Merz exceeds profit targets with year-end results

Merz has reported revenue growth of 14.2 percent to 673.5 million euros (567.8 million pounds) for the past fiscal year.

The Frankfurt-based company also revealed pre-tax earnings of 150.6 million euros in its latest financial results, an increase of 13 percent on the previous 12-month period.

Dr Martin Zugel, chairman of Merz's management board, noted that the firm had exceeded its revenue and profit targets for the fiscal year.

"Our strict focus on refining and marketing our dementia drug memantine, on expanding our strategic business segments and on markets with good growth potential has paid off once again," he commented.

Pharmaceuticals contributed 82 percent of group revenue during the year, representing an increase of 19.4 percent.

Merz said its expansion in this sector was largely driven by the acquisition of filler specialist BioForm Medical and revenue growth across its three main business units.

The company completed the purchase of BioForm Medical in February, allowing it to extend its product reach in the US.