Meda Q1 core profit in line with forecasts, repeats outlook

STOCKHOLM Wed May 7, 2014 2:13am EDT

STOCKHOLM May 7 (Reuters) - Swedish drug maker Meda , a recent takeover target of U.S. rival Mylan Inc , posted first-quarter profits in line with expectations on Wednesday and repeated its outlook for 2014.

Meda, which last month spurned two takeover approaches from U.S. generics maker Mylan, said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 1,010 million Swedish crowns ($155 million) from a year-ago 923 million.

The outcome was in line with a mean forecast in a Reuters poll of analysts for earnings to rise to 1,018 million crowns. .

On a like-for-like basis sales grew by 3 percent in the quarter compared to a year ago.

Meda repeated it expected organic sales growth, which excludes impact of currency swings and acquisitions, this year to be in line with the 4 percent chalked up in 2013 while its operating margin (EBITDA) was seen improving from last year's 28.5 percent.

Link to full report: r.reuters.com/xyd29v ($1 = 6.5021 Swedish Crowns) (Reporting by Sven Nordenstam)

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