Q1 19 top-line performance came in marginally better than our expectations, but was weak nevertheless, due to the generic erosion of Onfi and Sabril. The core portfolio (except for Northera) mitigated some of the weakness, though. Weakness at the top-line was worsened by higher costs, thereby squeezing margins — core EBIT margin fell to 33.3% vs 39.6% in Q1 18. The guidance range for the top-line was narrowed, but we do not take on-board much optimism yet.
13 May 2019
Weak Q1 19 and nothing to cheer yet
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Weak Q1 19 and nothing to cheer yet
Q1 19 top-line performance came in marginally better than our expectations, but was weak nevertheless, due to the generic erosion of Onfi and Sabril. The core portfolio (except for Northera) mitigated some of the weakness, though. Weakness at the top-line was worsened by higher costs, thereby squeezing margins — core EBIT margin fell to 33.3% vs 39.6% in Q1 18. The guidance range for the top-line was narrowed, but we do not take on-board much optimism yet.