FINANCIAL RESULTS FIRST QUARTER 2024
PHARMA SECTOR
STATEMENT
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Past performance does not ensure future performance.
TABLE OF CONTENTS
Q1 2024 Results
- Income statement and balance sheet
- RJF stock performance
- 2024 OUTLOOK
3
Q1 2024 RESULTS | Reig Jofre's revenues grow 10% and its EBITDA 11% |
Sed ut perspiciatis
SALES
€86.4 M | 10 % |
EBITDA
€10.3 M | 11% |
- Sales figures for the first quarter of 2024 increase by 10% compared to the same period in 2023. The medical products division, Speciality Pharmacare, leads this growth, followed by Pharmaceutical Technologies.
- Revenue from outside Spain accounted for 55%. International business increased by 5%, mainly due to growth in EU countries.
- EBITDA grew 11%, with an increase in profitability, mainly from the Consumer Healthcare unit, which discontinued the distribution of certain brands in the French market to focus on its more profitable own FORTÉ PHARMA brand.
- Consolidated profit amounted to EUR 3.3m compared to EUR 3.8m in Q1 2023. The equity accounted result of the JV Syna Therapeutics in 2023 included the billing of a biosimilar development milestone during the first quarter, which is not repeated in this first quarter of 2024 but is expected throughout this year according to the development calendar.
CONSOLIDATED | |
RESULT | |
€3.3 M | Vs. 3.8 M€ |
- The growth of the consolidated result is +32% in the first quarter, excluding the temporary impact of JV Syna Therapeutics.
- Industrial investments continue, mainly in Toledo and Barcelona, amounting to
€3.3 million, during the first three months of the year. | 4 |
Q1 2024 REVENUES BY BUSINESS UNITS
PHARMACEUTICAL | SPECIALTY | |
TECHNOLOGIES | PHARMACARE | |
Antibiotics | Osteoarticular | |
Injectables / Freeze-dried products | Dermatology | |
€36.5 M 42% | €29.3 M | 34% |
+6% | +26% | |
→ Growing demand for antibiotics at pre-Covid | → Dermatology grew 28% led by Ciclo-tech® |
CONSUMER
HEALTHCARE
OTC / Energy / Stress and sleep /
Weight control / Beauty
€20.6 M -1%
24%
→ | Distribution of third-party brands was discontinued in |
levels coupled with competitors' closure of lines during the covid demand downturn, resulting in a larger market share, drives sales growth to +16%.
- Sales of injectables declined slightly due to the seasonality of the Japanese market.
- International market growth, especially European markets +23%, followed by Asia (+7%).
technology in Spain, with first sales in Portugal expected in 2H 2024.
-
Osteoarticular grew 21%, particularly in Spain
(32%) and internationally in the Czech Republic and Finland, followed by Asia. - CDMO activity increased due to the manufacture of enteral gels at the Swedish plant and dermatological products.
the French market to focus on own-brand products |
with higher international profitability. |
→ Forté Pharma's sales reached 17 million euros, +8%, in |
the first quarter of the year, and product |
diversification continues. Sleep and Energy products |
lead sales. |
→ Forté Pharma grew 12% in France and 5% in Spain, |
where it gained market share and continued to |
consolidate the brand. |
60% INTERNATIONAL38% INTERNATIONAL
69% INTERNATIONAL
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INTERNATIONAL DEVELOPMENTS
→ Spain leads growth with 17% |
versus the previous year, led |
by Specialty Pharmacare' |
sales. |
→ Other European markets, |
outside Spain, grew 8% due |
to revenues from the EU |
capacity reserve. |
SPAIN
45%
€39.0 M
+17%
DIRECT SALES
€48.9 M +0%
Rest of
EUROPE
44%
€38.4 M
+8%
Rest of Europe
7%
Rest of
WORLD
10%
€9.0 M
-6%
European Union
38%
→ Sales in the rest of the world |
declined -6%, mainly in |
Africa due to postponed |
deliveries and seasonality. |
DISTRIBUTION | LICENSING | CDMO
AGREEMENTS
€37.5 M +24%
€12 M CDMO +29% | Spain |
49% |
Asia
8%
America
1%
Africa
1%
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INVESTMENT IN BIOTECHNOLOGY
REIG JOFRE | OTHER |
10% 24%
REIG JOFRE
50% | 50% | |
- 2018: Syna Therapeutics joint venture Strategic partnership
- REIG JOFRE and Leanbio have a 50%-50% joint participation.
- Purpose: development of biosimilar products and innovative molecules.
- In 2023, Syna Therapeutics announced the licensing of its first biosimilar to Accord Healthcare and continues to move forward on schedule.
- In 2024, RJF announces the investment commitment (equity and debt) in LeanBio of 6.8MEur. Moving to a vertical integration in innovative biotech products and biosimilars
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VERTICAL INTEGRATION
STRENGTHENS ITS | CAPITALIZATION OF |
PRESENCE IN THE | KNOW-HOW and |
BIOTECHNOLOGY | EXISTING |
SECTOR | INSTALLATIONS |
FILL & FINISH | COMPLETE |
PROCESS OF | PRODUCTION OF |
FINISHED | INNOVATIVE |
PHARMACEUTICAL | BIOTECHS AND |
PRODUCT | BIOSIMILARS |
RJF's offer to the market expands from the development and production of the biological active ingredient to the
finished pharmaceutical product at REIG
JOFRE's facilities in Barcelona.
- Leanbio's facility located in Sant Quirze del Vallès, province of Barcelona, of 4,000 square meters.
- Production of biotechnology-based active ingredients and mRNA with GMP Certification.
- It is estimated that it will be operational by mid-2025.
- Gradual creation of highly skilled employment, with a team of 100 people when the plant reaches its maximum performance in 2030.
- Flexible production volume → diversified customer: European multinationals and startups.
- Integrated service: offers all phases of production, from development to industrial scale-up for the biopharmaceutical sector:
- Recombinant Proteins
- Antibodies in different expression systems
- Messenger RNA for Advanced Therapies
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INCOME STATEMENT 1Q 2024
thousands of Euros | 31/03/2024 | 31/03/2023 | V% |
Net turnover | 86,437 | 78,644 | 10% |
Procurement | -36,655 | -35,429 | |
Various exist. completed and in progress products | 2,264 | 5,100 | |
Gross margin | 52,046 | 48,315 | 8% |
Work on fixed assets | 487 | 480 | |
Other operating income | 242 | 47 | |
Staff costs | -21,305 | -19,481 | |
Other operating expenses | -21,207 | -20,117 | |
EBITDA | 10,264 | 9,243 | 11% |
Depreciation of fixed assets | -5,817 | -5,972 | |
Allocation of subsidies | 56 | 58 | |
Impairment and results on disposal of fixed assets | 0 | -7 | |
Operating results | 4,504 | 3,321 | 36% |
Financial results | -383 | -202 | |
Results of entities valuation equity method | -282 | 1,378 | |
Profit before tax from continuing operations | 3,839 | 4,498 | -15% |
Income tax expense | -576 | -675 | |
CONSOLIDATED PROFIT FOR THE YEAR | 3,265 | 3,823 | -15% |
- Turnover increased by 10% with an associated gross margin of 60%.
- Personnel costs increase by 9% due to the application in Q1 2024 of the clause for adjusting to the Consumer Price Index (CPI) for the 2020-2023 period according to the sector agreement.
- EBITDA exceeded 10 million euros, an 11% increase over the previous year, accounting for 12% of sales, a slightly higher percentage compared to the previous year.
- The result of the 50% share of profit obtained by Syna Therapeutics, SL decreased by 1.7 million euros due to the timing of billing for the fulfilment of the development milestones of the main biosimilar product under development, which continues to progress according to schedule and prevents new revenues during the rest of the 2024 fiscal year.
- Consolidated income amounted to 3.3 million euros, compared to 3.8 million euros the previous year.
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Laboratorio Reig Jofre SA published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 07:07:21 UTC.