SKAN Group demonstrates operational strength

SKAN AG / Key word(s): Half Year Results

22-Aug-2023 / 07:00 CET/CEST

Release of an ad hoc announcement pursuant to Art. 53 LR

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

Ad hoc announcement pursuant to Art. 53 LR

SKAN Group demonstrates operational strength

  • Order intake at CHF 175.3 million, net sales increase to CHF 139.7 million.
  • Record order backlog of CHF 384.6 million gives planning security for the next two years.
  • EBITDA increased by 74% to CHF 18.6 million, EBITDA margin reaches 13%.
  • EBIT more than doubled from CHF 5.9 million to CHF 12.4 million.
  • Good progress in strategic initiatives to develop integrated process systems and increase the level of equipment standardization.
  • Services and consumables business also grew in line with strategy.
  • Confident outlook due to broad-based market growth and full project pipeline; guidance for the full year 2023 is confirmed.

Allschwil, 22 August 2023 – The SKAN Group again recorded a good business performance in the first half of 2023. The strong market development continued unabated in the first six months of the current year. Drivers are not only the general growth of the (bio)pharmaceutical market but also the shift within the industry towards more injectable drugs. In addition, there is the trend towards reshoring, meaning the relocation of drug production from Asia back to Western Europe and North America. All these developments are increasing demand for process solutions for the aseptic filling of active biopharmaceutical ingredients. Based on its leading market position, the quality and innovation level of its equipment, and its process expertise, the SKAN Group was able to benefit overproportionally from the market growth.

Record high order backlog

The SKAN Group reports an order intake of CHF 175.3 million for the first half of 2023 (H1 2022: CHF 263.3 million). After a strong catch-up effect was felt in the equipment business in the previous year – as customers increasingly invested in equipment for drugs that were put on hold during the Covid pandemic – order intake normalized at a continued high level in the first six months of 2023. Overall, the order pipeline remains well-filled. The order backlog has again increased to a record CHF 384.6 million (31.12.2022: CHF 360.1 million). This gives SKAN planning security in the equipment business for the next two years.

Net sales increased by 16 percent to CHF 139.7 million in the first half of 2023 (H1 2022: CHF 120.9 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) reached CHF 18.6 million in the first half of 2023, corresponding to an EBITDA margin of 13 percent (H1 2022: CHF 10.7 million, 9 percent). The imbalance between projects in the design phase, which still generate relatively low billable value added, and projects in value-intensive production was significantly less pronounced than in the previous year. However, the SKAN Group again expects a stronger second half of the year in 2023 in terms of value added and thus also in terms of net sales and profitability. The most important cost factors in the reporting period were the planned continued increase in personnel by almost 100 employees and expenses for standardization, which will have a positive impact on profitability in the coming years. Earnings before interest and taxes (EBIT) for the first half of 2023 amounted to CHF 12.4 million, which is more than double the CHF 5.9 million in the same period of the previous year. Profit amounted to CHF 8.7 million (H1 2022: CHF 1.1 million).

Equipment & Solutions can keep delivery times

The Equipment & Solutions segment recorded order intake of CHF 128.2 million in the first half of 2023 (H1 2022: CHF 226.3 million). In addition to the good order intake for isolator solutions, an important major order in the traditional trading business with laboratory equipment is also worth mentioning. Net sales increased by 14 percent to CHF 103.1 million (H1 2022: CHF 90.2 million). The Equipment & Solutions segment thus accounted for 74 percent of the SKAN Group’s total revenue.

At 1.2, the book-to-bill ratio in the reporting period was still above 1, but below the previous year’s value of 2.5. The development of sales is thus keeping better pace with incoming orders, which means that delivery times for customers are not getting any longer. This is not least due to the fact that customers are increasingly ordering similarly designed systems, which reduces production times. The bottlenecks in the supply chain eased noticeably in the first half of 2023. Although delivery times remain unusually long, certain critical components are now more readily available again and agreed delivery deadlines are generally being met.

Segment EBITDA roughly doubled in the first half of 2023, from CHF 4.8 million in the prior-year period to CHF 9.5 million, resulting in an EBITDA margin of 9 percent. The margin improvement is in particular due to the more balanced distribution of projects across the various project phases. SKAN again spent a significant amount, around 7 percent of Group sales, on its strategic initiatives in the area of integrated process systems and standardization, as well as on general research and development activities. For the standardization initiative, the SKAN Group has assigned a dedicated team. Both projects are developing according to plan.

Services & Consumables posts significant growth

The Services & Consumables segment achieved a 27 percent increase in order intake to CHF 47.1 million in the first half of 2023. Net sales increased by 20 percent to CHF 36.7 million and EBITDA amounted to CHF 9.1 million, corresponding to an EBITDA margin of 25 percent.

In addition to the steady expansion of the installed base of SKAN equipment, which requires regular maintenance, requalification and spare parts, the increase was driven by higher sales of AT-Closed Vials®. There are now five drugs on the market that are filled using the automated closed vial process solutions of the Belgian subsidiary Aseptic Technologies. The expectation that the commercialization of new drugs will increase the consumption of AT-Closed Vials® and thus the volume in the Services & Consumables segment has been confirmed. The development pipeline of drugs to be filled in AT-Closed Vials® is in the range of approximately 400 active ingredients. Accordingly, the sales volume is likely to increase further in the future. Against this background, the SKAN Group increased its stake in Aseptic Technologies by 5 percent to 85 percent as planned at the beginning of May 2023. According to the contractual agreement with the co-owner Wallonie Entreprendre, SKAN will take over a further tranche of 5 percent by 2026 at the latest.

The SKAN Group made good progress in the first half of 2023 with its pre-approved services project, which will also contribute to the expansion of the services business in the future.

Solid equity base

The Pre-Approved Services project was also a focus of investments, which totaled CHF 10.2 million in the first half of 2023 (H1 2022: CHF 15.7 million). Cash flow was negative at CHF -13.1 million, particularly as loans were repaid and the dividend distributed. In addition, inventories of critical components continued to be held at a higher level than usual in order to avoid supply shortages. Due to the improved situation in the supply chain, inventories are expected to normalize over time.

SKAN Group’s equity amounted to CHF 162.0 million as of June 30, 2023, which corresponds to a very solid equity ratio of 41% (31.12.2022: CHF 165.6 million, 43%).

Outlook and Guidance

The SKAN Group assumes that demand momentum in its market will continue at a high level. The underlying growth of the global (bio)pharmaceutical market and the reinforcing trend towards injectable drugs will continue. An analysis of the customers’ research pipelines shows that three quarters of the drugs in development are now designed for an injectable dosage form. Other market drivers include the shift from traditional cleanrooms to the state-of-the-art isolator technology and the reshoring of pharmaceutical production.

Against this backdrop, demand for SKAN’s equipment, services and consumables will continue, as evidenced by the well-filled order pipeline. To accommodate the strong growth, SKAN Group will – besides North America – further expand production capacity at the existing sites in Switzerland and Germany. SKAN Group expects the second half of 2023 to be even stronger than the first half in terms of net sales and profitability. Accordingly, the SKAN Group confirms its targets for the current year: At net sales level, an increase in the mid to upper teens is expected, with both the Equipment & Solutions and Services & Consumables segments likely to grow at a similar rate. The EBITDA margin is expected between 13 and 15 percent.


Consolidated key figures


in thousand CHF   1st half 2023
or 30.06.2023
in % of
net sales
  1st half 2022
or 31.12.2022
in % of
net sales
  change in %
Key figures SKAN Group                
Order intake   175’303     263’270     -33.4%
Order backlog   384’576     360’086     6.8%
Net sales from goods and services   139’738     120’894     15.6%
EBITDA   18’595 13.3%   10’679 8.8%   74.1%
EBIT   12’401 8.9%   5’874 4.9%   111.1%
Profit for the period   8’745 6.3%   1’115 0.9%   684.3%
Net working capital (NWC)   -16’994     -12’808     -32.7%
Return on capital employed (ROCE)   6.7%     3.0%     123.7%
Investments   10’176     15’683     -35.1%
Equity   162’027     165’595     -2.2%
Equity ratio   40.8%     42.6%     -4.2%
Cash flow from operating activities   -4’967     26’875     -118.5%
Cash flow from investing activities   7’534     -56’096     -113.4%
Cash flow from financing activities   -15’242     -1’927     nm
Headcount   1’269     1’172     8.3%
Segment key figures                
Equipment & Solutions                
Order intake   128’228     226’303     -43.3%
Order backlog   349’505     332’748     5.0%
Net sales from goods and services   103’075     90’203     14.3%
EBITDA   9’524 9.2%   4’782 5.3%   99.2%
Service & Consumables                
Order intake   47’075     36’967     27.3%
Order backlog   35’071     27’338     28.3%
Net sales from goods and services   36’664     30’690     19.5%
EBITDA   9’071 24.7%   5’897 19.2%   53.8%
Stock key figures                
Registered shares   22’483’524     22’483’524     0.0%
Earnings per share (in CHF)   0.35     -0.02     nm


Conference Call and Audio Webcast

Thomas Huber, CEO, and Burim Maraj, CFO, will explain the 2023 half-year results and provide an outlook for the current financial year in two conference calls and audio webcasts today. Afterwards, they will be available for questions.

One conference call and one audio webcast will be held in German and English respectively:

Conference call and audio webcast in German

Tuesday, 22 August 2023, 10:00 a.m. (CEST)

To participate in the conference call, you can register here. After registration you will receive a confirmation e-mail with individual dial-in data. As a participant in the telephone conference, you can follow the presentation here.

The presentation will be broadcast as a live audio webcast. To access, please use this link. Questions can be asked via the chat function. A replay will be available at the same link.

Conference call and audio webcast in English

Tuesday, 22 August 2023, 2:00 p.m. (CEST)

To participate in the conference call, you can register here. After registration you will receive a confirmation e-mail with individual dial-in data. As a participant in the telephone conference, you can follow the presentation here.

The presentation will be broadcast as a live audio webcast. To access, please use this link. Questions can be asked via the chat function. A replay will be available at the same link.

For questions about the conference call or the audio webcast, or if you have any problems with the link, please contact Thomas Balmer,, +41 79 703 87 28.

Download Links:

>> Half-Year Report 2023

>> Presentation Half-Year Results 2023




Thomas Balmer,, +41 79 703 87 28

Alexandre Müller,, +41 79 635 64 13

Financial calendar:

26 March 2024
7 May 2024
Publication annual results 2023
Annual General Meeting 2024


SKAN – together always one step ahead

SKAN is a pioneer in the field of aseptic and aseptic-toxic manufacturing processes for the (bio)pharmaceutical industry. The company is the market and technology leader for high-quality, process-critical isolator systems for filling drugs according to strict sterility standards. In addition, the company offers its customers process support, services and consumables. Innovative solutions and an efficient life-cycle support organization make SKAN an important partner for the pharmaceutical and biotech industry, CMOs (Contract Manufacturing Organizations) and research laboratories worldwide. Founded in 1968, SKAN today employs over 1170 people. More than half of them work at the Allschwil headquarters in the Life Sciences Hub of the Basel region. The other employees are located among the subsidiaries in Switzerland, Germany, Belgium, Japan and the USA.

End of Inside Information

show this