Financials

Half-Year Report: achieving an inflection point and embarking on a new growth phase

Vandenbruaene Nathalie — Thu, 27 Jul 2023 18:20:37 +0000

Half-Year Report: achieving an inflection point and embarking on a new growth phase

Antje Witte, Investor Relations

Vandenbruaene … Thu 27/07/2023 - 20:20

Today we announced our half-year financial results. To start off, I’m happy to announce that we’re seeing the end of the immediate impact of the loss of exclusivities of some of our epilepsy medicines and can now look forward to a new period of growth. While we’re still waiting for feedback from the FDA to our medicine in psoriasis expected in Q3, we’ve received the green light for 4 approvals this semester – and have 10 regulatory filings underway in the US, the EU and Japan which I call a great foundation for growth.

I’m also pleased to report that our current portfolio of medicines has delivered robust growth across both our neurology and immunology units. In fact, taking aside the aforementioned impact of the loss of exclusivity this semester, our portfolio shows the underlying growth – confirming that we reached the inflection point.

Please allow me to focus a bit more on the approvals and launches. This includes new treatment options for targeting Lennox-Gastaut syndrome (LGS), psoriatic arthritis (PsA), and axial spondyloarthritis (axSpA) in the EU, and generalized myasthenia gravis (gMG) in the U.S. This is also on top of positive news for a number of other patient groups:

An accepted EU marketing authorization review for a therapy treating moderate to severe hidradenitis suppurativa
An orphan drug designation in Japan for the treatment of patients with Lennox-Gastaut Syndrome (LGS)
Japan also accepted the review filing for a treatment for adults with generalized myasthenia gravis (gMG)
Finally, we have a new treatment in Japan targeting partial-onset epileptic seizures in young patients (1m-<4years of age).

As you can imagine, we’re pleased with these latest developments. Bringing new options and therapies to people living with severe diseases is one of the most rewarding parts of this field, and I’m looking forward to seeing the feedback and discussion. We consider that innovation to develop new therapies for unmet patient needs is one of the foundations of ��ֳ�’s mission. To that end, we’ll continue to build on our strong heritage and expertise in neurology and immunology solutions in order to expand to rarer neurological diseases and underserved immunological diseases where significant unmet need remains.

As 2023 continues, we’ll continue to invest behind ongoing and upcoming launches, helping people suffering from severe diseases live their best possible lives. At the same time, we confirm our financial guidance 2023.

With that in mind, I wish you a restful and healthy summer period! I leave you with these key figures from the first half of the year:

Revenue reached € 2.6 billion (-11%; -13% CER), net sales were € 2.4 billion (-12%; -14% CER)
Underlying profitability (adj. EBITDA) was € 801 million (-2%; -9% CER), 31% of revenue.

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��ֳ� HY2021 financial results: Solid performance despite the pandemic – delivering on our strategy & guidance

eCMSadmin — Thu, 29 Jul 2021 08:00:00 +0000

��ֳ� HY2021 financial results: Solid performance despite the pandemic – delivering on our strategy & guidance

Antje Witte, Investor Relations

eCMSadmin Thu 29/07/2021 - 10:00

As the world continues to adapt to the new norm, ��ֳ� continues to adapt, delivering strong performance. Our employees and partners have been extremely agile, responding to the changing environment. ��ֳ� is in a position of confidence – for our late-stage pipeline, for delivery on our ambitious targets and for our ability to lead in five patient populations in 2025.

The first half of 2021 has been another time of strong delivery and growth. I am so proud of how we have kept all our pipeline projects on track, despite the pandemic. All clinical development programs are on track, with six phase 3 studies to readout as planned plus one phase 3 readout, now expected earlier.

We’re excited to be preparing for the launch of our new asset for people living with psoriasis. In June, the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion, recommending granting marketing authorisation. And I’m also pleased to reveal that phase 3 readouts for additional indications for this same asset are on track by year-end, plus the one for hidradenitis suppurativa (HS) due to arrive early.

Also the two phase 3 readouts in myasthenia gravis for two different assets are unchanged expected late 2021 and early 2022.

I have full confidence in our late-stage pipeline and our ability to deliver on our short- and long-term guidance and lead in five patient populations in 2025. Our expectations for 2025 are confirmed: we aim for revenue in 2025 to reach at least € 6 billion and underlying profitability (adjusted EBITDA) to reach the low- to mid-thirties in per cent of revenue.

And, last but not least, I am satisfied of the steps forward in the areas of sustainability critical to our long-term success. Our progress – most predominantly around quality and risk – has been recognised by top sustainability rankings, including ISS ESG, MSCI and Sustainalytics.

Key numbers
The Investor Relations team has worked extremely hard preparing our HY21 financial report while handing over all the know how and tips and tricks from Nathalie to Julien and Alex.
(Plus my two cents :o) ) Nathalie has set her sails to new endavours and I am very thankful for the tremendous contribution she made - professionally and personally. The new IR Team at ��ֳ� is on hand to answer any questions you may have – test us! You might want to ask the financial questions towards Julien, our new Corporate Access and IR Manager – or chat with him about sports and his latest cocktail recipe. Discussing our pipeline and the science behind it gets engaging with Alex, our new Investor Relations Lead – you get a similar engagement when turning the discussion towards cowboys, good food and corresponding drinks. And, yes, you have my number – always happy to chat with you!

I leave you by wishing you a safe and healthy second half of 2021, and with these key figures from the first six months of the year:

Revenue increased to € 2.8 billion (+7%, +11% CER), net sales € 2,651 million (+6%, +11% CER)
Underlying profitability (adjusted EBITDA) was € 843 million (+8%, +16% CER) or 30% of revenue compared to the first six months of 2020
Financial guidance for 2021 is confirmed: Revenue expected to reach € 5.45 – 5.65 billion, adjusted EBITDA 27 - 28% of revenue, Core EPS of € 5.60 – 6.10 expected
Financial guidance for 2025 confirmed as well: Revenue of at least € 6 billion and adj. EBITDA margin in the low to mid-thirties.

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Financials financial results 2021 HY financial results 2021 half-year financials

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��ֳ� 2019 Financial Results: Strong growth while preparing for the future

eCMSadmin — Thu, 20 Feb 2020 08:00:00 +0000

��ֳ� 2019 Financial Results: Strong growth while preparing for the future

Antje Witte, Investor Relations

eCMSadmin Thu 20/02/2020 - 09:00

��ֳ� recorded a year of strong delivery and growth in 2019, as you can see from our latest financial results. The performance of some of our core products was so strong last year that it has prompted us to update the peak sales guidance for our two key products in both immunology and neurology.

At the same time, thanks to our promising late-stage pipeline and the pending acquisition of Ra Pharma (closing expected by the end of this quarter), we could launch up to seven new products by 2025 – with two of them already reaching out to patients since 2019. This puts us in a very strong position to create even more patient value for specific populations in the years ahead.

With one eye always on the future, we have also advanced our focus on four areas of sustainability - Innovation in R&D, Access to medicines, Employees’ health and well-being, and Environmental footprint - which are all critical to our long-term success, and to our broader contribution to society.

We are continuing this new phase in our evolution. Following six consecutive years of growth, we are now accelerating and expanding on the delivery of our Patient Value ambition.

Over the past year, we have strengthened our operating model to meet our future growth expectations. To reflect this, we have implemented some changes to the composition of our Executive Committee. This will allow us to sharpen the focus on ��ֳ�’s core activity areas.

Key numbers

It has been a busy period for our Investor Relations team preparing this report and they remain on hand to answer any questions you may have. I would like to take this opportunity to thank the IR team and the Finance team at ��ֳ� for this great experience of collaboration. I wish you all a very happy Carnival week, and will leave you with these key figures from 2019, meeting our financial outlook for the past year:

Revenue reached € 4.9 billion (+6%, +7% CER) net sales increased to € 4.7 billion (+6%)
Underlying profitability (rEBITDA) was € 1.4 billion (+2%, +11% CER) or 29.1% of revenue
Financial outlook for 2020: Revenue expected to reach € 5.05 – 5.15 billion, rEBITDA 28 - 29% of revenue, Core EPS of € 4.80 – 5.20 expected
New peak sales guidance for Cimzia® € 2.0 bn by 2024 and for Vimpat® € 1.5 bn by 2022.

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Financials

Half-Year Report: achieving an inflection point and embarking on a new growth phase

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��ֳ� HY2021 financial results: Solid performance despite the pandemic – delivering on our strategy & guidance

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��ֳ� 2019 Financial Results: Strong growth while preparing for the future

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Financials

Half-Year Report: achieving an inflection point and embarking on a new growth phase

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������ֳ� HY2021 financial results: Solid performance despite the pandemic – delivering on our strategy & guidance

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������ֳ� 2019 Financial Results: Strong growth while preparing for the future

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��ֳ� HY2021 financial results: Solid performance despite the pandemic – delivering on our strategy & guidance

��ֳ� 2019 Financial Results: Strong growth while preparing for the future