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Galenica’s H1 2023 results matched the already-published preliminary figures. Adjusted revenue rose by 5.5%, reaching CHF 1.85 billion. EBIT declined by 5.1% owing to exceptional items. While the firm maintained its FY23 revenue and dividend outlook, the EBIT expectations were revised to the prior-year’s level. The broad-based revenue growth across segments was encouraging while the downgraded EBIT guidance was a one-off and, hence, of little concern.
Companies: Galenica AG
AlphaValue
Galenica reported softer than expected FY22 earnings, sending the stock 2.1% lower at pixel time. FY22 adjusted EBIT came in at CHF 200.8m with the margin at 5%. In spite of the earnings miss, the firm raised the FY22 dividend by 5% to CHF 2.2/share. For 2023, the firm expects both top-line and EBIT growth of 3-6%, implying 1.5%/1.75% downside vs AV/consensus, respectively. We do not expect significant changes to our estimates and re-iterate our cautious stance.
Galenica reported estimate-beating FY22 sales growth of 4.7%, driven by an uptick in Products & Care (6.4%) as well as Logistics & IT (3.6%). The former benefited from continued momentum in Pharmacies-at-home (+13.3%) and Products & Brands (+17.9%). Importantly, the sales at high-frequency locations continued to recover alongside strong demand for cough & cold medications. Galenica upgraded its FY22 EBIT growth guidance to the high end of the previous 8%-12% range, in-line with our expectations.
Galenica reported estimate-beating H1 22 numbers with sales/adjusted EBIT a respective 4.8%/2.5% ahead of consensus. H1 sales of CHF 1.96bn were up 5.5% Y-o-Y, driven by broad-based growth even though the adjusted EBIT margin declined as had been expected. Following the strong H1 growth, Galenica now expects FY22 sales growth of 2-4% and adjusted EBIT growth of 8-12%. We expect a minor upgrade to our forecasts to reflect the stronger than expected margin trajectory.
Galenica reported strong FY21 consensus-beating profit numbers. EBIT was up 26.4% to CHF213.1m, driven by the encouraging growth in both the operating segments. However, the profit growth benefited from pandemic tailwinds as well as a one-off gain on the sale of property. While the performance was encouraging, the FY 22 outlook was softer than expected, hurt by unwinding pandemic tailwinds and a slower pick-up in high frequency pharmacies. We will trim our estimates to factor in the soft outlook
Galenica reported strong FY21 sales growth of 10.2%, driven by 13.4% growth in the Products & Care segment and a 7.9% rise in Logistics & IT segment revenue. The former benefited from 29.2% growth in the online & mail-order pharmacy channel (reported as Pharmacies-at-home) and a 17.8% uptick in Products & Brands revenue. Following the strong sales update, Galenica now expects FY21 EBIT growth of 24-28%. We expect to upgrade our FY21 numbers following the trading update.
Galenica reported estimate-beating H1 21 numbers. Sales were up 9.9%, driven by the strong momentum across Logistics & IT (+7.4%) as well as Products & care (+13.6%). Of note, ‘Pharmacies at home’ revenue was up 30.9%, thanks to the surge in mail-order and online sales. Adjusted EBIT was up 21.3% with the margin at 5.5%. Following the strong H1, Galenica upgraded its FY21 outlook and now expects top-line/EBIT growth of 5-8%/10-14% respectively. We will upgrade our estimates and target price.
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.
Galenica reported strong FY20 sales (+5.4% to CHF3.48bn), trumping estimates. Growth was driven by Services (+7.8%) and Products & Brands (+9.4%), which made up for the expected softness in Retail (+2.7%). The group expects FY20 EBIT to be at the prior year’s level, and will propose a dividend of at least CHF1.8/share, as previously announced. Given the marginal top-line beat, and in line profit forecast, we do not expect any significant changes to our forecasts or target price.
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 profit estimate
Galenica reported FY19 adjusted operating profit of CHF166.9m, in line with consensus but missing our estimates. The strong profit growth in Health & Beauty (+12.1%) was partly offset by a soft performance in services (+1.1%). The company announced a dividend of CHF1.8/share. For FY20, management expects topline growth of 1-3%, adjusted operating profit growth of 3-6% and dividend at least equal to the FY19 level. We expect minor downward revisions in our estimates and target price.
Galenica reported FY 19 sales of CHF 3.3bn, +4.3%, with broad-based growth across segments – services +2.9% to CHF 2.4bn and ‘health & beauty’ segment, +6.3%, to CHF 1.6bn. Management now expects FY 19 EBIT growth to come in at 7-9% (vs 5-7% earlier) while dividend guidance (at least equal to prior year level of CHF 1.7/share) remains unchanged. Following the outperformance, we expect minor upward revisions in our estimates and target price.
Galenica reported FY 2018 revenue of CHF3,165m, up 0.8% and in line with consensus but missing our aggressive estimates. The strong growth of the health and beauty segment (H&B: revenue of CHF1,525m, up 3.1%) was partly offset by softness in the volume-driven services segment (SS: revenue of CHF2,372m, up 0.4%). Adjusted EBIT came in at CHF154.1m (ahead of consensus and in line with our estimate) with the associated margin at 4.9% (H&B: 7.2%; SS: 1.9%). A negative CHF41m impact due to the imple
Driven by strong growth momentum in each of the three medium-term strategic growth drivers (Ferinject, Veltassa and VFMCRP), Vifor Pharma reported 23.4% sales growth and 44.5% EBITDA growth in H1 18. Assuming that the positive growth momentum continues and considering that Vifor has further strengthened its nephrology portfolio, which would bolster growth in the mid/long term, we upgrade our target price by c.15%.
Vifor Pharma released a good set of FY17 results in which revenue and profitability came in ahead of our expectations. Total revenue surged by 15% (190bp above AV’s estimate vs. guidance of >10%) led by strong growth momentum in the intravenous/IV iron drug franchisee. Vifor’s flagship product ‘Ferinject/Injectafer’ grew 24.6% (c.32% of sales) on the back of robust demand in the US (+35%; c.21% of drugs sales) and Europe (+17%). Although sales for Venofer slumped 11.8% (c.8% of sales; impacted b
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Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
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