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Zentiva reported solid FY2005 figures and confirmed focus on growth

28.2.2006 9:10

Zentiva’s net earnings grew by 16.4% y/y to CZK 1,877.5m, 2.8% above our estimate and in-line with market consensus of CZK 1,870m. Net came below our forecast due to lower than expected interest payments and higher foreign exchange gains.

Total sales increased by 10.9% y/y to CZK 11,839.4m what is in-line with market and our consensus. The main driver for sales increase was overall organic growth in pharma sales (+15.3% excluding consolidation of Sicomed). While sales in the Czech Republic and Slovakia continued to develop in line with previous trends, Poland and Russia grew by 82.4% y/y, Russian by 75.8% y/y respectively and Romanian by 415.5% y/y (2.4.9% excluding Sicomed). Zentiva’s top 15 products contributed 43% to total sales compared to 37% a year ago.

Zentiva’s focus on higher margin products and increased exports on total sales 31% against 20% in 2004 led to an increased in gross margin to 61.6% from 60.5% last year partially offset by consolidation of Sicomed for 2 month in the 4Q05. Zentiva’s stand alone costs categories developed in line with trends set in the previous quarters, nevertheless, the integration of Sicomed resulted in fair value amortization, and three one off items including inventory fair value consumption CZK71.6, withdrawal of Micastin drug due to quality problem by CZK14.7m and brand impairment of CZK2.9m.

Zentiva expects its sales growth rate to double in 2006 and to achieve a net income of CZK2.2bn, which is in line with our estimates. The company plans to continue its expansion into foreign markets while monitors possible acquisition opportunities. The company did not provide any details whether it may be interested in the sale of state’s 53% in Romanian’s no. 2 pharma company Antibiotice.


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