Guerbet : Revenue at 30 June 2018

26.07.2018 18:00

Guerbet is reporting revenue of €389.6M for the first half of 2018, down 4.3% due to a highly unfavourable currency effect representing €26.1M. At constant exchange rates (CER), the Group's revenue increased 2.1% to €415.7M.

Consolidated Group revenue (IFRS)

In millions of euros at June 30	Change (%)	2018 at current exchange rates	Change (%)	2018 at constant exchange rates	Published 2017
Sales in Europe	-9.2%	173.3	-7.5%	176.5	190.9
Sales in Other Markets	0.0%	216.3	10.6%	239.2	216.2
Total 1st half revenue	-4.3%	389.6	+2.1%	415.7	407.1

In Europe, business was down 7.5% (at CER). This trend, generally in line with the Group's expectations, was seen primarily in France and Germany, the two main countries affected by the arrival of Dotarem® generics.

In Other Markets, the unfavourable currency effect represented €22.9M (mainly Brazil and US). At CER, there was double-digit revenue growth (10.6%) to €239.2M for the first half of the year.

At constant exchange rates, the Diagnostic Imaging business for the first half of the year was down 1.5% (compared with the first half of 2017) at €367.4M:

• In MRI, revenue totalled €138.2M, compared with €137.7M in the first half of 2017. The impact of the arrival of Dotarem generics in Europe and some Asian countries is partly offset by the gradual shift from linear gadolinium-based products to macrocycles. In this context, Dotarem sales were resilient while Optimark® sales have waned.
• On the CT/Cath Labsegment, revenue totalled €187.6M, down 3.5%. This decrease is mainly due to Optiray®. It is the consequence of an unfavourable base effect compared with the first half of 2017 and the end-of-year destocking. In addition, this product underwent a change of distributor in China in early 2018, offering a lower selling price but no contribution to marketing costs, resulting in a negative but ultimately margin-neutral impact on revenue.
• In the Injection Systems and Services(ISS) segment, Group sales are globally stable at €42.1M, compared with €41.4M in same period in 2017.

Still at CER, the Interventional Imaging business led to a 27.7% increase in revenue to €31.0M. This good performance has to be compared with the supply difficulties that affected the first nine months of the 2017 financial year.

Guerbet confirms the objective of stable revenue at constant exchange rates in 2018.

Read the full press release

Upcoming events:

Publication of first-half consolidated financial statements at 30 June 2018

25 September 2018, after trading