Interim report January – March 2014

Strongest first quarter ever, both in terms of sales and profit.

  • Net sales amounted to SEK 578 million (517) an increase of 11,7 % (9,4% in constant FX-rates) 
  • EBITDA increased by 70,2% and amounted to SEK 102 million (60)
  • Operating profit amounted to SEK 78 million (38), giving an operating margin of 13,5% (7,2)
  • Profit after tax amounted to SEK 55 million (20), giving a net margin of 9,5% (3,9)
  • Earnings per share amounted to SEK 2,16 (0,79), earnings per share after dilution was SEK 2,05 (0,76)
  • Cash flow from operating activities was SEK 57 million (-23)

Thomas Eldered, CEO:
“Recipharm had a very strong start to the year with record sales, operating profit and operating margins, as well as a good cash flow. Return on operating capital improved and we reached our goal with a good margin. Although non-recurring events and phasing effects during the period constituted almost half of the increased results, the underlying business also developed very well. All reporting segments are showing improved profits, and progress in Development & Technology was particularly good. The results of the steps we have taken to strengthen our sales and business development functions are now clearly evident in the Group’s sales. We succeeded in achieving growth that exceeded the growth in the underlying European pharmaceuticals market, despite the fact that we did not implement any acquisitions or other similar transactions during the period.

After the end of the quarter Recipharm was successfully floated on NASDAQ OMX Stockholm. In connection with the listing, Recipharm issued new shares and as a result the company’s capital base and financial position are very good. We are now in a strong position to build on an already positive trend through profitable acquisitions and outsourcing transactions with large pharmaceutical companies. All this means that we will be able to further improve and geographically expand our potential to grow and deliver solutions that add value for our customers.

It gives me great pleasure to welcome all of our new shareholders. The first quarter has been very strong and we are now well-positioned to develop the company in line with our goals.”

The full interim report is attached through the link at the end of the press release.

Invitation to press- and analyst conference
Recipharm AB invites investors, analysts and media to a telephone conference together with a web presentation (in English) on May 8 at 07:45 CET where CEO Thomas Eldered and CFO Björn Westberg will present and comment on the interim report and answer questions.

The report will be available on Recipharm’s website from 07:45 CET the same day.

To participate in the teleconference, please dial:
From Sweden, tel: +46 8-506 443 86
From the UK, tel: +44 20 7153 9154
From Denmark, tel: +45 32 71 42 62
From Finland, tel: +358 9 8171 0375

Pin code for participants: 610969#

To access the presentation during the conference, please use the following link:

For more information, please visit or contact:
Thomas Eldered, VD,, telefon: +46 8 602 52 00
Björn Westberg, CFO,, telefon: +46 8 602 46 20

This information is published in accordance with the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act and/or the regulations of NASDAQ OMX Stockholm. This information was submitted for publication on May 8 2014, at 07:45 am CET.

About Recipharm
Recipharm is a leading CDMO (Contract Development and Manufacturing Organisation) in the pharmaceutical industry based in Sweden employing some 1,500 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material and pharmaceutical product development. Recipharm currently manufactures more than 200 different products to both Big Pharma and smaller research- and development companies. Recipharm’s turnover is approximately SEK 2.1 billion and the Company operates development and manufacturing facilities in Sweden, France, the UK, Germany and Spain and is headquartered in Jordbro, Sverige. The Recipharm B-share (RECI B) is listed on Nasdaq OMX Stockholm.

For more information on Recipharm and our services, please visit

Recipharm AB (publ)
Corporate identity number 556498-4825

Visiting address Lagervägen 7, Jordbro Telephone +46 8 602 52 00
Postal address Lagervägen 7, SE-136 50 Jordbro Fax +46 8 81 87 03