Galenica released a mixed set of H1 20 numbers: sales were up by 5.6%, while adjusted operating profits increased by an unimpressive 3% (vs consensus of +4.5%), as margins contracted by 20bp. Management upped its FY 20 growth outlook (2-5% vs 1-3% earlier), while lowering its operating profit estimates (same as the prior year’s vs 3-6% growth earlier). The dividend is still expected to be at least equal to last year’s level. We expect minor downward revisions on account of lower p
06 Aug 2020
H1 20: margin headwinds outshine growth acceleration
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H1 20: margin headwinds outshine growth acceleration
Galenica AG (0ROG:LON) | 0 0 0.0% | Mkt Cap: 2,446m
- Published:
06 Aug 2020 -
Author:
Virendra Chauhan -
Pages:
3
Galenica released a mixed set of H1 20 numbers: sales were up by 5.6%, while adjusted operating profits increased by an unimpressive 3% (vs consensus of +4.5%), as margins contracted by 20bp. Management upped its FY 20 growth outlook (2-5% vs 1-3% earlier), while lowering its operating profit estimates (same as the prior year’s vs 3-6% growth earlier). The dividend is still expected to be at least equal to last year’s level. We expect minor downward revisions on account of lower p