Galenica reported largely in line FY20 earnings even though it beat its own profit growth guidance (+1% vs 0% guidance). As expected, the profit growth was attributable to the services segment. The board will propose an unchanged dividend of CHF1.8/share.
For FY21, management expects 1-3% top-line growth and 2-5% adjusted EBIT growth, both marginally lower than estimates. We expect to trim our estimates, to factor in the relatively softer guidance.
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FY20 earnings: no surprises
Galenica reported largely in line FY20 earnings even though it beat its own profit growth guidance (+1% vs 0% guidance). As expected, the profit growth was attributable to the services segment. The board will propose an unchanged dividend of CHF1.8/share.
For FY21, management expects 1-3% top-line growth and 2-5% adjusted EBIT growth, both marginally lower than estimates. We expect to trim our estimates, to factor in the relatively softer guidance.