Following the Q4 17 trading update, bioMerieux released its FY17 results which were largely in line with our estimates. On sales growth of 8.8% (+10.2% at CER; c.2x market growth), the adjusted operating profit increased by 12.4% (€335m; c.1% above AV’s estimate), benefiting from strong volume growth and an improvement in the product mix. While financial charges remained stable yoy, lower than expected tax expenses (US tax reforms resulted in a €30m non-recurring/non-cash bene
16 Mar 2018
FX and R&D lower FY18 outlook
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FX and R&D lower FY18 outlook
Following the Q4 17 trading update, bioMerieux released its FY17 results which were largely in line with our estimates. On sales growth of 8.8% (+10.2% at CER; c.2x market growth), the adjusted operating profit increased by 12.4% (€335m; c.1% above AV’s estimate), benefiting from strong volume growth and an improvement in the product mix. While financial charges remained stable yoy, lower than expected tax expenses (US tax reforms resulted in a €30m non-recurring/non-cash bene