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Lavipharm: Q108 Results

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LAVIPHARM sustained its performance during the 1st Quarter of 2008, despite the impact in financial results from the delay in the launch of its fentanyl transdermal system in the USA.
The parent company Lavipharm SA sustained Sales and Gross Profit level (Euro 14.0 million from Euro 13,3 million and Euro 3,3 million from Euro 3,4 million respectively). In addition, operating expenses decreased significantly (19.1%) and results improved. EBITDA amounted to Euro 1.2 million compared to Euro 1.3 million in Q1 2007.
However, Losses before Taxes decreased to Euro 167K compared to Euro 1.2 million (improved by 86.2%). This improvement resulted from the significant 76.5% decrease in financial expenses (Euro 431K from Euro 1.8 million), due to the reduction of Bank Loans achieved through the companys Share Capital Increase in September 2007. In the same context, Losses after Taxes decreased to Euro 355K compared to Euro 958K in Q1 2007 (improvement of 62.9%).
Sales of pharmaceuticals and OTC products reported a significant increase corresponding to 82.1% of Lavipharm SA Total Sales, compared to 66.7% in Q1 2007 (increase of 29.6%). Cosmetics sales, which show a decrease of 28.6%, are expected to be further boosted after the recent re-launching of the companys cosmetics brand.
Consolidated Sales amounted at Euro 59.6 million compared to Euro 62.3 million in Q1 2007, posting a decrease of 4.7%, while Gross Profit dropped to Euro 10.5 million compared to Euro 13.2 million, decreased by 20.4%. This disproportionate decrease is due to an extraordinary inflow realized in Q1 2007 and not to an actual Profit Margin decrease. EBITDA amounted to Euro 1.9 million compared to Euro 6.2 million, Losses before Taxes to Euro 1.9 million from Profits of Euro 1.1 million and Losses after Taxes and Minority Rights to Euro 1.5 million from Profits of Euro 255K in Q1 2007.
Lavipharm is an integrated Group engaged in the research, development, manufacturing, marketing, sales, wholesaling, logistics, and retailing of pharmaceutical, cosmetic and consumer health products in Greece with a strong international activity.
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