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EXECUTIVE VIEW-Meda CEO says company could double size in two years
May 7, 2014 / 10:42 AM / 4 years ago

EXECUTIVE VIEW-Meda CEO says company could double size in two years

STOCKHOLM, May 7 (Reuters) - 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 analysts.

Meda’s shares were down 1.7 percent at 117.0 crowns while the broader Stockholm market index was down 0.6 percent.

Chief Executive Officer Jorg-Thomas Dierks made the following comments during a conference call on Wednesday:

ON ACQUISITIONS:

“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)

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