(updates with net profit, other details)
PARIS (Thomson Financial) - Pharmaceutical producer Ipsen said its first
half operating profit was 112.9 mln eur, up 4.2 pct from 108.4 mln a year
earlier, as sales grew strongly despite a difficult environment with growing
competition and substantial price declines.
The operating margin narrowed to 24.4 pct of sales from 25.2 pct a year ago.
Net profit dropped 11.6 pct to 78.0 mln eur from 88.1 mln because of a
higher tax rate and a 3.5 mln eur book loss from its 25 pct holding in Tercica
Inc.
Ipsen reaffirmed the full year guidance on sales and the operating margin
that it raised a month ago. Sales are seen growing by 6.5-7.5 pct with total
revenue growth including licence fees targeted to rise 4.0-5.0 pct and the
operating margin still seen at 22.0-23.0 pct.
The company said the foundations for accelerating growth have been
reinforced, and promised a second half that is rich in developments, notably the
firming up of its alliance with Tercica in Europe and the expected approval of
Somatuline in the US.
Andrew.Newby@thomson.com
an/cm2
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