Stada 3Q17 - Good results driven by over-the-counter medicine sales
Stada, the German producer of generics and OTC medicines, reported a good set of results, for 3Q17. They reflect the resilience of its generic product portfolio (59% of group sales) and the upswing in Russia within the OTC division (non-prescription medicines; 41%). Yoy sales climbed by 9% to €555m in Q3, including 7% organic growth and 2% portfolio changes (M&A), while EBITDA increased by 12% to €100m. Once again, the performance of the generic products (sales +3%) was driven by the Belgium activities (10% of division sales), as the group terminated its contract with Omega Pharma for the distribution of generics to pharmacies and wholesalers. Stada now distributes itself its products to clients, enabling the company to benefit from better prices thanks to lower rebates. However, generic sales were flat in Germany (23% of division sales), and France (6%) remained challenging due to pricing pressure resulting from high competition and the restrictive regulation framework.
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