STADA: Record results in 2002 confirm clear growth course
04/08/2003 . Ad hoc Release
STADA Arzneimittel AG clearly reached its goals in 2002 and once again achieved record results in sales and earnings. Consolidated earnings rose by a total of +18% in 2002 to EUR 633.5 million. Sales generated in the three core segments generics, branded products and special pharmaceuticals amounted to EUR 572.0 million (up +34% from the previous year). About 17 percentage points of the core segments growth was organic. Individually, generics grew by +36%, branded products by +29% and special pharmaceuticals by +24%. In the non-core commercial business segment, sales declined as planned in 2002 by -48%; this development was concurrent with the completion of restructuring efforts in the Netherlands.
All earnings figures (calculated in accordance with IAS since 2002) rose significantly since 2001, both in relation to the retroactively adjusted IAS results and the former results under German accounting standards or HGB. STADA increased its earnings before taxes (EBT) to EUR 61.0 million in 2002 (up +77% according to IAS or +28% vs. HGB) and its consolidated net profit to EUR 35.1 million (up +168% according to IAS or +42% vs. HGB). The earnings per share rose to EUR 1.83 in 2002 (up +151% according to IAS or +33% vs. HGB/DVFA). These results already include the following one-time-effects: EUR -4.8 million in expenses for restructuring, EUR -1.4 million for pension reserves and EUR +1.2 million in income from valuation adjustments. The Executive Board and Supervisory Board will propose at shareholders meeting on June 24, 2003 that the dividend be increased by +10% to EUR 0.65 per share.
The Executive Board is optimistic for the future. Its confidence is supported by structural growth opportunities in the markets and an extensive product pipeline that in 2002 led to 213 new products throughout the Group. In the development of biogenerics, which STADA has been pursuing since early 2001, STADA now resorts to various external developers and expects to enter the market by no later than 2006. On the whole, STADA expects sales and earnings to continue growing in the double-digit percentage range in the coming years. This projection is supported by current developments: from the beginning of the year to March 15, 2003, sales in the Group rose by about +17% and by about +32% in the core segments.
For more information, please contact:
STADA Arzneimittel AG
D-61118 Bad Vilbel
Tel.: +49 6101 603-113
Fax: +49 6101 603-506