Good results from Stada Arz, despite challenging conditions

German drugmaker Stada Arzneimittel (SAZ: GR) has posted financial results for the first nine months of 2014, showing that groups sales rose 4% to 1.48 billion euros ($1.84 billion), though down 1% adjusted for currency and portfolio effects. The company’s shares dipped 1.4% to 28.12 euros by late morning trading.

Reported earnings before interest, taxes, depreciation and amortization (EMITDA) rose by 10% to 293.6 million euros, with a similar rise in net income to 99.1 million euros.

Stada said there was good sales development in Central Europe amid the still difficult business environment in Russia. Despite the difficult market environment, particularly in Russia, and high burdens from currency translation effects of 19.2 million euros before tax due to the fluctuation of the Russian rouble as well as further significant currencies of the market region, CIS/Eastern Europe, reported EBITDA rose 10% and adjusted EBITDA grew 12%.