Medeva plc
Executive Summary
Sales increase 39% to $120 mil. for the first half of 1993, Medeva reports Aug. 24. After-tax profit declines by 9% to $13 mil. due to interest charges and an increase in the estimated tax rate to 34% for the year. Medeva notes that the company is on track to meet its revised pre-tax profit figure of $67 mil. previously announced in July. Medeva had to revise the 1993 estimate downward from $82 mil. because of inventory overages at its U.S. subsidiary IMS and the two-week closing of MD Pharmaceutical, its methylphenidate manufacturing plant in the U.S., due to GMP problems.
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