Dermapharm Holding SE: Dermapharm Holding SE’s revenue exceeds one billion for the first time

EQS-News: Dermapharm Holding SE

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Dermapharm Holding SE: Dermapharm Holding SE’s revenue exceeds one billion for the first time
14.03.2023 / 07:30 CET/CEST

The issuer is solely responsible for the content of this announcement.

Dermapharm Holding SE’s revenue exceeds
one billion for the first time

» Consolidated revenue up 8.7 % year on year to EUR 1,025 million

» Adjusted consolidated EBITDA increases by 2.5 % to EUR 360 million

» Adjusted consolidated EBITDA margin: 35.1%

» Broad product portfolio drives success

» Revenue expected to continue growing in 2023

Grünwald, 14 March 2023 – Dermapharm Holding SE (“Dermapharm”), a rapidly growing manufacturer of branded pharmaceuticals, today published its unaudited preliminary consolidated figures (IFRS) for financial year 2022. Despite the difficult macroeconomic environment, Dermapharm succeeded in maintaining its growth trajectory. The resilient product portfolio and adept marketing efforts coupled with highly-efficient production processes in Germany and Europe helped to boost the Group’s performance in 2022.

Consolidated revenue increased by 8.7% to EUR 1,025 million in financial year 2022 (previous year: EUR 943 million). Adjusted for non-recurring items, consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 2.5% year on year to EUR 360 million, with the adjusted EBITDA margin at 35.1% (previous year: EUR 351 million and margin of 37.2%). Unadjusted consolidated EBITDA declined by 6.5% to EUR 331 million in the reporting period, and the EBITDA margin amounted to 32.3% (previous year: EUR 354 million and margin of 37.6%). As in previous years, significant adjustments related to expenses for non-recurring costs in connection with acquisitions and share purchases, restructuring costs, impairment losses and effects relating to purchase price allocation.

“In light of the highly complex macroeconomic challenges in 2022, such as the war in Ukraine, the energy crisis and rising inflation, we closed the 2022 financial year on a high note with an EBITDA margin of well over 30%. This is proof that our business model works even when times are tough and also convincingly demonstrates how resilient we have become. Despite obvious cost pressure and strained supply chains, we can look back and say that 2022 was successful overall,” said Dr Hans-Georg Feldmeier, Chairman of the Board of Management of Dermapharm Holding SE.

Growth in financial year 2022 was driven by Dermapharm’s broadly diversified product portfolio. Compounds such as Dekristol®, Ampho-Moronal®, Myditin®, Tromcardin® and Keltican® performed particularly well in financial year 2022. Also of note is the significantly improved performance of our subsidiaries abroad. In addition, the newly acquired companies in the “Herbal extracts” segment likewise contributed to revenue and earnings growth.

The COVID-19 pandemic and the associated protective measures significantly impacted the economy and society over the past few years. According to the World Health Organisation (WHO), the global COVID-19 situation has now improved significantly. In Europe, the pandemic is now very likely becoming endemic, but will nevertheless need to be monitored closely.

“In connection with the pandemic, vaccine production also led to non-recurring effects in 2022 that will not continue to the same extent. However, by acquiring Arkopharma, we succeeded in transferring this positive non-recurring effect into sustainable revenue and earnings growth while at the same time significantly expanding our portfolio of food supplements as well as our market presence in western and southern Europe,” said Dr Feldmeier.

The Board of Management expects consolidated revenue to amount to between EUR 1,080 and 1,110 million in financial year 2023. Adjusted consolidated EBITDA is forecast at between EUR 300 and 310 million.

Dermapharm will publish its final audited figures for financial year 2022 along with its complete 2022 annual report on 28 March 2023.

IFRS financial figures compared to the previous year (preliminary)

EUR million 2022 2021 Change
Consolidated revenue 1,025 943 +8.7%
Adjusted consolidated EBITDA* 360 351 +2.5%
Adjusted EBITDA margin* (%) 35.1 37.2 -2.1 pp
Consolidated EBITDA 331 354 -6.5%
EBITDA margin (%) 32.3 37.6 -5.3 pp

* 2022 EBITDA was adjusted for non-recurring expenses amounting to EUR 28.4 million.
 2021 EBITDA was adjusted for non-recurring expenses amounting to EUR -3.3 million.

Company profile

Dermapharm – Pharmaceutical Excellence “Made in Germany”

Dermapharm is a rapidly growing manufacturer of branded pharmaceuticals. Founded in 1991, the Company is based in Grünwald near Munich. The Company’s integrated business model comprises in-house development, production and the distribution of brand-name products by a trained pharmaceutical sales force. In addition to its main location in Brehna near Leipzig, Dermapharm also operates other production, development and distribution locations in Europe (primarily in Germany) and the United States.

In the “Branded pharmaceuticals and other healthcare products” segment, Dermapharm has more than 1,200 marketing authorisations with more than 380 active pharmaceutical ingredients. Dermapharm’s portfolio of pharmaceuticals, medical devices and food supplements are tailored to selected therapeutic areas in which the Company is a market leader, especially in Germany.

In the “Herbal extracts” segment, Dermapharm can tap the expertise of the Spanish company Euromed S.A., a leading global manufacturer of herbal extracts and plant-based active ingredients for the pharmaceuticals, nutraceuticals, foodstuffs and cosmetics industries. At the beginning of 2022, the segment was expanded to include Germany-based C³ Group, which develops, manufactures and markets synthetic cannabinoids. C³ Group is the market leader for dronabinol in Germany and Austria. In January 2023, the segment was expanded to include Arkopharma, the market leader for herbal medicines and food supplements in France.

Dermapharm’s business model also includes the “Parallel import business” segment that operates under the “axicorp” brand. Based on revenue, axicorp was among the top four parallel import companies in Germany in 2022.

With a consistent R&D strategy and numerous successful product and company acquisitions and by stepping up its internationalisation efforts, Dermapharm has continuously optimised its business over the past 30 years and sought external growth opportunities in addition to organic growth. Dermapharm is firmly committed to continuing on this profitable growth course in the future.

Contact

Investor Relations & Corporate Communications
Britta Hamberger
Tel.: +49 (0)89 – 64186-233
E-mail: ir@dermapharm.com


14.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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