Full-Year 2024 Results - Progress on the implementation of the
FOCUS-27 plan driven by enhanced effectiveness and financial
discipline
| |
Press Release
Paris, 3rd
March, 2025
|
Full-year 2024 results1: Operational resilience and
strong increase in Free Cash Flow before financing in a challenging
environment
- Net sales down 10.0% to €911.9
million, driven by lower volumes for Sanofi and the suspension of
production at Brindisi, only partly offset by encouraging
commercial momentum
- Core EBITDA at €50.4m, with margin
down 370bps year-on-year to 5.5%, due notably to unfavorable fixed
cost impact
- €(43.6) million EBITDA, including
€87.1 million exceptional costs related to the implementation of
FOCUS-27
- €(130.6) million Net income,
compared to €(189.7) million in 2023
-
Cash Flow before financing at €15.0 million, up from €(132.2)
million in 2023, driven by tight inventory management (€94.0
million decrease year-on-year) and improved cash collection, more
than offsetting lower EBITDA
- €108.0 million CAPEX (11.8% of
sales)
- Net cash position at €25.2 million,
compared to €171.0 million net debt as of December 2023, mainly
reflecting the impact of the refinancing plan successfully achieved
in Q3 2024
FOCUS-27 strategic plan: timely execution toward restored
sustainable, profitable growth
- Encouraging progress across all
four pillars of the FOCUS-27 plan, including growth in highly
differentiated API sales, ongoing industrial footprint
rationalization, and commercial momentum in CDMO
- Annual run-rate incremental Core
EBITDA target of €75-80m by the end of 2027
confirmed2
2025 outlook: rebound in profitability (see main operational
assumptions page 8)
In 2025, EUROAPI will continue focusing on enhancing
profitability and protecting cash flow from operations while
investing in future growth.
- For the full
year 2025, the increase in sales to other clients should be offset
by a further decline in sales to Sanofi. Consequently, we
expect net sales to range from slightly decreasing to steady on a
comparable basis3 compared to
the full year 2024.
- Core
EBITDA margin should improve, driven by increased
industrial, procurement, and operational efficiencies, and
should reach between 7% and 9% of net sales.
EUROAPI’s decarbonization roadmap confirmed and
aligned with the Paris Agreement
- 100% of electricity purchased by
industrial sites from renewable sources4
- SBTi committed
“Despite the challenging global landscape in
2024, we have made progress in the company’s transformation. Our
fully financed FOCUS-27 plan has now entered its second year
of implementation,” said David Seignolle, Chief
Executive Officer of EUROAPI. “This year, our priority
is to execute swiftly and effectively, streamline our processes,
enhance our agility, and adapt to evolving market conditions to
better serve our customers. Looking ahead to 2025, we anticipate a
rebound in profitability, driven by efficiencies across the
company. In the longer term, we are confident in EUROAPI’s
potential for sustainable and profitable growth, as well as in our
role in strengthening Europe’s healthcare sovereignty.”
2024 consolidated key figures
|
(in € millions) |
FY-2024 |
FY-2023 |
|
Net Sales |
911.9 |
1,013.2 |
|
Year-on-year change in % |
-10.0% |
+3.8% |
|
Gross profit |
142.4 |
164.6 |
|
Gross Profit Margin |
15.6% |
16.2% |
|
EBITDA |
(43.6) |
68.6 |
|
Core EBITDA |
50.4 |
93.1 |
|
Core EBITDA Margin |
5.5% |
9.2% |
|
Net Income |
(130.6) |
(189.7) |
|
Basic EPS (in euros) |
(1.38) |
(2.02) |
|
Free Cash Flow before Financing |
15.0 |
(132.2) |
|
Net (Debt) / Cash Position |
25.2 |
(171.0) |
2024 non-financial key
figures
|
|
FY-2024 |
FY-2023 |
GHG emissions scope 1 and
25
(metric tons of CO2) |
96,472 |
107,454 |
|
Share of renewable energy consumption |
27% |
26% |
Water Consumption (in 000
m3)
Intensity (thousand m3/Mn € compared to sales) |
553
0.60 |
650
0.64 |
Total waste produced (in metric tons)
% non-recycled |
60,384
40% |
84,117
48% |
Solvent consumed
% Solvent Recycling |
70,564
74% |
86 656
73% |
Total recordable Injury Frequency
(per 1,000,000 hours worked) |
4.6 |
2.8 |
Women in Extended Leadership team
(in % of total workforce) |
34.2% |
35.9% |
2024 Net Sales
EUROAPI 2024 Net Sales reached
€911.9 million, -10.0% versus 2023 and -9.4% at Constant
Exchange Rates (CER)6. Excluding the Brindisi site,
which was affected by a temporary suspension of production, net
sales would have declined by 7.3%.
Net sales per type of
activity
|
(in € millions) |
FY-2024 |
FY-2023 |
Change |
| API Solutions
– Other clients |
354.1 |
360.3 |
-1.7% |
|
API Solutions – Sanofi |
309.5 |
367.2 |
-15.7% |
|
API Solutions |
663.6 |
727.5 |
-8.8% |
| CDMO – Other
clients |
135.6 |
180.5 |
-24.8% |
|
CDMO – Sanofi |
112.7 |
105.3 |
7.0% |
|
CDMO |
248.3 |
285.8 |
-13.1% |
| Net
sales |
911.9 |
1,013.2 |
-10.0% |
|
Total Net Sales – Sanofi |
422.2 |
472.5 |
-10.7% |
|
Total Net Sales – Other clients |
489.7 |
540.7 |
-9.4% |
API Solutions
API Solutions' net sales decreased by 8.8% to
€663.6 million.
- The decline in
sales to Sanofi (-15.7%) was mainly due to reduced volume,
especially in Sevelamer, manufactured in Haverhill, and the
suspension of production in Brindisi. 2024 Net sales include
€38 million from the revision of the historical Global MSA
clauses agreed with Sanofi in February 2024, primarily related to
the stock clearance of Buserelin (€21 million accounted for in H1
2024).
-
Sales to Other Clients declined by 1.7%. The positive momentum from
the cross-selling strategy (contributing to approximately 9.5% of
API Solutions sales to Other Clients in 2024) and from the addition
of 37 new clients was offset by the temporary suspension of API
production in Brindisi, and lower sales of Vitamin B12, due to
reduced demand and a timing impact (some sales originally scheduled
in Q4 were postponed to 2025).
CDMO
CDMO sales decreased by 13.1% to €248.3
million, with 58 active contracts at the end of 2024, down
from 69 in 2023. Sixteen new projects were signed, 65% with new
customers. The decline in the number of projects was due, notably,
to the successful completion of eight projects, which are suspended
until the next phase, and the discontinuation of seven mature
pre-carve-out commercial projects.
- Sales to Sanofi
rose by 7.0%, driven by the ramp-up of a sizeable commercial phase
contract in Large Molecules and by the production of BTK inhibitor
starting materials for Sanofi, following the positive results from
the phase 3 study.
-
Sales to other clients decreased by 24.8% due to
the temporary suspension of production in Brindisi, which affected
a commercial phase contract in biochemistry. The 2024 performance
was further impacted by the downsizing of two large historical
commercial phase contracts (approximately €40 million), which more
than offset the revenue increase from new contracts.
Net Sales per type of
molecule
|
(in € million) |
FY-2024 |
FY-2023 |
Change |
| Large
molecules |
90.5 |
76.5 |
18.3% |
| Highly potent
molecules |
91.0 |
96.4 |
-5.6% |
| Biochemistry
molecules derived from fermentation |
110.1 |
184.1 |
-40.2% |
| Complex
chemical synthesis molecules |
620.3 |
656.2 |
-5.5% |
| Net
Sales |
911.9 |
1,013.2 |
-10.0% |
- Large
molecules increased by 18.3% to €90.5 million. The
downsizing of a commercial contract with a large biotech was more
than offset by the one-off impact of Buserelin's stock clearance
and the ramp-up of a commercial phase project with Sanofi.
- Highly
potent molecules decreased by 5.6% to
€91.0 million. On the back of a low comparison base in 2023, 2024
performance was impacted by the temporary suspension of production
in Brindisi, which impacted the production of an HP API.
-
Biochemistry molecules derived from fermentation
decreased 40.2% to €110.1 million, impacted by the temporary
suspension of API production in Brindisi and a decrease in Vitamin
B12 sales.
- Complex
chemical synthesis molecules decreased by 5.5% to €620.3
million, impacted by the decreasing API volumes from Sanofi,
partially offset by the production of BTK inhibitor starting
materials for Sanofi in H2.
Financial performance
|
(in € million) |
FY-2024 |
FY-2023 |
|
Net Sales |
911.9 |
1,013.2 |
|
Other revenues |
7.3 |
5.7 |
|
Gross profit |
142.4 |
164.6 |
|
Gross Profit Margin |
15.6% |
16.2% |
|
EBITDA |
(43.6) |
68.6 |
| Non-recurring
items |
94.0 |
24.5 |
| Core
EBITDA |
50.4 |
93.1 |
|
Core EBITDA Margin |
5.5% |
9.2% |
|
Operating Income |
(120.4) |
(234.3) |
|
Finance revenues/costs |
(19.2) |
(8.5) |
|
Income before tax |
(139.6) |
(242.8) |
|
Income tax expense |
9.0 |
53.0 |
| Net
income/(loss) |
(130.6) |
(189.7) |
| EPS
(in euros) |
(1.38) |
(2.02) |
| Average number
of shares outstanding (in millions) |
94.5 |
94.2 |
| Fully
diluted EPS (in euros) |
(1.38) |
(2.02) |
| Average number
of shares after dilution (in millions) |
94.6 |
95.9 |
Gross profit totaled €142.4
million, a decrease from €164.6 million in 2023, with the
Gross Profit margin down 60 basis points year-on-year to 15.6%.
Core EBITDA amounted to €50.4 million, down 45.8% compared
to €93.1 million in 2023. The core EBITDA margin was 5.5% compared
to 9.2% in 2023.
The decrease in Core EBITDA margin was driven by
several factors, including the exceptional impact of stock
clearance for Buserelin in the first half of the year, the revision
of the global MSA with Sanofi, reduced energy and raw materials
prices, and enhanced industrial performance. These positive effects
were offset notably by unfavorable fixed-cost absorption triggered
by the release of products produced during the peak inflation cycle
of the past 24 months.
|
Key components of the change in Core EBITDA margin |
FY24/FY23 in percentage points (rounded figures) |
|
FY 2023 Core EBITDA margin |
9.2% |
|
Volume |
+0.8 pts |
|
Price and Mix |
-0.4 pts |
|
Impact of Buserelin’s stock clearance |
+1.0 pts |
|
Industrial performance |
+0.8 pts |
|
Energy and Raw Materials |
+0.8 pts |
|
Unfavorable fixed cost absorption |
-2.6 pts |
|
Other Gross Margin impacts |
-2.4 pts |
|
OPEX |
-0.3 pts |
|
Haverhill and Brindisi sites |
-1.4 pts |
|
FY 2024 Core EBITDA margin |
5.5% |
EBITDA was €(43.6) million compared to
€68.6 million in 2023, including €87.1 million of
exceptional items7, of which
- €62.5 million of
idle costs8 linked to the execution of FOCUS-27,
including the ramp-down of two workshops in Frankfurt that started
in 2024 and reduced inventories in Vertolaye,
- €11.3 million in
expenditures linked to the transformation of the company and the
initial implementation of FOCUS-27, including consulting fees,
- €12.3 million of
employee-related expenses, including redundancy plans in Germany
and the UK.
Operating Income was €(120.4)
million compared to €(234.3) million in 2023. Financial
income was €(19.2) million, compared with €(8.5) million
in 2023, due to the increase in interest rates and the impact of
the refinancing of the Revolving Credit Facility. Income
before tax was €(139.6) million. Net
income was €(130.6) million in 2024.
Net Debt Position and Cash
Flow
|
(in € million – rounded figures) |
31 December 2024 |
|
Net cash/(Debt) position – December 2023 |
(171.0) |
|
Cash Flow from Operating activities |
123.0 |
|
Of which change in Working Capital |
159.8 |
- (Increase)/decrease in
inventories
|
94.0 |
- (Increase)/decrease in trade receivables
|
52.2 |
- Increase/(decrease) in trade
payables
|
(46.8) |
- Other current assets and
liabilities
|
60.4 |
|
Cash Flow from Investing Activities (CAPEX) |
(108.0) |
|
Cash Flow from Financing activities |
181.1 |
- Of which Net Issuance of
Perpetual Subordinated Notes
- Of which Cost of Debt
|
197.3
(10.9) |
|
Exchange rate |
0.1 |
| Net
Cash/(Debt) position – December 2024 |
25.2 |
The company ended 2024 with a €25.2
million Net Cash position, compared to €171 million Net
Debt at the end of December 2023.
The improvement was notably driven by
Working Capital, including a significant deliberate
reduction in inventories, per the FOCUS-27 roadmap. Months
on Hand at the end of December 2024 was 6.9, down from 7.6 at the
end of 2023. DSO reached 39 compared to 56 in December 2023 thanks
to enhanced Cash Collection. Other current assets and liabilities
include a €23 million variation in VAT tax reimbursement and €18
million paid by Sanofi to reserve a minimum available capacity for
five selected products as part of the financing of FOCUS-27. An
additional €36 million will be paid in 2025.
Capex reached €(108.0) million (11.8% of
Net Sales), of which 53% were dedicated to growth
projects, including increased capacities for Peptides and
Oligonucleotides, Vitamin B12, Hormones, and Prostaglandins.
Free Cash Flow before financing
activities was €15.0 million, compared to €(132.2) million
at the end of 2023.9 Cash flow from financing
activities includes €197.3 million of Deeply Subordinated
Hybrid Bonds subscribed by Sanofi in October 2024 to support the
execution of the FOCUS-27 plan. This non-dilutive instrument has
been classified as “Equity.” The €(10.9) million Cost of Debt
comprises €4.8 million transaction cost linked to the renewal of
the €451 million Revolving Credit Facility (RCF).
|
(in € million) |
31 December 2024 |
31 December 2023 |
|
Bank Cash Balances |
75.2 |
34.5 |
| Revolving
Credit Facilities |
(50.0) |
(205.5) |
|
Net Debt Position |
25.2 |
(171.0) |
Update on FOCUS-27 strategic
plan
Launched in February 2024, FOCUS-27 is a
four-year strategic initiative aimed at enhancing EUROAPI's
competitiveness and achieving sustainable, profitable growth. In
2024, we began implementing the plan, and various initiatives have
been introduced across the plan's four pillars to improve the
organization’s agility and effectiveness. On this foundation,
the Group reaffirms the FOCUS-27 targets of €75 to €80
million in annual run-rate incremental Core EBITDA generated by the
plan by the end of
202710, with
restructuring costs estimated between €110 and €120
million11 from 2024 to
2027.
-
Streamlined APIs portfolio: 61% of
sales12 in
differentiated APIs
By the end of December 2024, differentiated APIs
represented 61% of EUROAPI’s portfolio, up from 57% at the end of
December 2023. This growth was mainly driven by double-digit
increases in Large Molecules and heightened sales momentum in
Opiates.
The terms for the discontinuation of the 13 APIs
have been finalized with customers, including strategic stockpiling
planned for 2025. By the end of December 2024, the 13 APIs
scheduled for discontinuation accounted for approximately €68
million in sales (7.5% of total sales) and €(9) million in Gross
Profit.
- Focused
CDMO: 60% of current projects in late-stage
Throughout the year, we concentrated on
de-risking our CDMO business and enhancing our technology
platforms. By the end of December 2024, 60% of our projects were in
late-stage phases. Additionally, large pharmaceutical companies
represented 55% of our CDMO portfolio, up from 46% in 2023.
As proof of the growing interest from existing
clients and prospects, we received 215 incoming RFPs, up from 211
in 2023, with a median value per RFP13 up double-digits
year-on-year. Of these RFPs, 13% came from prospects.
We experienced accelerated momentum in Large
Molecules, with six new projects in 2024, including with large
pharmaceutical companies. This includes four contracts in
oligonucleotide and one peptide-PMO conjugate project with a large
pharmaceutical company. To provide our customers with a
comprehensive one-stop-shop experience, we signed a partnership
with StrainChem, a French Contract Research Organization (CRO)
specializing in organic green chemistry and recognized for its
Liquid Phase Peptide Synthesis (SLiPPS) technology.
-
Rationalized manufacturing footprint and high-return Capex:
53% of 2024 CAPEX dedicated to
growth14
The site divestments and workshops mothballing
roadmaps have been initiated. The Haverhill site disposal
process is in progress.
The FOCUS-27 plan provides €350 to 400 million
CAPEX, around 60% dedicated to growth. In 2024, €108 million
was invested, with growth projects accounting for 53%. Progress was
made on key strategic initiatives:
- By the end of
2025, the initial expansion of peptide and oligonucleotide
capacities in Frankfurt will be completed, focusing primarily on
oligonucleotide capacities, including complex conjugated large
molecules to address growing market demand and align with the
Group’s emphasis on high-value projects. Additionally, the newly
signed partnership with StrainChem significantly enhances peptide
capacities through liquid-phase synthesis.
- Capacity
increase projects in Vitamin B12, Prostaglandins, Corticosteroids,
Hormones, and Opiates are progressing well and should significantly
enhance EUROAPI’s growth profile by the end of the plan.
- A new project
has been initiated in Elbeuf, combining substantial greenhouse gas
(GHG) emissions reduction and a significant decrease in water
withdrawal. Overall, €19 million will be invested between 2024 and
2029 (approximately €8 million until 2027) to support the Group's
commitments to the Paris Agreement and help reduce our GHG
emissions. This initiative replaces the steam generation biomass
boiler project that was initially planned.
- Organizational
transformation and more efficient ways of working
Several initiatives have been launched
throughout the year to transform the company into a more agile
organization and to enhance ways of working across all areas. In
2024, a streamlined and centralized Procurement organization was
established to help reduce both direct and indirect costs.
Excluding the Brindisi and Haverhill sites, which are planned to be
divested by the end of the plan, the headcount has been decreased
across all functions. Approximately 180 positions have been removed
out of the 550 targeted for reduction by the end of 2027.
Environment – Social -
Governance
Change in Board of Directors’ composition
At the March 3, 2025, Board meeting, Claire
Giraut announced that she will be stepping down as Independent
Director and Chair of the Audit Committee, effective at the Annual
Shareholder Meeting on May 21, 2025. The Board of Directors
acknowledged her decision and appointed Rodolfo Savitzky as the new
Chair of the Audit Committee, effective May 21, 2025. The
percentage of independent directors will remain compliant with the
AFEP-MEDEF code.
Rodolfo Savitzky is a seasoned finance executive
with extensive experience in the Contract Development and
Manufacturing Organization (CDMO) industry and finance. He joined
EUROAPI’s Board as an Independent Director on September 1st, 2022,
and became a member of the Audit Committee in January 2023.
Emmanuel Blin, Chair of the Board, and the
Directors of EUROAPI would like to express their sincere gratitude
to Claire Giraut for her guidance and active contributions to the
Board.
ESG Roadmap
|
Commitments |
Initiatives |
2024 score |
Accelerate innovation for environmental
sustainability
|
100% sites ISO14001/50001 certification |
100% |
|
~ 100% sites with purchased electricity from renewable sources |
83% (100% since January 2025) |
|
-42% of CO2 emissions reduction (vs. 2022) by 2030 (scope 1&2)
– Objective revised in 2024 |
-13% |
Create a safe and multicultural workplace
|
30% women in the Extended Leadership Team (ELT) |
34.2% |
|
LTI – Lost Time Injury frequency rate to 1.5 by 2025 |
3.1 |
|
TRI – Total Recordable Injury frequency rate to 2.5 by 2025 |
4.6 |
Uphold best-in-class corporate governance
|
100% completion of code of ethics and compliance training |
95.9% |
|
100% completion of anti-corruption trainings (3 training), among
the functions at risks |
96.7% |
The LTI (Lost Time Injury) frequency and TRI
(Total Recordable Injury) frequency rates did not meet the targets
of 1.5 and 2.5, respectively, set for 2025. Our injury indicators
were affected by a few minor accidents (such as stair falls or back
injuries) that resulted in situations where employees could not
return to physical activity for a more extended period than in
2023, which has impacted the severity rate. Actions have been
implemented to enhance the safety of our employees, including a new
accident prevention plan and the roll-out of the LEX project
(Learning from Experience) to improve knowledge sharing,
collaboration, and accident investigation.
Decarbonization targets for 2030, aligned with the Paris
Agreement SBTi commitment
To align with the 1.5°C trajectory, the Group has set new, more
ambitious 2030 decarbonization targets and committed to SBTi. The
revised targets are
- 42% GHG emissions reduction for
scope 1 and scope 2 by 2030 (vs. 2022)
- 25% GHG emissions reduction for
scope 3 by 2030 (vs. 2022)
- Carbon neutrality in 2050
Amended contractual commercial terms
with Sanofi
In February 2024, Sanofi and EUROAPI agreed on several revisions
of the Manufacturing and Supply Agreement signed in October 2021.
These revisions include:
- The cancellation
of the mutual performance clause that required notably EUROAPI to
retrocede to Sanofi a portion of the fixed and variable cost
savings realized on APIs sold to Sanofi annually
- Price increases
on five selected APIs
- The evolution of
the pass-through clause for key raw materials and solvents, with
full compensation by Sanofi in case of an above 20% price
increase
- The narrowing of
the Price-Volume corridor, an annual compensation mechanism
protecting both parties from annual revenue fluctuation
- Shortened
payment terms.
Further amendments were agreed as part of the
financing of FOCUS-27 plan, including secured volumes for
Sevelamer. These revisions are Regulated Agreements pursuant to the
French Commercial Code and will be submitted to the next Annual
General Meeting on 21 May 2025.
FY 2025 Guidance operational and
financial main drivers
EUROAPI full-year guidance was built on the
following assumptions:
Net Sales are expected to range from
slightly decreasing to steady. This should notably be
driven by solid growth in API sales to clients other than Sanofi,
particularly in HP APIs, and Opiates, and by double-digit growth in
sales from early-phase CDMO, offset by continued reduced API demand
from Sanofi, particularly for Sevelamer, a slight decrease in
Vitamin B12 sales, and the discontinuation of several pre-carve-out
mature CMO projects.
2025 sales will also include a positive impact
of the build-up of strategic inventories by customers affected by
the discontinuation of the 13 APIs.
The Core EBITDA margin improvement to a
7% to 9% range should be supported by further industrial
efficiencies, enhanced procurement, and cost-effectiveness across
all functions. EBITDA should be impacted by further exceptional
items (including idle costs), though to a lesser extent than in
2024.
Cash flow before financing should
include ongoing improvement of working capital, although
slower than in 2024, and the positive impact of Sanofi’s investment
in securing future product capacities (€36 million for the full
year). The 2025 CAPEX should be slightly lower than the 2024 level
as a result of the optimization of maintenance CAPEX.
Glossary and definition of non-GAAP indicators
Net Sales at Constant Exchange Rate
(CER)
FY 2024 sales at FY 2023 Exchange rates
On a comparable basis
At constant perimeter and constant exchange
rates
EBITDA and Core EBITDA
EBITDA corresponds to operating income (loss)
restated for depreciation and amortization and net impairment of
intangible assets and property, plant and equipment.
Core EBITDA thus corresponds to EBITDA restated for restructuring
costs and similar items (excluding depreciation and write-downs),
allocations net of reversals of unutilized provisions for
environmental risks, and other items not representative of the
Group’s current operating performance or related to the effects of
acquisitions or disposals.
Cash Flow before Financing
activities
Cash Flow before Financing activities
corresponds to the sum of Cash Flow from Operating Activities and
Cash Flow from Investing Activities as presented in the
consolidated statement of Cash Flow.
Months on Hand (MOH)
Net Inventory value at the of the period divided
by Net Sales
New clients
Clients representing at least €50 thousands of
net sales on the year.
Cross Selling
Selling a different product to an existing
client that is already buying one or several products from
EUROAPI.
Early-stage and Late-stage
projects
Early-stage: pre-clinical, phase 1, and phase
2
Late-stage: phase3, in validation, and commercial
Presentation of 2024
results
EUROAPI’s management will hold an audio webcast
presentation (04 March 2025) at 8 :30 a.m. CET. (live and
replay), and the presentations are available on the corporate
website Full-Year 2025 Results
EUROAPI consolidated financial statements as of
December 31, 2024, were approved by the Board of Directors on March
3rd, 2025. A presentation related to this announcement
is also available on EUROAPI’s website (www.euroapi.com). Audit
procedures on consolidated financial statements have been
performed, and the certification report on the consolidated
financial statements will be issued once the management report has
been approved by the Board of Directors and verified by the
Statutory Auditors.
Financial agenda (all dates to
be confirmed)
- 21 May 2025: 2025 Annual General
Meeting
- 29 July 2025: H1 2025 results
About EUROAPI
EUROAPI is focused on reinventing active
ingredient solutions to sustainably meet customers’ and patients’
needs around the world. We are a leading player in active
pharmaceutical ingredients with approximately 200 products in our
portfolio, offering a large span of technologies while developing
innovative molecules through our Contract Development and
Manufacturing Organization (CDMO) activities.
Taking action for health by enabling access to
essential therapies inspires our 3,650 people every day. With
strong research and development capabilities and six manufacturing
sites, all located in Europe, EUROAPI ensures API manufacturing of
the highest quality to supply customers in more than 80 countries.
EUROAPI is listed on Euronext Paris; ISIN: FR0014008VX5; ticker:
EAPI). Find out more at www.euroapi.com and follow us on
LinkedIn.
Media Relations contact:
Laurence Bollack
Tel.: +33 (0)6 81 86 80 19
mr@euroapi.com
|
Investor Relations contact:
Sophie Palliez-Capian
Tel.: +33 (0)6 87 89 33 51
Sophie.palliez@euroapi.com
|
Forward-Looking
Statements
Certain information contained in this press release is forward
looking and not historical data. These forward-looking statements
are based on opinions, projections and current assumptions
including, but not limited to, assumptions concerning the Group’s
current and future strategy, financial and non-financial future
results and the environment in which the Group operates, as well as
events, operations, future services or product development and
potential. Forward-looking statements are generally identified by
the words “expects”, “anticipates”, “believes”, “intends”,
“estimates”, “plans” and similar expressions. Forward looking
statements and information do not constitute guarantees of future
performances, and are subject to known or unknown risks,
uncertainties and other factors, a large number of which are
difficult to predict and generally outside the control of the
Group, which could cause actual results, performances or
achievements, or the results of the sector or other events, to
differ materially from those described or suggested by these
forward-looking statements. These risks and uncertainties include
those that are indicated and detailed in Chapter 3 “Risk factors”
of the Universal Registration Document filed with the French
Financial Markets Authority (Autorité des marchés financiers, AMF)
on April 5, 2024. These forward-looking statements are given only
as of the date of this press release and the Group expressly
declines any obligation or commitment to publish updates or
corrections of the forward-looking statements included in this
press release in order to reflect any change affecting the
forecasts or events, conditions or circumstances on which these
forward-looking statements are based.
Appendix
Main FY 2024 events
- On
January 25, 2024, EUROAPI announced that it had initiated
a pivotal collaboration with SpiroChem, a leading Contract Research
Organization (CRO).
- On March
14, 2024, EUROAPI announced the pause of API production at
the Brindisi site in Italy after identifying quality control
deficiencies and decided to suspend its full-year 2024
guidance.
- On May
23, 2024, EUROAPI announced a Contract Manufacturing
Organization (CMO) agreement with a global animal health company to
supply key veterinary product. The total contract value is expected
to range between €130 and 150 million over 2025-2029.
- On June
6, 2024, EUROAPI received official notification from the
European Commission that it had been selected as one of the 13
companies eligible to share up to EUR 1 billion in total public
funding under the Important Project of Common European Interest
(IPCEI) dedicated to the pharmaceutical sector.
- On June
18, 2024, EUROAPI announced the implementation of a 5-year
development and manufacturing agreement with Priothera, a
biotechnology company specializing in treating hematological
malignancies and improving CAR-T cell therapies.
- On June
26, 2024, EUROAPI detailed the FOCUS-27 strategy and
announced its target to generate €75 million to €80 million
annual run-rate incremental Core EBITDA by the end of 2027.
- On
October 10, 2024, EUROAPI announced that it has completed
and secured the financing of its FOCUS-27 strategic plan and agreed
with Sanofi to further amend the Manufacturing and Supply Agreement
signed in 2021.
- On
December 9, 2024, Emmanuel Blin was appointed Chair of the
Board following the resignation of Viviane Monges, and David
Seignolle Chief Executive Officer, following the resignation of
Ludwig de Mot.
CDMO projects at the end of December
2024
|
(Number of CDMO projects) |
Phase 1 and earlier |
Phase 2 |
Phase 3 |
Commercial Phase |
Total |
| Large
molecules |
4 |
3 |
2 |
4 |
13 |
| Highly potent
molecules |
1 |
|
|
1 |
2 |
| Biochemistry
molecules derived from fermentation |
1 |
|
|
5 |
6 |
| Complex
chemical synthesis molecules |
8 |
6 |
6 |
17 |
37 |
|
Total |
14 |
9 |
8 |
27 |
58 |
Consolidated Income
Statement
|
(en € millions) |
31-Dec-24 |
31-Dec-23 |
| Net sales |
911.9 |
1,013.2 |
| Other
revenues |
7.3 |
5.7 |
|
Cost of sales |
(776.8) |
(854.3) |
| Gross
profit |
142.4 |
164.6 |
| Selling and
distribution expenses |
(37.6) |
(40.9) |
| Research and
development expenses |
(25.8) |
(29.6) |
| Administrative
and general expenses |
(89.4) |
(90.0) |
| Other
operating income and expense |
2.0 |
0.4 |
| Impairment of
assets |
(18.8) |
(226.4) |
| Restructuring
costs and similar items |
(93.1) |
(12.3) |
|
Other gains and losses, and litigation |
0.0 |
0.0 |
|
Operating income/(loss) |
(120.4) |
(234.3) |
| Financial
expenses |
(28.1) |
(10.9) |
|
Financial income |
9.0 |
2.5 |
|
Income/(loss) before tax |
(139.6) |
(242.7) |
| Income tax
expense |
9.0 |
53.0 |
| Net
income/(loss) |
(130.6) |
(189.7) |
Consolidated Balance Sheet
|
(en € millions) |
31-Dec-24 |
31-Dec-23 |
| Goodwill |
0.0 |
4.6 |
| Property, plant
and equipment |
491.3 |
468.9 |
| Right-of-use
assets |
38.0 |
37.2 |
| Intangible
assets |
38.1 |
34.2 |
| Other
non-current assets |
4.6 |
9.0 |
|
Deferred tax assets |
87.2 |
79.2 |
|
Non-current assets |
659.2 |
633.1 |
|
Inventories |
524.2 |
644.8 |
| Trade
receivables |
161.3 |
216.3 |
| Other current
assets |
44.6 |
83.7 |
| Cash and cash
equivalents |
73.0 |
34.5 |
|
Assets held for sale |
27.2 |
|
|
Current assets |
830.3 |
979.3 |
| Total
assets |
1,489.5 |
1,612.4 |
|
(en € millions) |
31-Dec-24 |
31-Dec-23 |
| Equity
attributable to owners of the parent |
983.5 |
927.7 |
|
Total equity |
983.5 |
927.7 |
| Non-current
lease liabilities |
13.2 |
15.5 |
|
Provisions |
164.4 |
158.6 |
| Other
non-current liabilities |
0.0 |
0.0 |
| Deferred tax
liabilities |
0.0 |
1.6 |
|
Non-current liabilities |
177.6 |
175.7 |
| Trade
payables |
104.9 |
159.6 |
| Other current
liabilities |
152.5 |
139.3 |
| Current lease
liabilities |
5.3 |
4.6 |
| Short-term
debt and other financial liabilities |
50.6 |
205.4 |
| Liabilities
related to assets held for sale |
15.2 |
0.0 |
|
Current liabilities |
328.4 |
508.9 |
| Total
equity and liabilities |
1,489.5 |
1,612.4 |
Consolidated Statements of Cash Flow
|
(in € millions) |
31-Dec-24 |
31-Dec-23 |
|
Net income / (loss) |
(130.6) |
(189.7) |
| Depreciation
& amortization |
76.8 |
302.9 |
| Income tax
expense |
(9.0) |
(53.0) |
| Other profit
or loss items with no cash effect and reclass of interest |
29.8 |
13.7 |
|
Operating cash flow before changes in working
capital |
(32.9) |
73.9 |
|
(Increase)/decrease in inventories |
94.0 |
(40.4) |
|
(Increase)/decrease in trade receivables |
52.2 |
48.9 |
|
Increase/(decrease) in trade payables |
(46.8) |
(52.9) |
| Net change in
other current assets and other current liabilities |
56.4 |
(24.3) |
|
Net cash provided by operating activities |
122.9 |
5.1 |
| Acquisitions
of property, plant and equipment and intangible assets |
(108.0) |
(132.8) |
| Acquisitions
of consolidated undertakings and equity-accounted investments |
|
(4.5) |
| Proceeds from
disposals of property, plant and equipment, intangible assets and
other non-current assets, net of tax |
0.0 |
- |
|
Net cash (used in) investing activities |
(108.0) |
(137.3) |
| Capital
increases |
- |
- |
| Net issuance
of perpetual subordinated notes |
197.3 |
|
| Repayment of
lease liabilities |
(5.5) |
(7.3) |
| Net change in
short-term debt |
(155.0) |
105.0 |
| Finance costs
paid |
(10.9) |
(6.1) |
| Acquisitions
and disposals of treasury shares |
(0.1) |
(0.6) |
| Other net cash
flow arising from financing activities |
0.7 |
1.2 |
|
Net cash provided by financing activities |
26.5 |
92.2 |
| |
|
|
| Impact of
exchange rates on cash and cash equivalents |
(0.6) |
0.0 |
| |
|
|
| Net
change in cash and cash equivalents |
40.7 |
(40.0) |
|
|
|
|
|
Cash and cash equivalents at beginning of
period |
34.5 |
74.5 |
|
Cash and cash equivalents at end of period |
75.2 |
34.5 |
Reconciliation of Consolidated Operating
Income (EBIT) to restated Core EBITDA
| (in €
millions) |
31-Dec-24 |
|
31-Dec-23 |
|
Operating income |
(120.4) |
|
(234.3) |
| Depreciation
and amortization |
76.8 |
|
302.9 |
|
EBITDA |
(43.6) |
|
68.6 |
| Restructuring
costs and similar items (excluding depreciation and
amortization) |
87.1 |
|
12.3 |
| Allocations
net of reversals of unutilized provisions for environmental
risks |
4.9 |
|
0.8 |
| Other |
2.0 |
|
11.5 |
| Core
EBITDA |
50.4 |
|
93.1 |
| |
|
|
|
|
Core EBITDA |
5.5% |
|
9.2% |
* *
*
1 Audit procedures on consolidated financial
statements have been performed, and the certification report on the
consolidated financial statements will be issued once the
management report has been approved by the Board of Directors and
verified by the Statutory Auditors. All comments in this press
release are made compared to FY 2023 figures unless stated
otherwise
2 Compared to 2024
3 See glossary page 9
4 January 2025
5 Market based
6 See glossary page 9
7 See appendix page 15
8 Under-activity triggered by the implementation
of FOCUS-27
9 See detailed in Consolidated Cash Flow Statement page 14
10 Compared to 2024
11 Excluding the potential costs of Haverhill and Brindisi
divestitures
12 2024 catalog sales
13 Based on RFPs received with an indication of the value
14 Growth Capex include additional capacities, and performance
- Euroapi_Press release_March 3, 2025
Euroapi (EU:EAPI)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Euroapi (EU:EAPI)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
