Controversial drug boosts Medeva

Controversial drug boosts Medeva

Buoyant sales of Methylphenidate, Medeva's controversial attention deficit disorder treatment, and cost controls helped the company report a 23 per cent rise in pre-tax profits from pounds 64.2m to pounds 79.0m in the year to December. After a 16 per cent rise in earnings per share to 16.9p, a final dividend of 2.6p made a total of 4.0p for the year, up 21 per cent. Analysts broadly welcomed the figures but expressed some concern at the rate of decline of respiratory sales in the US. The 34 per cent rise in Methylphenidate sales was in line with expectations. Medeva also said it had secured European distribution rights for ML Laboratories' dry powder asthma inhaler.