FIRST QUARTER, JANUARY-MARCH - The Group's net sales amounted to
SEK 380.2 (262.8) million, an increase of 45 percent. -
The Group's EBITDA was
SEK 59.4 (56.3) million, an increase of 6 percent. EBITDA adjusted for items affecting comparability*) amounted to 74.8 million, an increase of 33 percent. -
The EBITDA margin was 16 (21) percent (20 percent adjusted for items affecting comparability*)).
-
Profit after tax amounted to
SEK 24.8 (19.7) million. -
Earnings per share amounted to
SEK 1.7 (1.3). -
Cash flow from operating activities was
SEK 52.5 (56.3) million.
The first quarter was intensive and demand was high, with several companies delivering excellent results and the integration and cost synergies of
Sales were very strong in the first quarter and the Group grew by as much as 45 percent. It was reassuring to see that organic growth was particularly strong, accounting for more than half of the increase. The Group's sales also increased, largely due to the acquisition of
For the Group as a whole, the increase in sales has been mainly driven by increased demand and volume, while price increases have had less of an impact as several of the subsidiaries sell under procurement contracts at fixed prices.
The Specialty Pharma business area delivered increased sales in all three segments: Registered pharmaceutical portfolio, Unlicensed pharmaceuticals and Contract manufacturing. The registered pharmaceutical portfolio accounted for the largest growth, driven mainly by Melatonin and Cresemba, and good demand in both the Nordic region and out-licensed markets. The pharmaceutical portfolio growth also contributed to a significant margin improvement. It is obviously very pleasing that longer-term product development and commercialisation work is showing good results, with demand generally continuing to be good, but we have the humility to recognise that market conditions can change. In the long term, it is therefore important to work continuously on business development and to broaden the Company's portfolio.
The
Integration within the cluster of assistive technology companies progressed according to plan. The costs of
The Group's EBITDA increased by 33 percent excluding an inventory value adjustment, which was recognised as an expense, and restructuring costs. Both items were related to the acquisition of
The
For the Group, the margin was offset by the strong performance of Specialty Pharma and the Group's adjusted EBITDA margin was 19.7 percent.
To summarise, the Group delivered a very strong first quarter, with decisive integration of acquisitions. We acknowledge the uncertainty of the current economic situation that is likely to characterise 2023, but note that the Group has proved to be well positioned so far.
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