Comment by the Board of Directors[1] of Q-Med in relation to the year-end report published today

In relation to the public offer (the "Offer") to the shareholders of Q-Med AB
(publ) ("Q-Med") made by Galderma Holding AB, a company wholly-owned by Galderma
Pharma S.A., ("Galderma") and the year-end report for 2010 published by Q-Med
today, the Board of Directors of Q-Med (the "Board") has deemed it appropriate
to comment and update the shareholders on Q-Med's estimated conditions for
growth and profitability. The purpose is to provide the shareholders with
information that is as up-to-date and relevant as possible prior to the
shareholders' decision regarding the Offer. The last day of the acceptance
period of the Offer is 7 February 2011.

With reference to the year-end report for 2010 it can be stated that Q-Med shows
a fourth quarter with good underlying profitability, mainly due to strong market
growth within Esthetics in Asia and Rest of World as well as deliveries to Q-
Med's partner in North America. This information was partly known by the Board
on 13 December 2010 in connection with the Board's decision to recommend the
shareholders to accept the Offer by Galderma.

In connection with the interim report for the third quarter 2010, Q-Med informed
that the company sees increased competition for Restylane®, mainly in Europe and
Latin America. A recent and very tangible example is that Galderma in January
2011 launched a range of nine different fillers based on hyaluronic acid under
the name EMERVEL for the European and Latin American market.

The increasing competition is natural. More players are attracted to this still
relatively young and growing market as there are opportunities for profitable
growth. The trend towards increasing competition from strong players with broad
product portfolios will continue. Q-Med is a leading company on the esthetics
market and in the Board's opinion the company needs to make increasingly large
market investments in the coming years in order to try to sustain and increase
the current market shares for products within the Restylane product family. This
will result in higher costs for marketing, sales organization and product
development relative to Q-Med's sales. Consequently, these efforts will
negatively affect the profitability within product area Esthetics in the next
few years. The Board's and the company's assessment is that the operating margin
during these years will not be improved but rather be below the 2010 operating
margin adjusted for items affecting comparability.


Q-Med AB is a medical device company that develops, manufactures, markets, and
sells high quality medical implants for esthetic and medical use. The majority
of the products are based on the company's patented technology, NASHA(TM), for
the production of stabilized non-animal hyaluronic acid. The product portfolio
today contains: Restylane® for filling lines and folds, contouring and creating
volume in the face, Macrolane(TM) for body contouring, Durolane(TM) for the
treatment of osteoarthritis of the hip and knee joints, Deflux® for the
treatment of vesicoureteral reflux, VUR, (a malformation of the urinary bladder)
in children, and Solesta® for the treatment of fecal incontinence. Sales are
made through the company's own subsidiaries or distributors in over 70
countries. Q-Med today has about 650 coworkers, with almost 400 at the company's
head office and production facility in Uppsala, Sweden. Q-Med AB is listed in
the Mid Cap segment of the NASDAQ OMX Nordic.




Q-Med AB (publ), Seminariegatan 21, SE-752 28 Uppsala, Sweden. Corporate
identity number 556258-6882.
Tel: +46 18 474 90 00. Fax: +46 18 474 90 01. E-mail:info@q-med.com. Web: www.q-
med.com.


The Board has previously announced its unanimous support for the Offer and
recommended the shareholders to accept Galderma's Offer. Based on the above, the
Board maintains its assessment that it is in the interest of the shareholders to
accept the Offer.

This statement shall in all respects be governed by and construed in accordance
with substantive Swedish law. Disputes arising from this statement shall be
settled exclusively by Swedish courts.


Uppsala January 31, 2011
Q-Med AB (publ)
The Board of Directors


Queries should be addressed to:
Anders Milton, Chairman of the Bid Committee[2] and Director of the Board
Tel: +46 (0) 70-526 46 02


Q-Med provides the information in this release in accordance with the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was submitted for disclosure at 7.30 a.m. on January 31, 2011.

[1] In view of the undertaking from Lyftet Holding B.V. to Galderma to accept
the Offer, Bengt Ågerup has not participated in the Board's dealings with
matters relating to the Offer or in this statement.

[2] The Bid Committee, which has been established by the Board, consists of the
directors of the Board Anders Milton, Bertil Hult and Ulf Mattsson.

[HUG#1483562]