STOCKHOLM May 7 Swedish drug maker Meda
, a recent takeover target of U.S. rival Mylan Inc
, said it was well placed to make large acquisitions of
its own after posting first-quarter profits in line with
expectations and maintaining its year forecast.
Meda's earnings before interest, tax, depreciation and
amortisation (EBITDA) rose to 1,010 million Swedish crowns ($155
million) in the first quarter from 923 million in the same
period last year. The result was in line with the average
forecast of 1,018 million crowns given in a Reuters poll of
Meda's shares were down 1.7 percent at 117.0 crowns while
the broader Stockholm market index was down 0.6
Chief Executive Officer Jorg-Thomas Dierks made the
following comments during a conference call on Wednesday:
"I see absolutely no reason why we should not double our
size within the timeframe of two years."
"Either you eat our you will be eaten. And I think that it
is quite logical that we prefer to eat and not to be eaten."
"It is not a defence strategy, it is a strategy I am looking
forward to as CEO here. What we see in the industry is that it
is an industry of consolidation and as I said before it is very
simple. You will belong to the winners or you will belong to the
loosers and there is nothing in between."
(Reporting by Rebecka Roos; editing by Niklas Pollard)