- Current operating income: €30.1 M, an increase of more than
52%
- Net financial debt down 36% to €53 M
- Growth in business activity on the four product segments
- Strong earnings growth and increased margins
- Launch of the process of integrating Mallinckrodt's CMDS
business1
- Expected 2015 revenue of €445 M (+/- 2%) excluding
acquisition
- Target 2015 current operating profitability (COI/revenue)
excluding acquisition-related costs of 11% (+/- 1 point)
Guerbet (FR0000032526 GBT), a global specialist in
contrast agents and solutions for medical imaging, has reported its
consolidated half-year results, following their limited review by
its auditors.
Consolidated financial statements
(IFRS)
On 28 September 2015, the Board of Directors
approved the financial statements for the period ended 30 June
2015.
In millions of euros, at 30 June |
1st half 2015 |
1st half 2014 |
Revenue |
227.3 |
202.6 |
EBITDA (*) |
46.6 |
32.3 |
Current Operating Income |
30.1 |
19.8 |
% of revenue |
13.2% |
9.8% |
Net Income |
20.5 |
12.7 |
% of revenue |
9.0% |
6.3% |
Net Debt |
53.4 |
83.3 |
Note: percentages are calculated on the basis of figures in €K *
EBITDA = Current operating income + allowance for amortisation,
depreciation, and provisions
Good sales performance
Revenue for the 1st half of 2015 increased by
12.2% (8.1% at constant exchange rates) to €227.3 M, compared with
€202.6 M at 30 June 2014, with a positive contribution to growth of
16.2% for the 1st quarter and 8.6% for the 2nd quarter of 2015.
The four business segments continued to show
growth. The good sales performance of Dotarem® in all
geographical areas, particularly in the USA, provided a strong
boost to the Group's growth over the first half of the year. On the
MRI segment, activity increased by 20.8%.
On the X-Rays segment, like in 2014,
activity was driven by a positive volume effect on Xenetix®.
Revenue totalled €98.1 M, an increase of 1.8%.
On the IRT activity, the sales growth of
37.0%, thanks to sales of Lipiodol® and Patent Blue,
confirmed the Group's strategic choice to revalue these
products.
Lastly, on the MD (Medical
Devices) activity, now called Imaging Solutions and Services
(ISS), revenue increased by 7.6%.
Strong earnings growth and increased margins
Thanks to the strong growth in activity, the
Group's earnings increased sharply.
The orientation of the product mix to favour the
segments contributing the most value resulted in an improved
EBITDA, representing 20.5% of revenue versus 15.9% in the 1st half
of 2014.
Current Operating Income jumped by 52% to more
than €30 M with an increased gross margin related to the decline in
relative value of material consumption and staff costs.
The financial result improved with the continued
reduction of debt. Financial expenses were more than halved.
Net income increased by more than 60% to €20.5 M
compared with €12.7 M at 30 June 2014.
Ongoing debt reduction
At 30 June 2015, Guerbet has reduced its net
debt by nearly €30 M to €53.4 M. Financial net debt represents less
than 20% of equity. Leverage fell to 57% of EBITDA. As such,
Guerbet has a solid financial structure to fund its growth.
Outlook for the 2nd half of 2015 and beyond:
confirmation of performance levels and establishment of a new
global leader in medical imaging
Activity in the 2nd half will provide the
opportunity for major events with the switchover of information
systems in France to SAP and the continued process of acquiring and
integrating Mallinckrodt's CMDS business activities.
On the one hand, activity in the 2nd half of
2015 should benefit from:
- continued good sales performance on the MRI business
segment. The Group still has not felt the impact of the launch of
generics of Dotarem in Europe; however, it foresees this
impact at the end of the year or early 2016. The rise in sales of
Dotarem in the USA should continue;
- on the X-rays segment, major industrial measures that
yielded results on the ScanBag® filling line in Aulnay during this
1st half;
- the continued rise in ISS and IRT activities
thanks to the signing of a new partnership with Beijing Kyuan
Pharmaceutical Co. Ltd., one of main importers of pharmaceutical
products on the Chinese market;
- a new distribution partner in Japan with Fuji Pharma, which is
already Mallinckrodt's distributor of Optiray®.
On the other hand, the acquisition of CMDS
should have a positive impact starting in 2016, with clearly
identified synergies:
- on contrast agents, CMDS is in a strong position with
Optiray in X-Rays, whereas Guerbet has a strong
position in MRI with Dotarem;
- on Imaging Solutions and Services, this acquisition will
make it possible to take advantage of technological synergies, with
CMDS's command of injection systems with syringes and Guerbet's
innovative hydraulic injection technique for soft bags;
- from a geographical perspective, a similar synergy exists with
a strong position of CMDS in the United States and Guerbet in
Europe. The acquisition will allow Guerbet to ramp up the
commercial success of Dotarem in the United States and
consider a much faster global launch for the Group's new products.
In addition, Guerbet will strengthen its presence on markets with
high growth potential, particularly in China, Russia, and
Turkey.
Lastly, sales growth will increase production
volumes and decrease expenses through better absorption of fixed
costs.
The acquisition should be completed in the
coming months, subject to the transaction's approval by the
relevant supervisory authorities.
In 2015, the Group is expected to generate
like-for-like revenue of €445 M (+/- 2%) and see further growth in
its current operating profitability rate, excluding
acquisition-related costs, to 11% (+/-1 point) of revenue.
Upcoming events:
Publication of 3rd quarter 2015 revenue, on 22
October 2015 after trading
Publication of 2015 annual revenue, on 10
February 2016 after trading
Publication of 2015 annual results, on 10
March 2016 before trading
About Guerbet
Guerbet is a pioneer in the contrast agent
field, with nearly 90 years' experience, and is the only
pharmaceutical group dedicated to medical imaging worldwide. It
offers a comprehensive range of X-Ray, Magnetic Resonance Imaging
(MRI) and Interventional Radiology and Theranostics (IRT) products,
along with a range of injectors and related medical devices to
improve the diagnosis and treatment of patients. To discover new
products and ensure future growth, Guerbet invests heavily in
R&D, spending around 9% of its sales each year. Guerbet (GBT)
is listed on NYSE Euronext Paris (Segment B - Mid Caps) and
generated revenue of €409 million in 2014. It had a total workforce
of 1,461 employees at 31 December 2014.
For more information about Guerbet, please visit
www.guerbet.com
Contacts
Jean-François Le
Martret Chief Financial Officer 01 45 91 50 00
|
Financial Communications
Benjamin Lehari 01 56 88 11 25 blehari@actifin.fr
Press Jennifer Jullia 01 56 88 11 19 jjullia@actifin.fr |
1 In anticipation of the transaction's approval by the relevant
supervisory authorities
Press release http://hugin.info/159769/R/1954884/711566.pdf
HUG#1954884
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