Nycomed achieved significant milestone in second quarter 2010

17 август 2010 г.
  • Strong growth of Key Products and in emerging markets, especially Russia/CIS and Brazil. Impact from pantoprazole’s patent expiry in May 2009 in line with expectations.
  • Total net turnover steady at -0.1% (-5.0% in local currencies) to €786.5 million (Q2/2009: €786.9 million); total net turnover in local currencies and excluding Pantoprazole up 14.7% in second quarter and up 11.2% in first half-year 2010
  • Adjusted EBITDA decreased 22.5% (-27.3% in local currencies) to €197.4 million (Q2/2009: €254.8 million).
  • Daxas® (roflumilast) approved in the EU; first market launches underway.
  • Co-promotion agreement signed with Merck & Co., Inc., for Daxas® in selected markets.
  • Validity of US patent for Protonix® (pantoprazole) confirmed by US District Court.
  • TachoSil® approved by FDA for use in cardiovascular surgery.
  • Imaging joint venture formed with GE Healthcare in Russia/CIS

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 at http://www.nycomed.com/Investors/Reports

Nycomed’s performance in the second quarter was satisfactory, with sales of Key Products and in emerging markets, especially Russia/CIS and Brazil, continuing to help offset the revenue impact from the loss of exclusivity of pantoprazole. 
Turnover for the rest of the portfolio increased at double-digit rates. These results support Nycomed’s strategy of focusing on emerging markets and specialty products. In early July, Daxas® (roflumilast) received marketing authorisation in the EU. Product launches in the first EU markets, starting with Germany and the UK, are underway.

The product portfolio was further strengthened by the FDA approval of TachoSil®, a surgical patch used in cardiovascular surgery. In June, the groundbreaking for the new manufacturing facility in Russia, demonstrating the strong commitment to this market, was celebrated. This followed news of Nycomed’s agreement with GE Healthcare to market diagnostic contrast agents in the Russia/CIS region.

The US District Court for the District of New Jersey has upheld jury findings, confirming that Nycomed’s US patent for Protonix® (pantoprazole) is valid and rejecting allegations by the defendants that the patent was invalid as obvious and invalid for double patenting. All issues regarding validity and infringement of Nycomed’s US patent for Protonix® have been decided by the District Court in Nycomed's and Pfizer's favor.

Håkan Björklund, CEO of Nycomed, commented on the company’s results:

“The results in the second quarter of 2010 were satisfactory and we achieved significant milestones, which are vital for the company’s future, including the EU marketing authorisation for Daxas, a once-a-day oral tablet, offering COPD patients and physicians a much needed new treatment.

Another important milestone was achieved in July when a judge confirmed the decision of a jury which found the US patent for Protonix valid. We will continue to vigorously pursue claims for damages caused by generics launched at-risk in the United States.

2010 will be dominated by the effect of pantoprazole’s loss of exclusivity. In several markets, authorities have announced price cutting measures for pharmaceuticals. However, we expect further growth in our portfolio of Key Products and the introduction of Daxas in several markets. Efforts to enhance our emerging market presence, especially in Asia, are well underway.”

Key figures

 

 

Q2 2010
(€m)

Q2 2009
(€m)

Change

H1 2010
(€m)

H1 2009
(€m)

Change 

Net turnover

786.5

786.9

-0.1%
-5.0%(1)

1,562.9

1,626.8

-3.9%
-7.0%(1)

Gross profit
Margin

552.1
70.2%

576.0
73.2%

-4.1%

1,100.2
70.4%

1,198.0
73.6%

-8.2%

Operating profit (EBIT)

16.1

74.7

-78.4%

57.6

205.6

-72.0%

EBITDA
Margin

188.5
24.0%

249.3
31.7%

-24.4%

401.0
25.7%

551.3
33.9%

-27.3%

Adjusted EBITDA
 
Margin

197.4

25.1%

254.8

32.7%

-22.5%
-27.3%(1

430.4

27.5%

561.8

34.5%

-23.4%
-26.0%(1)

(1) In local currencies

 

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. For the second quarter 2010 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 differentiated portfolio focused on branded medicines in gastroenterology, respiratory and inflammatory diseases, pain, osteoporosis and tissue management. An extensive range of OTC products completes the portfolio.

Its R&D is structured around partnerships and in-licensing is a cornerstone of the company's growth strategy.

Nycomed employs 12,000 associates worldwide, and its products are available in more than 100 countries. It has strong platforms in Europe and in fast-growing markets such as Russia/CIS and Latin America. While the US and Japan are commercialised through best-in-class partners, Nycomed plans to further strengthen its own position in key Asian markets.

Headquartered in Zurich, Switzerland, the company generated total sales of €3.2 billion in 2009 and an adjusted EBITDA of €1.1 billion.

For more information visit www.nycomed.com

For further information

Media: 
General phone: 
+41 44 555 15 10
Beatrix Benz, phone: 
+41 79 218 98 24
Tobias Cottmann, phone: 
+41 79 217 72 52

Investors: 
Christian B. Seidelin, phone: 
+41 44 555 11 04

Related information

English PDF 

German PDF 

Quarterly Report Q2/2010

Media Link