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Vision of two separate listed companies now a reality

  • 07 Apr 17

Galenica Group released FY16 results broadly in line with market consensus. The reported revenue increased by 8.6% (vs FY15: +11% yoy), largely driven by strong growth momentum in the Vifor Pharma business (+24.8% vs FY15: +36.9%; c.27% of FY16 sales). Within Vifor, the primary growth contributor was Ferinject/Injectafer (+39.3% vs FY15: +33.2%; c.30% of segment sales), led by the robust development in the US and Europe. Sales for Mircera reached CHF328.6m (vs CHF206.8m for seven months in FY15; c.28% of segment sales) on the back of patient share gains in Fresenius Medical Care’s ‘FMC’ dialysis centre. Despite a milder flu season, the Galenica Sante business performed fairly well (+3.2% vs FY15: +3.9%; c.73% of FY16 sales), underpinned by new customer acquisitions and range expansion in the services business (+3.8% vs FY15: +3.4%; c.62% of segment sales). However, growth decelerated in the Health & Beauty ‘H&B’ segment (+3.1% vs FY15: +7.7%; c.38% of segment sales) due to a challenging environment in the Swiss pharmacy market. The EBIT margin slumped by 19.8% (EBIT margin: 8.8% vs FY15: 11.9%), primarily due to the dilutive impact of the Relypsa acquisition (deal completed in September 2016). Net profit (after deduction of minority) was also down 19.1%. The board has proposed a dividend of CHF20 per share (vs FY15: CHF18) for the year. For FY17, management expects Vifor Pharma’ revenue and EBITDA (excluding the launch and ramp-up costs of Veltassa of c.CHF260m) to increase by a high single-digit and mid-to-high single-digit, respectively. Also, the dividend per share is expected to be at the same level until FY19 as FY16 (CHF20 per share). For FY20, Vifor targets revenue in excess of CHF2bn and EBITDA in a high triple-digit range. Moreover, the dividend payout ratio is targeted at 35% of net income. Note that Galenica Group has sold its entire stake in Galenica Sante through an IPO (listing on 7 April 2017). The name of Galenica Group will be changed to ‘Vifor Pharma Group’ post shareholders’ approval at the AGM in May 2017.