Fagron delivers strong performance with 16% topline growth and 17% increase in REBITDA for the first half of 2024
01 Août 2024 - 7:00AM
UK Regulatory
Fagron delivers strong performance with 16% topline growth and 17%
increase in REBITDA for the first half of 2024
Regulated information - inside information
Nazareth (Belgium)/Rotterdam (The Netherlands), 1 August 2024 –
7:00 AM CET
Fagron delivers strong performance with 16% topline
growth and 17% increase in REBITDA for the first half of
2024
Fagron, the leading global player in pharmaceutical compounding
today publishes its first half results for the period ending 30
June 2024.
Key Highlights
- Strong topline performance with
15.5% reported revenue growth (15.3% at Constant Exchange Rates
(CER)) and 12.8% organic growth at CER
- Organic growth reflects strong
performances across all regions
- 17.2% REBITDA increase
translates to 30bps REBITDA margin uplift YoY to 19.7%, reflecting
synergies from acquisitions and operational excellence benefits
globally
- Operating cash flow decreased
3.1% to €41.9 million (up 34.7% when adjusted for factoring
impact)
- Net earnings per share of
€0.55, increased by 22.2% year-on-year
- One-off investments of $39
million and €15 million into the
expansion of the Wichita and FSS Netherlands facilities
respectively
- Upgrading FY 2024 revenue
outlook to €850 – €870 million; Reiterating improvement in
profitability year-on-year
Rafael Padilla, CEO of Fagron:
“Fagron has sustained its impressive performance
throughout the first half of 2024, achieving 12.8% organic revenue
growth at CER and a margin improvement year-on-year. This
exceptional performance illustrates the robustness of our
diversified business model, strong execution capabilities and focus
on driving operational efficiencies.
In EMEA, we delivered strong organic revenue growth despite
the challenges posed by the change in the reimbursement policy in
Poland. Our strategic initiatives in the region, coupled with solid
results from other markets highlight the benefits of our
diversified business. Latin America demonstrated resilience in both
revenue and profitability, reflecting our continued focus on
commercial and operational excellence, although the competitive
environment remains challenging. North America was the highest
contributor to revenue growth, driven by strong underlying demand
at Compounding Services (CS), while Brands & Essentials
(B&E) saw healthy revenue growth, primarily due to operational
excellence benefits.
Recognising the strong underlying demand for outsourced
compounding and our goal of market leadership, we have
strategically decided to invest in the expansion of the Wichita
facility and our Fagron Sterile Services (FSS) facility in
Netherlands. With regard to B&E in North America, we have
cancelled the proposed investment at Decatur, as we now have a
better alternative to drive the required growth there, through a
combination of a facility upgrade and the use of our global network
capacity. On the inorganic growth front, we remain committed
to exploring market opportunities globally to further strengthen
our position.
Looking ahead, for the full year we anticipate revenue in
the range of €850 - €870 million and expect profitability to
increase year-on-year. We remain committed to our mid-term
objectives”.
Please open the link below for the full press release:
- Fagron delivers strong performance with 16% topline growth and
17% increase in REBITDA for the first half of 2024
Fagron NV (EU:FAGR)
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