 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 -1.1
million, compared to NOK -1.5 million in the second quarter last year. EBITDA
for the first half of 2011 was NOK -2.1 million, compared to NOK -2.8 million
last year.
"The results reflect that our Vitaflo business area enjoys a positive sales and
results development. Furthermore, we are on time and on budget in developing our
new 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 forecasts 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 one 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.
Press Release:
http://hugin.info/136020/R/1541042/471286.pdf
Pressemelding:
http://hugin.info/136020/R/1541042/471287.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(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#1541042]
Unternehmensinformation / Kurzprofil:
Datum: 24.08.2011 - 19:57 Uhr
Sprache: Deutsch
News-ID 59061
Anzahl Zeichen: 3895
contact information:
Town:
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Kategorie:
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"Continued positive development for Navamedic"
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