- €3,118 million in full-year 2020 sales, up 19.7 %
like-for-like
- Robust sales performance in the fourth quarter, with organic
growth of 20.5 % led by sales of molecular biology
reagents
- Contributive operating income before non-recurring items up
nearly 58 % to €613 million, or 19.6 % of sales for the
year
- Strong cash flow resulting in a financial debt free position
at year-end
- 2021 guidance:
- In a persistently uncertain business environment, sales are
expected to increase by between 5 % and 8 % at constant
exchange rates and scope of consolidation in 2021. Growth in the
first half of 2021 should remain steady, on a par with the trend of
Q4 2020.
- 2021 Contributive operating income before non-recurring items
should be in line with 2020, at current exchange rates.
Regulatory News:
bioMérieux (Paris:BIM):
Alexandre Mérieux, Chairman and Chief Executive Officer, said:
“In the unprecedented crisis the world has been facing for a year,
bioMérieux has been strongly mobilized and has proven once again
how relevant its solutions are. Our positioning as an In Vitro
Diagnostics specialist and our development of solutions adapted to
the detection of COVID-19 has allowed us to deliver a remarkable
commercial and financial performance. In an uncertain context with
regards to the evolution of the pandemic, bioMérieux and its teams
are confidently committed to responding to the public health
challenges posed by infectious diseases, by placing diagnostics at
the heart of the patient care strategy.”
The Board of Directors of bioMérieux, a world leader in the
field of in vitro diagnostics, met on February 23 under the
chairmanship of Alexandre Mérieux and approved the audited
consolidated financial statements for the year ended December 31,
2020.
Consolidated data
In € millions
2020
2019
% Change
As reported
Net Sales
3,118
2,675
+16,6 %
Contributing operating income before
non-recurring items (2)
613
389
+57.6 %
% sales
19.6 %
14.5 %
Operating incomel (3)
523
371
+49.1 %
Net income, group share
404
273
+48.2 %
Diluted net income per share (in €)
3.41 €
2.30 €
(1) Contributive operating income before non-recurring items
corresponds to operating income before non-recurring items relating
to the BioFire acquisition.
(2) Operating income is the sum of contributive operating income
before non-recurring items, BioFire purchase price amortization
expense and “material, extraordinary and non-recurring items”
recognized in “Other non-recurring income and expenses from
operations, net”.
SALES
NB: Unless otherwise stated, sales
growth is expressed at constant exchange rates and scope of
consolidation (like-for-like).
Consolidated sales amounted to €3,118 million in 2020, up 19.7 %
like-for-like from €2,675 million in the prior‑year period.
Reported growth stood at 16.6 % for the period. The currency effect
reduced reported sales by €82 million, primarily due to the decline
in the US dollar and certain Latin American currencies against the
euro during the second semester.
Evolution of sales
In € millions
SALES – TWELVE MONTHS ENDED DECEMBER
31, 2019
2,675
Currency effect
-82
-3.1 %
Changes in scope of consolidation(1)
-2
-0.1 %
Organic growth (at constant exchange rates
and scope of consolidation)
+527
+19.7 %
SALES – TWELVE MONTHS ENDED DECEMBER
31, 2020
3,118
+16.6 %
NB: A definition of the currency effect and of changes in the
scope of consolidation is provided at the end of this press
release.
(1) Acquisition of Invisible Sentinel on February 7, 2019 and
disposal of businesses in Australia.
ANALYSIS OF SALES BY APPLICATION
Sales by Application
In € millions
Q4 2020
Q4 2019
% change as reported
% changeat constant
exchange rates
and scope of
consolidation
12 months
ended
Dec. 31, 2020
12 months
ended
Dec. 31, 2019
% change as reported
% changeat constant
exchange rates
and scope of
consolidation
Clinical applications
726.3
619.0
+17.3 %
+23.4 %
2,663.5
2,208.3
+20.5 %
+23.3 %
Molecular biology
332.0
193.9
+71.2 %
+81.6 %
1,207.1
671.5
+79.8 %
+83.8 %
Microbiology
254.1
286.0
-11.2 %
-7.2 %
950.7
1,026.3
-7.4 %
-5.3 %
Immunoassays
121.9
128.5
-5.2 %
-0.4 %
428.3
474.5
-9.7 %
-7.2 %
Other lines(1)
18.3
10.5
+73.9 %
+85.8 %
77.5
35.9
+115.8 %
+118.0 %
Industrial Applications(2)
126.4
127.8
-1.1 %
+6.0 %
454.7
466.7
-2.6 %
+2.3 %
TOTAL SALES
852.6
746.8
+14.2 %
+20.5 %
3,118.2
2,674.8
+16.6 %
+19.7 %
(1) Including Applied Maths, BioFire Defense and R&D-related
revenue arising on clinical applications. (2) Including
R&D-related revenue arising on industrial applications.
■ Clinical application sales, which accounted for
approximately 85 % of bioMérieux’s consolidated total, rose by more
than 23% year-on-year to €726 million for the fourth quarter and by
nearly 23 % to €2,664 million for the full year.
- In molecular biology, the BIOFIRE® product range saw a
76 % surge in sales in the final quarter of 2020, boosted by
persistently strong demand for the BIOFIRE® Respiratory 2.1 Panel
(RP2.1). The installed base continued to expand at a very fast
pace, with more than 1,400 units deployed during the quarter. This
lifted the total BIOFIRE base to around 17,300 units for the year,
or a 66 % increase over the year. The other molecular biology
lines, NUCLISENS® and ARGENE®, which are also used in the fight
against the COVID‑19 pandemic, continued to contribute to segment
growth.
- In microbiology, growth resumed for BACT/ALERT® blood
culture reagents and culture media during the quarter, but overall
performance remained impacted by the decline in demand in other
products and in equipment sales.
- In the immunoassays segment, reagent sales rose during
the last quarter, lifted in part by the VIDAS® anti-SARS-CoV-2 IgM
and VIDAS® anti-SARS-CoV-2 IgG serology tests. Instrument sales
were down, however, resulting in a slightly negative performance
for the entire range over the period. For the full year, sales
remained lower than in 2019, but with a clear improvement in the
second half.
■ Industrial application sales, which represent 15 % of
the consolidated total sales, amounted to €126 million for the last
three months of 2020, up 6.0 % year-on-year. The gain was led by
the improvement in business with agri-food customers and the
sustained strong reagent sales to pharmaceutical customers. Robust
fourth-quarter growth was also driven by sales of equipment and
services across all product lines. For the entire year 2020, sales
came in at €455 million, up by nearly 2.3 % from the previous
year.
ANALYSIS OF SALES BY REGION
Sales by Region
In € millions
Q4 2020
Q4 2019
% change as reported
% changeat constant
exchange rates
and scope of
consolidation
12 months
ended
Dec. 31, 2020
12 months
ended
Dec. 31, 2019
% change as reported
% changeat constant
exchange rates
and scope of
consolidation
Americas
415.6
333.8
+24.5 %
+35.1 %
1,588.9
1,199.9
+32.4 %
+37.1 %
North America
376.6
290.5
+29.6 %
+39.0 %
1,428.6
1,043.3
+36.9 %
+39.6 %
Latin America
39.0
43.2
-9.7 %
+9.8 %
160.3
156.5
+2.4 %
+20.8 %
Europe (1)
295.1
272.0
+8.5 %
+11.0 %
1,024.8
961.3
+6.6 %
+8.1 %
Asia Pacific
141.9
141.0
+0.7 %
+4.2 %
504.6
513.7
-1.8 %
+0.6 %
TOTAL SALES
852.6
746.8
+14.2 %
+20.5 %
3,118.2
2,674.8
+16.6 %
+19.7 %
(1) Including the Middle East and Africa.
■ Sales in the Americas (49 % of the consolidated total)
reached €416 million in fourth-quarter 2020, an increase of 35 %
versus the same period in 2019, and full-year sales increased 37 %
to stand at €1,589 million.
- In North America (44 % of the consolidated total),
quarterly growth was boosted by strong demand for the BIOFIRE®
molecular biology product line. In the immunoassays segment, price
pressure on procalcitonin assays in the United States was partly
offset by the growth in volumes over the period.
- Latin America recorded a solid increase in
fourth-quarter sales, led by robust growth in reagent sales in the
VIDAS® and BIOFIRE® product lines.
■ Sales in the Europe – Middle East – Africa region (35 %
of the consolidated total) came to €295 million for the fourth
quarter, up 11 % year-on-year, and to €1,025 million for the full
year, up 8 % year-on-year.
- In Europe (29% of the consolidated total), robust sales
growth was reported across most countries, fueled by strong
business in molecular biology. Aside from this exceptional
activity, immunoassay sales continued to improve, while the
microbiology lines ended the quarter down slightly
year-on-year.
- Sales in the Russia - Middle East - Africa region
benefited from double-digit growth in Russia and South Africa,
although this strong performance was more than offset by a decline
in other geographies, which notably reflected an unfavorable basis
of comparison caused by prior-year tenders.
■ Sales in the Asia-Pacific region (17 % of the
consolidated total) came to €142 million in the last quarter of
2020, up 4 % compared with the same period in 2019. Business was
particularly strong in Japan thanks to the BIOFIRE® range, while
growth was modest in India and fell shy of fourth-quarter 2019
levels in China.
CONSOLIDATED INCOME STATEMENT
■ Contributive operating income before non-recurring
items
For the twelve months to December 31, 2020, contributive
operating income before non-recurring items rose by 58 %
year-on-year to €613 million, representing 19.6% of sales. The
reported figure includes an unfavorable currency effect of around
€30 million and a negative scope effect of €1 million stemming from
the acquisition of Invisible Sentinel. The unfavorable impact of
expenses recognized in respect of bonus plans in the United States
that are indexed to the bioMérieux share price (phantom share
plans) totaled €44 million in 2020, compared to an expense of €35
million in 2019. On a like-for-like basis, contributive operating
income before non-recurring items rose by around 66 % over the
year.
- Gross profit for the year stood at €1,754 million, or
56.2 % of sales, up from 54.8 % the year before. The increase in
gross margin stemmed primarily from the positive impact of changes
in the product mix and growth in volumes.
- Selling, general and administrative expenses amounted to
€789 million, or 25.3% of sales, compared with 28.0 % in 2019. The
improvement primarily stemmed from operating leverage and the
reduction in travel expenses and marketing spend.
- R&D expenses amounted to €399 million, or 12.8 % of
sales, compared with €327 million and 14.0 % in 2019. The
like-for-like increase of around 8 % reflected the faster pace of
development in a commitment to bringing COVID-19 diagnostics to
market as quickly as possible.
- Other operating income amounted to around €47 million
for the year, up from €46 million in 2019, due to additional
R&D efforts and the resulting increase in the related tax
credit and subsidies.
■ Non-recurring income and expenses from operations
- In 2020, the Group decided to support a variety of solidarity
actions, amounting to a total of €42.2 million, which were
recognized as non-recurring expenses from operations. The total
amount included €22 million in exceptional corporate philanthropy
projects and €20 million in initial paid into a new corporate
endowment fund (see the Exceptional initiatives section
below).
■ Operating income
- The depreciation/amortization charged against assets valued at
the date of acquisition of BioFire amounted to €18 million in 2020,
stable year-on-year. As a result, the Group ended the year with
operating income of €595 million, up 60 % on the €371
million reported in 2019.
■ Net income of consolidated companies
Net financial expense amounted to €29 million over the
period, up slightly from the €23 million recorded in 2019. The cost
of net debt came to €25 million in 2020 versus €21 million in 2019,
and other financial income and expenses totaled €3.5 million,
compared to €2.5 million in 2019.
The Group's effective tax rate stood at 23.2 % on
December 31, 2020, versus 22.4% in 2019 when it benefited from the
preferential tax rate applied to intellectual property in the
United States. In 2020, the tax rate was impacted by the
exceptional philanthropy projects which exceeded the French
deductibility tax threshold.
Net income, Group share amounted to €404 million in 2020,
up 48 % from €273 million in 2020.
CASH MANAGEMENT AND FINANCE
■ Free cash flow
EBITDA1 came to €823 million, or 26.4 % of sales, up 42%
from the €578 million recorded in 2019. The increase reflects
growth in contributive operating income before non-recurring items
and net additions to depreciation and amortization of operating
items and operating provisions.
Income tax paid represented €116 million, an increase
from the €82 million paid in 2019, primarily due to stronger
results.
Working capital requirement rose by €86 million in 2020.
The change was primarily a result of the following factors:
- inventories rose by €83 million during the period, in line with
activity;
- trade receivables were up by €80 million, in line with strong
growth in sales and stable days sales outstanding;
- trade payables increased slightly by €5 million;
- other working capital requirement items improved by €72
million, led by the rise in accrued taxes and payroll liabilities
following the increase in variable compensation and
profit-sharing.
Capital expenditures represented around 9% of sales or
€278 million in 2020, versus €273 million in 2020. One of the main
capital expenditures related to a project to increase the BioFire
production capacity in Salt Lake City.
In light of the above, free cash flow came in at €328
million in 2020, compared to around €150 million in 2019.
1 EBITDA corresponds to the aggregate of contributive operating
income before non-recurring items, and operating depreciation and
amortization.
■ Change in net debt
Purchases of non-current financial assets, net of
disposals, amounted to €10 million, primarily linked to the
acquisition of non-controlling interests.
In June 2020, the Company issued a new bond loan of €200 million
in Euro PP format, with a leading European investor. In October
2020, the company also repaid its bond loan subscribed in 2013 for
€300 million.
As a result, consolidated net debt came to €92 million at
December 31, 2020, versus €317 million as of December 31, 2019.
This net debt includes the discounted liability related to leases
amounting to €97 million (IFRS16).
DIVIDEND
The Board of Directors will recommend that shareholders at the
Annual Meeting on May 20, 2021 approve a dividend of €0.62 per
share for a total of €73 million.
HUMAN RESOURCES
As of December 31, 2020, the Group had around 12,800 employees
and temporary staff, compared with 12,000 one year earlier.
SPECIAL INITIATIVES UNDERTAKEN IN 2020
In response to the unprecedented social welfare challenges posed
by prevailing conditions, the Board of Directors decided in 2020 to
contribute approximately €42 million to solidarity actions around
the world, allocated as follows:
- €12 million to the Mérieux Foundation, in addition to
bioMérieux's usual contributions. During the year, the Foundation
reoriented some of its programs to the fight against COVID-19;
- €2 million to L’Entreprise des Possibles, to provide assistance
to homeless and vulnerable people in the greater Lyon region;
- €8 million to 60 projects selected in the Company’s host
countries, supported by the participation of bioMérieux employees.
These projects targeted such issues as school drop outs; child
welfare; the social isolation of elderly, disabled, sick or
vulnerable people; the economic recovery and return-to-work
programs; domestic violence and sexual abuse.
- In addition, in December 2020, the Company created the
bioMérieux endowment fund to support humanitarian, social, health
and/or educational activities in the public interest around the
world, with a focus on outreach to the most vulnerable members of
society. As a founder, bioMérieux contributed €20 million as an
initial endowment.
CORPORATE SOCIAL RESPONSIBILITY
Based on the findings of a materiality assessment conducted in
2020, bioMérieux has crafted a new corporate social responsibility
(CSR) ambition addressing five core themes:
- Health, by developing innovative in vitro diagnostics
solutions to improve public health worldwide.
- The environment, with the deployment of eco-responsible
action plans to make the planet a healthier place to live.
- The health ecosystem, by stimulating more intensive
dialogue with stakeholders (including patients) and integrate it
into our governance.
- Employees, with a focus on delivering outstanding safety
performance and expanding the commitment to inclusion and
diversity.
- Extended company, by fostering long-term partnerships to
increase the Company’s positive impact in its host
communities.
Objectives have been defined for each of these axis, with 5
-year implementation timelines, and achieved improvements will be
regularly communicated.
SIGNIFICANT EVENTS OF FOURTH-QUARTER 2020
■ Launch of the SARS-COV-2 RESPI R-GENE® molecular biology
test
The new multiplex test allows the simultaneous detection of
SARS-CoV-2, influenza viruses A and B and the RSV and hMPV viruses.
It is a high-throughput test that can be used on molecular biology
platforms in hospital laboratories and private laboratories.
■ Expansion of the CE marking of the molecular biology
ARGENE® SARS-CoV-2 diagnostic test to include saliva
specimens
SUBSEQUENT EVENTS
■ New MyShare 2021 worldwide employee share ownership plan
launched
As of May 5, 2021, bioMérieux employees will be able to purchase
shares of bioMérieux stock (directly or indirectly in the case of
French employees) at a discount and with a matching employer
contribution. The new plan will once again offer employees an
opportunity to take part in the Company’s success. The plan was
approved by the Board of Directors on December 17, 2020 and is open
to any employee in countries where such plans are authorized by
local legislation. The subscription period will run from May 5 to
May 25, with settlement and delivery in the following weeks, in
accordance with applicable laws and regulations.
■ Converting the Company into a Societas Europaea
The Board of Directors is considering to propose a change in the
Company’s legal status to a Societas Europaea (European limited
company), for shareholders’ approval at the next Annual General
Meeting, to be held on May 20, 2021. In preparation, an
information-consultation procedure has been initiated with the
appropriate employee representative bodies. The proposed conversion
would align the Group’s form of incorporation with its European
roots and identity, without affecting its stock listing,
operations, the location of its registered office or its
governance. Founded in 1963, the bioMérieux Group began its
international expansion in Europe in the 1970s by setting up
operations in Belgium and Germany, followed by Spain and Italy in
the 1980s. Today, the Group is present in 22 European countries,
which are home to 42 % of its total workforce and account for
approximately 30 % of its consolidated sales.
■ NEPHROCHECK® test launched on VIDAS®
This innovative test can detect kidney stress in patients at
risk of acute kidney injury (AKI) prior to actual damage, when a
timely intervention can still make a difference. It is used in
conjunction with clinical evaluation as an aid to support the risk
assessment of moderate or severe AKI in acutely ill patients. With
this early information, clinicians can either rule out kidney
stress with confidence, or implement a series of protective
measures for the kidneys. The test was CE-marked in December
2020.
2021 OBJECTIVES
In a business environment that remains uncertain, bioMérieux
expects organic sales growth in 2021 between 5% and 8% at constant
exchange rates and scope of consolidation. Growth in the first half
of 2021 should remain steady, on a par with the trend of Q4
2020.
In light of this organic growth target, bioMérieux should
deliver contributive operating income before non‑recurring items on
a par with 2020.
INVESTOR PRESENTATION
bioMérieux will hold an investor presentation on Wednesday,
February 24, 2021 at 2:30 PM Paris time (GMT+1). The presentation
will be given in English and will be accessible via conference call
or webcast.
Conference call:
France
Europe
United States
+33 (0)1 76 77 22 57
+44 (0)330 336 9411
+1 (323) 994-2093
Access code: 3384211
Webcast:
https://globalmeet.webcasts.com/starthere.jsp?ei=1432219&tp_key=6fd99fd828
INVESTOR CALENDAR
First-quarter 2021 sales
April 27, 2021
Annual General Meeting
May 20, 2021
Second-quarter 2021 sales and first-half
2021 results
September 1, 2021
Third-quarter 2021 sales
October 21, 2021
Notes and definitions
The above forward-looking statements are based, entirely or
partially, on assessments or judgments that may change or be
modified, due to uncertainties and risks related to the Company’s
economic, financial, regulatory and competitive environment,
notably those described in the 2019 Registration Document.
Accordingly, the Company cannot give any assurance nor make any
representation as to whether the objectives will be met. The
Company does not undertake to update or otherwise revise any
forecasts or objectives presented herein, except in compliance with
the disclosure obligations applicable to companies whose shares are
listed on a stock exchange.
Currency effect: this is
established by converting actual numbers at the average rates of
year y-1. In practice, those rates are either average rates
communicated by the ECB, or hedged rates if hedging instruments
have been set up.
Changes in scope of consolidation:
these are determined:
- for acquisitions in the period, by
deducting from sales for the period the amount of sales generated
during the period by acquired entities as from the date they
entered the consolidated reporting scope; - for acquisitions in the
previous period, by deducting from sales for the period the amount
of sales generated in the months in the previous period during
which the acquired entities were not consolidated; - for disposals
in the period, by adding to sales for the period the amount of
sales generated by entities sold during the previous period in the
months of the current period during which these entities were no
longer consolidated; - for disposals in the previous period, by
adding to sales for the period the amount of sales generated during
the previous period by the entities sold.
ABOUT BIOMÉRIEUX
Pioneering Diagnostics
A world leader in the field of in vitro diagnostics for over 55
years, bioMérieux is present in 44 countries and serves more than
160 countries with the support of a large network of distributors.
In 2020, revenues reached €3.1 billion, with over 93% of sales
outside of France.
bioMérieux provides diagnostic solutions (systems, reagents,
software and services) which determine the source of disease and
contamination to improve patient health and ensure consumer safety.
Its products are mainly used for diagnosing infectious diseases.
They are also used for detecting microorganisms in agri-food,
pharmaceutical and cosmetic products.
bioMérieux is listed on the Euronext Paris
stock market.
Symbol: BIM – ISIN Code: FR0013280286
Reuters: BIOX.PA/Bloomberg: BIM.FP
Corporate website: www.biomerieux.com. Investor website:
APPENDIX 1: 2020 OPERATING
HIGHLIGHTS
■ CE marking for the BIOFIRE Respiratory 2.1 plus Panel with
SARS-CoV-2
The RP2.1plus panel, which simultaneously tests for 19 viruses,
including SARS-CoV-2 and four bacteria responsible for the most
frequent respiratory tract infections, was CE-marked in July 2020.
The panel also includes an assay for the Middle East Respiratory
Syndrome Coronavirus (MERS-CoV). With processing time maintained at
around 45 minutes, the test is extremely easy to use and runs on
the fully automated BIOFIRE® FILMARRAY® 2.0 and BIOFIRE® FILMARRAY®
TORCH systems.
■ Launch of the BIOFIRE® MYCOPLASMA test
In July 2020, bioMérieux announced the launch of BIOFIRE®
MYCOPLASMA, an innovative test for mycoplasma detection in
pharmaceutical products used for biotherapeutics (antibodies,
hormones, cell and gene therapies, etc.), the most vibrant sector
in the pharmaceutical industry. The solution includes all the
reagents and controls necessary for the analysis in a single pouch,
making it possible to perform the test close to where the samples
are taken and deliver results in less than an hour.
■ AMSP partners with bioMérieux to facilitate supply of
COVID-19 diagnostic solutions in Africa
In October 2020, bioMérieux and the Africa Medical Supplies
Platform (AMSP) announced a new partnership to facilitate the
supply of high-quality diagnostic solutions from the bioMérieux
Pandemic Response Portfolio to African Union Member States. The
partnership aims to respond to supply shortages experienced in
these countries by guaranteeing fast, efficient, uninterrupted
access to bioMérieux solutions at very competitive prices.
■ BIOFIRE® Respiratory Panel 2.1-EZ with SARS-CoV-2 obtains
FDA Emergency Use Authorization
On October 2, 2020, bioMérieux was notified that a new version
of the BIOFIRE® Respiratory Panel 2.1‑EZ with a SARS-CoV-2 test had
been authorized for emergency use by the US Food and Drug
Administration. Introduced in 2016, the EZ respiratory panel is
authorized under a Clinical Laboratory Improvement Amendments
(CLIA) Certificate of Waiver, which allows it to be used outside
clinical laboratories, in such POC settings as physician’s offices
and urgent care centers.
APPENDIX 2: QUARTERLY SALES BY
REGION AND APPLICATION
Sales by Application in € millions and %
Change in Sales by Application
First quarter
Second quarter
Third quarter
Fourth quarter
Full-year
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
Clinical applications
655.8
525.9
601.6
527.7
679.9
536.6
726.3
619.0
2,663.5
2,208.3
Molecular biology
293.2
172.8
264.1
154.1
318.8
151.3
332.0
193.9
1,207.1
671.5
Microbiology
251.6
235.9
208.7
245.4
236.2
259.0
254.1
286.0
950.7
1,026.3
Immunoassays
98.8
109.1
96.2
119.5
111.4
117.6
121.9
128.5
428.3
474.5
Other lines(1)
12.2
8.1
32.5
8.6
14.5
8.7
18.3
10.5
77.5
35.9
Industrial Applications(2)
113.0
106.6
105.8
115.8
109.5
116.5
126.4
127.8
454.7
466.7
TOTAL SALES
768.8
632.5
707.4
643.5
789.4
653.1
852.6
746.8
3,118.2
2,674.8
(1) Including Applied Maths, BioFire Defense, and
R&D-related revenue arising on clinical applications. (2)
Including R&D-related revenue arising on industrial
applications.
First quarter
Second quarter
Third quarter
Fourth quarter
Full-year
As reported
Like-for-like(3)
As reported
Like-for-like(3)
As reported
Like-for-like(3)
As reported
Like-for-like(3)
As reported
Like-for-like(3)
Clinical applications
+24.7 %
+23.3 %
+13.5 %
+14.1 %
+26.7 %
+32.0 %
+17.3 %
+23.4 %
+20.5 %
+23.3 %
Molecular biology
+69.7 %
+66.9 %
+71.3 %
+70.8 %
+110.0 %
+119.8 %
+71.2 %
+81.6 %
+79.8 %
+83.8 %
Microbiology
+6.7 %
+6.3 %
-15.5 %
-14.2 %
-8.8 %
-5.2 %
-11.2 %
-7.2 %
-7.4 %
-5.3 %
Immunoassays
-9.4 %
-9.9 %
-19.8 %
- 18.2 %
-5.3 %
-0.9 %
-5.2 %
-0.4 %
-9.7 %
-7.2 %
Other lines(1)
+50.6 %
+43.8 %
x 2.8
x 2.7
+66.3 %
+77.5 %
+73.9 %
+85.8 %
+115.8 %
+118.0 %
Industrial Applications(2)
+6.0 %
+7.9 %
-6.9 %
-5.2 %
-6.0 %
+0.6 %
-1.1 %
+6.0 %
-2.6 %
+2.3 %
TOTAL SALES
+21.5 %
+20.8 %
+9.9 %
+10.7 %
+20.9 %
+26.5 %
+14.2 %
+20.5 %
+16.6 %
+19.7 %
(1) Including Applied Maths, BioFire Defense, and
R&D-related revenue arising on clinical applications. (2)
Including R&D-related revenue arising on industrial
applications. (3) At constant exchange rates and scope of
consolidation.
Sales by Region in € millions and % Change
in Sales by Region
First quarter
Second quarter
Third quarter
Fourth quarter
Full-year
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
Americas
397.7
296.8
364.7
285.7
410.5
284.3
415.6
333.8
1,588.9
1,199.9
North America
358.2
262.1
325.7
246.5
367.7
244.9
376.6
290.5
1,428.6
1,043.3
Latin America
39.5
34.7
38.9
39.2
42.8
39.4
39.0
43.2
160.3
156.5
Europe (1)
247.7
223.5
225.0
231.5
257.9
234.6
295.1
272.0
1,024.8
961.3
Asia Pacific
123.4
112.2
117.7
126.3
121.0
134.2
141.9
141.0
504.6
513.7
TOTAL SALES
768.8
632.5
707.4
643.5
789.4
653.1
852.6
746.8
3,118.2
2,674.8
(1) Including the Middle East and Africa.
First quarter
Second quarter
Third quarter
Fourth quarter
Full-year
As reported
Like-for-like(3)
As reported
Like-for-like(3)
As reported
Like-for-like(3)
As reported
Like-for-like(3)
As reported
Like-for-like(3)
Americas
+34.0 %
+32.2 %
+27.7 %
+28.0 %
+44.4 %
+54.0 %
+24.5 %
+35.1 %
+32.4 %
+37.1 %
North America
+36.7 %
+33.0 %
+32.2 %
+29.8 %
+50.1 %
+57.6 %
+29.6 %
+39.0 %
+36.9 %
+39.6 %
Latin America
+13.7 %
+26.7 %
-0.7 %
+17.2 %
+8.8 %
+32.4 %
+9.7 %
+9.8 %
+2.4 %
+20.8 %
Europe (1)
+10.8 %
+10.7 %
-2.8 %
-1.7 %
+9.9 %
+11.9 %
+8.5 %
+11.0 %
+6.6 %
+8.1 %
Asia Pacific
+10.0 %
+10.5 %
-6.8 %
-5.6 %
-9.9 %
-5.8 %
+0.7 %
+4.2 %
-1.8 %
+0.6 %
TOTAL SALES
+21.5 %
+20.8 %
+9.9 %
+10.7 %
+20.9 %
+26.5 %
+14.2 %
+20.5 %
+16.6 %
+19.7 %
(1) Including the Middle East and Africa. (2) At constant
exchange rates and scope of consolidation.
APPENDIX 3: BIOMÉRIEUX
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,
2020
CONSOLIDATED INCOME STATEMENT
In millions of euros
12/31/2020
31/12/2019 NET SALES
3,118.2
2,674.8
Cost of sales
-1,364.5
-1,208.2
GROSS PROFIT
-1,364.5
-1,208.2
GROSS PROFIT (in % of net sales)
56.2%
54.8%
OTHER OPERATING INCOME
46.9
45.9
Selling and marketing expenses
-589.3
-567.6
General and administrative expenses
-200.0
-182.2
Research and development expenses
-398.8
-374.3
TOTAL OPERATING EXPENSES
-1,188.1
-1,124.1
CONTRIBUTIVE OPERATING INCOME
612.5
388.5
CONTRIBUTIVE OPERATING INCOME (in % of net
sales)
19.6%
14.5%
BioFire acquisition's fees and depreciation costs (1)
-17.5
-17.9
OPERATING INCOME BEFORE NON-RECURRING ITEMS
595.1
370.7
Other non-recurring income (expenses)
-42.2
0.0
OPERATING INCOME
552.8
#
370.7
Cost of net financial debt
-25.0
-20.6
Other financial items
-3.5
-2.5
Income tax
-121.5
-77.8
Investments in associates
-0.2
0.0
NET INCOME OF CONSOLIDATED COMPANIES
402.7
#
269.7
Attributable to the minority interests
-1.7
-3.1
ATTRIBUTABLE TO THE PARENT COMPANY
404.4
#
272.8
Basic net income per share
3.42
€
2.31
€ Diluted net income per share
3.41
€
2.30
€
(a) Non-recurring items relating to the acquisition and
integration of BioFire, and accounting entries relating to its
purchase price allocation.
CONSOLIDATED BALANCE SHEET
ASSETS (in millions of euros)
31/12/2020 31/12/2019
Intangible assets
430.7
508.4
Goodwill
629.4
652.5
Property, plant and equipment
939.0
894.7
Right of use
129.6
130.5
Financial assets
50.6
41.9
Investments in associates
0.0
0.2
Other non-current assets
14.3
16.1
Deferred tax assets
72.6
99.0
NON-CURRENT ASSETS
2,266.3
2,343.5
Inventories and work in progress
541.9
494.7
Accounts receivable
597.9
552.1
Other operating receivables
82.2
61.1
Tax receivable
42.3
42.3
Non-operating receivables
8.0
13.3
Cash and cash equivalents
389.2
275.0
CURRENT ASSETS
1,661.6
1,438.5
ASSETS HELD FOR SALE
0.0
0.0
TOTAL ASSETS
3,927.8
3,781.9
LIABILITIES AND SHAREHOLDERS' EQUITY
(in millions of euros)
31/12/2020
31/12/2019 Share
capital
12.0
12.0
Additional paid-in capital & Reserves
2,014.8
1,919.1
Net income for the year
404.4
272.8
SHAREHOLERS' EQUITY
2,431.1
2,203.9
MINORITY INTERESTS
50.2
50.7
TOTAL EQUITY
2,481.3
2,254.6
Net financial debt - long-term
352.4
153.7
Deferred tax liabilities
105.8
141.2
Provisions
64.4
62.3
NON-CURRENT LIABILITIES
522.7
357.2
Net financial debt - short-term
128.9
438.6
Provisions
51.4
47.0
Accounts payable
207.1
211.9
Other operating liabilities
451.7
381.1
Tax liabilities
44.3
32.3
Non-operating liabilities
40.5
59.3
CURRENT LIABILITIES
923.8
1,170.1
LIABILITIES RELATED TO ASSETS HELD FOR SALE
0.0
0.0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
3,927.8
3,781.9
CONSOLIDATED CASH FLOW STATEMENT
In millions euros
31/12/2020 31/12/2019
Net income of consolidated companies
402.7
269.7
- Investments in associates
0.2
0.0
- Cost of net financial debt
25.0
20.6
- Other financial items
3.6
2.5
- Current income tax expense
121.5
77.8
- Operating depreciation and provisions on assets
210.8
189.5
- Non-recurring items and BioFire acquisition's fees and
depreciation costs
59.7
17.8
EBITDA (before non-recurring items)
823.5
577.9
Other non current operating gains/losses(w/o exceptionnal
depreciations, assets losses and capital gains/losses)
-42.3
-0.1
Other financial items(w/o accruals & disposal of financial
assets)
-3.6
-2.0
Operating provisions for risks and contingencies
16.3
-6.8
Change in fair value of financial instruments
0.6
-1.4
Share-based payments
9.9
9.4
Elimination of other gains and losses without any impact on cash
or operations
-19.1
-0.9
Change in inventories
-82.9
-71.0
Change in accounts receivable
-80.4
-57.3
Change in accounts payable
4.7
32.9
Change in other operating working capital
72.4
26.0
Change in operating working capital (a)
-86.2
-69.4
Other non operating working capital
5.0
2.1
Change in non-current assets
0.5
0.4
Other cashflows from operation
-80.7
-66.9
Income tax paid
-115.9
-81.6
Cost of net financial debt
-25.0
-20.6
Net cash flow from operations
582.8
407.9
Purchase of property, plant and equipment
-277.5
-272.5
Proceeds on fixed asset disposals
24.7
17.1
Purchase of financial assets / Disposals of financial assets
-2.3
-2.4
FREE CASH FLOW (b)
327.7
150.1
Purchase / Disposals related to minority
interests
-6.3
48.4
Impact of changes in the scope of consolidation
-3.8
-72.8
Net cash flow from (used in) investment activities
-265.2
-282.2
Increase in capital
0.0
0.0
Increase in capital subscribed by minority interests
1.6
Purchases and proceeds of treasury stocks
-18.4
0.0
Dividends to shareholders
-22.5
-41.3
New loan
292.0
Loan repayment
-426.5
-69.2
Variation of interests without taking or loss of control
-2.4
-23.5
Net cash flow from (used in) financing activities
-176.2
-133.9
Net change in cash and cash equivalents
141.4
-8.2
Net cash and cash
equivalents at the beginning of the year
264.0
278.2
Impact of currency changes on net cash and cash
equivalents
-34.1
-6.1
Net cash and cash equivalents at the end of the year
371.3
264.0
(a) Including additions to and reversals of current
provisions.
(b) Corresponds to the sum of net cash from operating activities
and net cash used in investing activities excluding the impact of
changes in Group structure. It also includes purchases and sales of
treasury shares and the cost of net debt.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210223006259/en/
Investor Relations bioMérieux Franck Admant Tel.:
+33 (0)4 78 87 20 00 investor.relations@biomerieux.com
Media Relations bioMérieux Olivier Rescaniere
Tel.: +33 (0)4 78 87 21 99 media@biomerieux.com
Image Sept Laurence Heilbronn Tel.: +33 (0)1 53 70 74 64
lheilbronn@image7.fr
Claire Doligez Tel.: +33 (0)1 53 70 74 48 cdoligez@image7.fr
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