GUERBET : H1 2024 revenue.
H1 2024 revenue
Half-yearly activity
- H1
revenue: €419.2m, up 11.8% at CER1, including an
acceleration in Q2 (+14.5%)
- This
acceleration was driven by continued catch-up in the Americas, the
normalisation of orders in France and MRI sales
Annual targets confirmed
- Revenue:
expected growth of over 8% like-for-like and at CER
-
Profitability: restated EBITDA margin rate2 higher than
in 2021 (14.4%)
Villepinte, 25 July 2024, 5.45
pm: Guerbet (FR0000032526 GBT), a global
specialist in contrast agents and solutions for medical imaging, is
publishing its revenue for first-half 2024. As of June
30th, 2024, the Group’s sales totalled €419.2m, up 10.7%
compared with the same period in 2023 (€378.6m). Earnings reflected
a negative forex effect of €4.1m. At constant exchange rates
(CER1), Guerbet’s growth over the first six months was
11.8%. This trend includes an acceleration in the second quarter
(+14.5% at CER), following what was already a highly positive
momentum in the first quarter (+8.8%).
Geographical breakdown of consolidated
Group revenue (IFRS)
In millions of euros,
at 30 June 2024 |
H1 2023* |
H1 2024
|
% change |
H1 2024
At CER1
|
% change
|
Sales in EMEA |
178.5 |
183.4 |
+2.7% |
182.8 |
+2.4% |
Sales in the Americas |
98.6 |
127.3 |
+29.2% |
127.2 |
+29.1% |
Sales in Asia |
101.5 |
108.5 |
+6.8% |
113.2 |
+11.5% |
Total |
378.6 |
419.2 |
+10.7% |
423.3 |
+11.8% |
In the EMEA region, Group
revenue amounted to €183.4m in the first half, up 2.4% at CER. The
decline in the first quarter (-6.2% at CER) was fully offset in the
second (+11.0% at CER) as business returned to normal in France
after the disruptions linked to the March 1st 2024 reform of the
supply circuit for contrast products.
Guerbet revenue in the Americas
caught up strongly for the third consecutive quarter, with growth
of 37.4% in the second quarter at CER, reflecting record production
levels at the Raleigh site in North Carolina. Total H1 revenue in
the Americas came out at €127.3m, up 29.1% at CER.
Asia posted growth of 6.8% over
the period, at €108.5m, including a persistent negative currency
effect. At CER, growth totalled 11.5% in the first half, despite a
slowdown in the second quarter stemming from the contraction in
sales in South Korea, where access to care has been paralysed since
mid-February by an unprecedented doctor strike.
Breakdown of consolidated Group revenue
(IFRS) by activity
In millions of euros,
at 30 June 2024 |
H1 2023* |
H1 2024
|
% change |
H1 2024
At CER1
|
% change
|
Diagnostic Imaging |
336.5 |
368.8 |
+9.6% |
372.3 |
+10.7% |
MRI |
125.0 |
131.1 |
+4.8% |
131.5 |
+5.2% |
X-ray |
211.4 |
237.7 |
+12.4% |
240.8 |
+13.9% |
Interventional Imaging |
42.2 |
50.4 |
+19.5% |
50.9 |
+20.8% |
Total |
378.6 |
419.2 |
+10.7% |
423.3 |
+11.8% |
Diagnostic Imaging revenue
amounted to €368.8m in H1 2024, up 10.7% at CER.
-
MRI sales increased 5.2% at CER in the first half
of the year thanks to a solid performance in the second quarter
(+13.5%). Over this period, business was driven by a strong
performance by the MRI franchise, and particularly the development
of EluciremTM in the United States, together with the
initial sales in Germany.
-
X-ray revenue grew 13.9% at CER in H1 2024 as part
of a positive business dynamic fuelled by sales of
Xenetix® and Optiray®.
In Interventional Imaging,
revenue at mid-year was up 20.8% at CER. This remarkable
performance reflects a strong pick-up in the second quarter (+33.8%
at CER) on continued positive momentum for Lipiodol®, in
terms both of volumes and prices.
Solid visibility for H2 - Confirmation
of financial targets for 2024
Having achieved a sustained growth trajectory in
the first half of the year, Guerbet enters the second half in full
peace of mind. Beyond the catch-up in sales in the Americas,
business continues to benefit from firmly established growth
drivers firmly across the entire portfolio: in X-rays
(Optiray® in particular), Interventional Imaging (strong
momentum with Lipiodol®) and the MRI franchise. The
latter is now reinforced by the expansion in Europe of
EluciremTM, which, after receiving an extremely
favourable reception in Germany in Q2 2024, will be launched in in
the UK and France in the second half.
Guerbet also remains confident in improving its
operating profitability, driven by the adjustment of the product
mix and price increases, and in its ability to bring cash
generation into positive territory.
Given these circumstances, the Group is
confirming its forecast of sales growth of over 8% in 2024
like-for-like and at CER and expects its adjusted EBITDA margin
rate to exceed that of 2021 (14.4%). Free cash flow is expected to
be in positive territory for the full year.
Next event:
Publication of 1st half 2024
results
25 September 2024 after market close
About Guerbet
At Guerbet, we build lasting relationships so that we enable people
to live better. That is our purpose. We are a leader in medical
imaging worldwide, offering a comprehensive range of pharmaceutical
products, medical devices, and digital and AI solutions for
diagnostic and interventional imaging. A pioneer in contrast media
for 97 years, with more than 2,920 employees worldwide, we
continuously innovate and devote 10% of our sales to research and
development in four centres in France, the United States and
Israel. Guerbet (GBT) is listed on Euronext Paris (segment B – mid
caps) and generated €786 million in revenue in 2023.
Forward-looking statements
Certain information contained in this press release does not
reflect historical data but constitutes forward-looking statements.
These forward-looking statements are based on estimates, forecasts,
and assumptions, including but not limited to assumptions about the
current and future strategy of the Group and the economic
environment in which the Group operates. They involve known and
unknown risks, uncertainties, and other factors that may result in
a significant difference between the Group’s actual performance and
results and those presented explicitly or implicitly by these
forward-looking statements.
These forward-looking statements are valid only as of the date of
this press release, and the Group expressly disclaims any
obligation or commitment to publish an update or revision of the
forward-looking statements contained in this press release to
reflect changes in their underlying assumptions, events,
conditions, or circumstances. The forward-looking statements
contained in this press release are for illustrative purposes only.
Forward-looking statements and information are not guarantees of
future performance and are subject to risks and uncertainties that
are difficult to predict and are generally beyond the Group’s
control.
These risks and uncertainties include but are
not limited to the uncertainties inherent in research and
development, future clinical data and analyses (including after a
marketing authorization is granted), decisions by regulatory
authorities (such as the US Food and Drug Administration or the
European Medicines Agency) regarding whether and when to approve
any application for a drug, process, or biological product filed
for any such product candidates, and their decisions regarding
labeling and other factors that may affect the availability or
commercial potential of such product candidates. A detailed
description of the risks and uncertainties related to the Group’s
activities can be found in Chapter 4.9 “Risk factors” of the
Group’s Universal Registration Document filed with the AMF (French
financial markets authority) under number D.24-0224 on April
3, 2024, available on the Group’s website (www.guerbet.com).
1 Constant exchange rates: the exchange rate impact was
eliminated by recalculating sales for the period on the basis of
the exchange rates used for the previous financial year.
2 Restated EBITDA margin rate: excluding non-recurring costs
related to the optimisation of the operating plan and changes in
the sales model.
Contacts:
Guerbet
Jérôme Estampes, Chief Financial Officer +33 1 45 91 50 00 /
jerome.estampes@guerbet.com
Christine Allard, Head of Communications +33 6 30 11 57 82 /
christine.allard@guerbet.com
Actifin
Marianne Py, Financial Communications +33 1 80 48 25 31 /
marianne.py@seitosei-actifin.com
Jennifer Jullia, Press +33.1.56.88.11.19 /
jennifer.jullia@seitosei-actifin.com
- 24 07-25 CP Guerbet CA S1 2024 VDef EN
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