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International sales activities

Italy

The Group's generics activities in the Italian market focus primarily on the sales company EG S.p.A., Milan. Another company, Crinos S.p.A., Milan, is primarily responsible for branded products.

In Italy, the Group recorded a sales increase of 17% to EUR 136.8 million in financial year 2010 (previous year: EUR 117.1 million).

With a considerable increase of 36% to EUR 92.1 million (previous year: EUR 67.5 million), generics continued to have the largest share of these sales, thus contributing 67% (previous year: 58%) to Italian sales. The significant sales growth in generics was based on the relatively low comparable basis of the corresponding previous year, a ban on discounts to the trade channels as well as overall strong market growth. With a market share of approx. 14.8% (previous year: approx. 15.3%) STADA occupied position 3 in the Italian generics market in the financial year 2010.¹⁾

Sales of branded products generated by STADA in the Italian market decreased in 2010 by 10% to EUR 44.7 million (previous year: EUR 49.5 million). Branded products thus contributed 33% (previous year: 42%) to local STADA sales. In order to significantly improve the operating profitability of the Italian branded product business, the Group, in the context of the Group-wide “STADA – build the future” project, in the third quarter of 2010, implemented a restructuring, which led to a reduction of the relevant sales force.

Operating profitability of STADA’s Italian activities in financial year 2010 was, as expected, again approximately at Group average.

In Italy, the Group recorded a significant increase in sales of 8% to EUR 107.7 million in the reporting period (1-9/2010: EUR 99.9 million).

Sales achieved by STADA in the Italian market with generics rose by 14% to EUR 77.2 million (1-9/2010: EUR 68.0 million) and was – despite another burdening price regulation for reimbursable products introduced on April 1, 2011 – primarily based on successful product launches as well as overall strong market growth. Generics thereby had a 72% share of STADA’s local sales (1-9/2010: 68%).

Sales achieved by STADA with branded products in Italy declined by 5% to EUR 30.4 million in the first nine months of 2011 (1-9/2010: EUR 32.0 million). Branded products thus contributed 28% (1-9/2010: 32%) to local STADA sales.

For financial year 2011, the Executive Board expects another sales increase in Italy with an operating profitability which will again be at about Group average.

1)	STADA estimate based on IMS Health data at ex-factory prices.