Meda AB (OMX: MEDA A) Q2 2011 net sales toppled 3.2 billion SEK. EBITDA margin of 37.1% meant that EBITDA was 1.2 billion, up from comparison period when adjusted for non-recurring events. Profit after tax was 380 million. The stock is down 7% but still above the levels seen before the recent speculation, which Meda did not comment further on today besides saying in the conference call that the company is open for any discussions that could increase shareholder value.
Meda highlighted Valeant partnership, which it estimates will bring > 120 million USD per year in milestone payments from now till 2015, FDA approval of Potiga (ezogabine), which triggered 6 million USD milestone payment and 7% royalties from net sales from GlaxoSmithKline, progress of allergic rhinitis treatment product candidate Dymista, a high priority product for Meda for which NDA is under US FDA review and European NDA will be submitted this year and also finally NDA’s of dermatology products Zyclara and Acnex.
Meda plans to acquire more OTC drugs. There is increased focus on dermatology and allergy area is the highest priority in the US. CEO Anders Lönner says that conditions are now very good for growing the business and Meda is investing further in emerging markets. More information is here.
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