APONTIS PHARMA expects profitable growth again in 2024
- Total sales 2023 of EUR 37.0 million exceed reduced forecast of EUR 36.1 million (2022: EUR 55.7 million)
-
EBITDA 2023 at EUR -7.7 million before restructuring expenses (forecast: EUR -8.6 million before restructuring expenses)
-
One-off restructuring expenses of EUR 5.6 million at the lower end of planning (EUR 5.0 million to EUR 8.0 million); no further charges in financial year 2024
-
New launch of an additional four Single Pill combinations planned for financial year 2024
-
Forecast for 2024: sales expected to increase to EUR 41.7 million and positive EBITDA of EUR 1.8 million
Monheim / Rhein, 28 March 2024. APONTIS PHARMA AG (Ticker APPH / ISIN DE000A3CMGM5), a leading pharmaceutical company specializing in Single Pill combinations in the German market, today presented its 2023 annual report. With consolidated sales of EUR 37.0 million (2022: EUR 55.7 million), the forecast adjusted in November 2023 of EUR 36.1 million was slightly exceeded. The 2023 decline in sales in the Single Pill combination business is attributable in particular to health insurance tenders and supply difficulties for the product Atorimib, while the cooperation business was mainly impacted by a co-marketing agreement that expired in 2022. The forecast EBITDA before restructuring expenses was also slightly exceeded at EUR -7.7 million. With one-off restructuring expenses of EUR 5.6 million at the lower end of the forecast (forecast: EUR 5.0 million to EUR 8.0 million), EBITDA amounted to EUR -13.3 million (2022: EUR 5.6 million). APONTIS PHARMA closed the 2023 financial year with a consolidated net loss of EUR 11.3 million (2022: consolidated net income of EUR 2.7 million).
With a loss-related decline in the equity ratio to 52.7% (2022: 69.4%), APONTIS PHARMA has sufficient net liquidity of EUR 20.8 million (2022: EUR 36.3 million) to finance the already commissioned and planned product developments as well as the planned return to growth.
Bruno Wohlschlegel, Chief Executive Officer of APONTIS PHARMA AG: “The 2023 financial year was characterized by significant changes for APONTIS PHARMA. Despite a decline in sales and a negative result, we see ourselves strengthened for the future after successfully implementing our performance and efficiency improvement program. Single Pill combinations are recommended as the preferred treatment in the relevant national and international guidelines. As the market leader in the expanding market for Single Pill combinations, our goal for 2024 is to return to profitable growth.”
Performance and efficiency improvements for future growth
Following a decline in sales and earnings, APONTIS PHARMA presented an extensive performance and efficiency improvement program in fall 2023 on the basis of a comprehensive analysis in order to put the Company back on course for growth and profitability by improving its operational strength while at the same time reducing sales forces no longer required. With the new go-to-market strategy launched on 1 March 2024 and the new sales organization, APONTIS PHARMA is focusing on marketing individual Single Pill combinations while simultaneously increasing its contact reach with relevant physicians that have a high prescription potential. Personal customer contact is supported and supplemented by comprehensive dialog marketing. The efficiency program led to one-off expenses of EUR 5.6 million in the reporting period, which were at the lower end of expectations. The expected annual savings are around EUR 6.5 million.
Forecast
Following the successful implementation of the performance and efficiency improvement program earlier than planned, APONTIS PHARMA has laid the foundations for future profitable growth in Single Pill combinations. This development is supported by the improved supply situation for the product Atorimib. Accordingly, the Company expects the new go-to-market strategy to increase total sales by 12.9% to EUR 41.7 million in the 2024 financial year. With an increase in sales of 40.3%, the Single Pill combinations are expected to compensate for the decline in the cooperation business. Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected at EUR 1.8 million driven by sales and a simultaneously reduced cost base.
Bruno Wohlschlegel continued: “APONTIS PHARMA’s new go-to-market strategy launched on 1 March 2024. Our newly structured sales force is targeting physicians with high prescription potential for specific Single Pill combinations and their respective application possibilities. We are convinced that both our existing Single Pill portfolio and our new products will benefit from this. As such, we launched our 15th Single Pill combination on the German market in March and continue to see considerable growth potential for Single Pill combinations from APONTIS PHARMA. In the current financial year, we are planning to expand our portfolio to 18 Single Pill combinations with the market launch of three further new products.”
Group figures
| in EUR million | | 2023 | | 2022 | | ∆ |
| Single Pill revenue |
|
25.6 |
|
36.5 |
|
-29.8% |
| Total sales |
|
37.0 |
|
55.7 |
|
-33.7% |
| EBITDA |
|
-13.3 |
|
5.6 |
|
n/a |
| EBITDA margin (in %) |
|
-35.9% |
|
10.0% |
|
n/a |
| EBIT |
|
-15.2 |
|
3.8 |
|
n/a |
| EBIT margin (in %) |
|
-41.0% |
|
6.8% |
|
n/a |
| Net result |
|
-11.3 |
|
2.7 |
|
n/a |
| Equity ratio (in %) |
|
52.7% |
|
69.4% |
|
-1,670 Bps. |
| Net liquidity |
|
20.8 |
|
36.3 |
|
-42.3% |
Note: Rounding differences can occur.
Webcast/teleconference:
CEO Bruno Wohlschlegel, CPO Thomas Milz, and CFO Thomas Zimmermann will explain the results of the 2023 financial year and the outlook for 2024 in a webcast presentation today, 28 March 2024, at 11:30 CET. The presentation will be held in English.
Please register in advance to participate at:
APONTIS PHARMA 2023 financial year – Webcast/Conference Call.
The accompanying presentation will also be available on the Company’s website before it begins.
The 2023 Annual Report of APONTIS PHARMA AG is available on the Company‘s website at apontis-pharma.de/en/investor-relations.
Additional information:
Information on upcoming events can be found at apontis-pharma.de/en/financial-calendar and the latest analyst assessments at apontis-pharma.de/en/share-price.
Condensed Group Income Statement
| in EUR million | | 2023 | | 2022 | | ∆ |
| Sales |
|
37.0 |
|
55.7 |
|
-18.7 |
| Other operating income |
|
1.7 |
|
2.6 |
|
-0.9 |
| Cost of materials |
|
-13.8 |
|
-20.7 |
|
6.9 |
| Personnel expenses |
|
-24.6 |
|
-17.7 |
|
-6.9 |
| Depreciation and amortization |
|
-1.9 |
|
-1.8 |
|
-0.1 |
| Other operating expenses |
|
-13.5 |
|
-14.4 |
|
0.9 |
| Operating result |
|
-15.1 |
|
3.7 |
|
-18.8 |
| Financial result |
|
0.2 |
|
0.0 |
|
0.2 |
| Result before taxes |
|
-14.9 |
|
3.7 |
|
-18.6 |
| Taxes on income and earnings |
|
3.6 |
|
-1.1 |
|
4.7 |
| Result after taxes |
|
-11.3 |
|
2.7 |
|
-14.0 |
| Other taxes |
|
0.0 |
|
0.0 |
|
0.0 |
| Group result for the period | | -11.3 | | 2.7 | | -14.0 |
Note: Rounding differences can occur.
Condensed Consolidated Statement of Financial Position
| in EUR million | | 31 Dec. 2023 | | 31 Dec. 2022 | | ∆ |
| Assets |
|
|
|
|
|
|
| Fixed assets |
|
18.4 |
|
17.0 |
|
1.4 |
| Inventories |
|
6.6 |
|
3.1 |
|
3.5 |
| Receivables |
|
1.7 |
|
2.9 |
|
-1.2 |
| Cash on hand and bank balances |
|
26.8 |
|
36.3 |
|
-9.5 |
| Prepaid expenses and deferred charges | |
0.5 |
|
0.4 |
|
0.1 |
| Deferred tax assets | |
3.5 |
|
0.0 |
|
3.5 |
| | |
|
|
|
|
|
| Liabilities | |
|
|
|
|
|
| Equity | |
30.2 |
|
41.6 |
|
-11.4 |
| Difference from capital consolidation | |
0.6 |
|
0.6 |
|
0.0 |
| Provisions | |
15.2 |
|
11.5 |
|
3.7 |
| Bank liabilities | |
6.0 |
|
0.0 |
|
6.0 |
| Liabilities | |
5.4 |
|
6.1 |
|
-0.7 |
| | |
|
|
|
|
|
| Balance sheet total | | 57.5 | | 59.9 | | -2.4 |
Note: Rounding differences can occur.
Condensed Group Statement of Cash Flows
| in EUR million | | 2023 | | 2022 | | ∆ |
| Cash flow from operating activities |
|
-12.6 |
|
11.0 |
|
-23.6 |
| Cash flow from investing activities |
|
-2.9 |
|
-2.7 |
|
-0.2 |
| Cash flow from financing activities | |
6.0 |
|
-1.8 |
|
7.8 |
| | |
|
|
|
|
|
| Net cash flow | | -9.5 | | 6.5 | | -16.0 |
Note: Rounding differences can occur.
About APONTIS PHARMA:
APONTIS PHARMA AG is a leading pharmaceutical company specializing in Single Pill combinations in Germany. Single Pills combine two to three generic active ingredients in a single dosage form administered once a day. Single Pill therapies have been scientifically proven to significantly improve the treatment prognosis and quality of life of patients while reducing complications, mortality, and treatment costs. Consequently, Single Pill combinations are the preferred treatment option in numerous international treatment guidelines, including in the EU and Germany. APONTIS PHARMA has been developing, promoting, and distributing a broad portfolio of Single Pill combinations and other pharmaceutical products since 2013, with a special focus on cardiovascular diseases such as hypertension, hyperlipidemia, and secondary prevention. For additional information about APONTIS PHARMA, please visit www.apontis-pharma.de.
APONTIS PHARMA AG
Investor Relations
ir@apontis-pharma.de
T: +49 2173 89 55 4900
F: +49 2173 89 55 1521
Alfred-Nobel-Str. 10
40789 Monheim / Rhein
Germany
apontis-pharma.de
APONTIS PHARMA Press Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
ir@apontis-pharma.de
T: +49 89 125 09 0330
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