Meda Q1 2012

Meda AB’s (OMX: MEDA A) first quarter net sales reach 3.375 billion Swedish kronor, which is up strongly from just under 3 billion one year ago. Profit numbers show more modest development as margins were under pressure: EBITDA 1.15 billion, operating profit of 618 million and profit after tax of 370 million are rather close to comparison period. Earnings per share are exactly the same at 1.12 SEK. The full report is available here.

The company highlights the very recent FDA approval of intranasal seasonal allergic rhinitis therapy Dymista. The condition affects about 60 million people in the United States annually and as many as 500 million world-over. The company conducted studies in over 4000 patients and has long-term data from more than 600. It has previously quoted some meta-analysis and believes it could be the drug of choice with clear blockbuster potential. Meda is hoping for a European approval in 2013.

Meda Q2 interim report

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.

WSJ speculates Valeant may buy Meda

Meda AB (OMX: MEDA A) has shot up 11% in the first few minutes of trading after Wall Street Journal published an article that Valeant Pharmaceuticals International Inc has made a takeover approach for Meda.Meda said in a release that it has not received an approach of the kind described in the article but reminds that the companies collaborate on several fronts, like shown in the recent Sublinox approval.

The stock's advance was halted after the release and subsequent management comments that they know nothing of the sort to suggest that article would be based on anything more than pure speculation.

Sublinox receives Canadian approval

MEDA AB (OMX: MEDA A) said that Health canada has approved Sublinox for treatment of insomnia. Sublinox is a patented sublingual orally dissolving tablet of the well known substance zolpidem. Product launch is expected in Q4. The product will be commercialized via the joint venture of Meda and Valeant Pharmaceuticals International and represents the second product to come out of the joint venture.