Siegfried reports distinct sales increase for first 3 quarters of 2010
The Siegfried Group reports sales of CHF 218.5 million for the first 9 months of the 2010 financial year, representing an increase of 8.8% in Swiss francs and of 12.1% in local currencies over the comparable period the previous year. Siegfried sold active pharmaceutical ingredients and intermediates amounting to CHF 172.4 million, CHF 17.5 million or 11.3% over the previous year’s result. Sales of ready formulated drugs amounted to CHF 46.1 million, or a growth of 0.4% over the first three quarters of 2009.
In the third quarter, sales of active pharmaceutical ingredients and intermediates continued to develop favorably, exceeding even the previous year’s strong quarterly result. The pleasing sales increase in the current year is attributed mainly to rising sales in the USA.
Sales of finished formulated drugs, which today are still delivered largely to generics companies, remained at the previous year’s level despite a heavily contested price war – especially also in the German market – and negative currency influences. Outlook
Siegfried’s Board of Directors and Executive Committee expect sales growth for the entire 2010 financial year to remain in the high single-digit percentage range. Following divestment of the inhalation business, the operating result (EBITDA) will be disburdened of connected expenses. Siegfried therefore anticipates the EBITDA margin to again rise above 10%.
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