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OFFON

DERMAPHARM HOLDING SE

(DMP)
  Report
Delayed Quote. Delayed Xetra - 09/24 11:35:10 am
85.6 EUR   -1.44%
09/22DERMAPHARM : Buy rating from Berenberg
MD
09/10DERMAPHARM : Berenberg maintains a Buy rating
MD
09/07DERMAPHARM : publishes H1 2021 report, confirms outlook for 2021 overall
EQ
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

PRESS RELEASE: Dermapharm Holding SE: accelerated EBITDA growth in Q1 2021

05/18/2021 | 01:32am EDT
DGAP-News: Dermapharm Holding SE / Key word(s): Quarter Results 
Dermapharm Holding SE: accelerated EBITDA growth in Q1 2021 
2021-05-18 / 07:30 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Dermapharm Holding SE: accelerated EBITDA growth in Q1 2021 
- Consolidated revenue up 10.2% to EUR 212.2 million 
- Adjusted consolidated EBITDA rises 28.9% to EUR 63.7 million 
- Sustained high demand for products to strengthen the immune system 
- Vaccine production at Allergopharma GmbH & Co. KG off to a successful start 
- Board of Management confirms outlook for 2021 overall 
Grünwald, 18 May 2021 - Dermapharm Holding SE ("Dermapharm"), a rapidly growing manufacturer of branded 
pharmaceuticals, today publishes its results for the first three months of 2021. In the first quarter of financial year 
2021, the Company lifted its consolidated revenue by 10.2% to EUR 212.2 million (Q1 2020: EUR 192.5 million). Adjusted 
earnings before interest, taxes, depreciation and amortisation (EBITDA) also rose, climbing by 28.9% to EUR 63.7 
million (Q1 2020: EUR 49.4 million). This translates into a year-on-year improvement in the adjusted EBITDA margin by 
4.3 percentage points to 30.0%. Unadjusted EBITDA amounted to EUR 62.8 million and the unadjusted EBITDA margin was 
29.6%. 
Dermapharm successfully extended its growth trend in the first quarter of the new financial year. "We got off to a 
successful start in 2021 and, despite the ongoing lockdown, managed to top our performance in the exceptionally strong 
first quarter of the previous year, which had been caused by stockpiling at the beginning of the COVID-19 pandemic. 
This was driven primarily by the additional revenue and earnings contributions from Allergopharma GmbH & Co. KG, which 
had not been included in the first quarter of the previous year, as well as vaccine production at mibe GmbH 
Arzneimittel in Brehna in cooperation with BioNTech SE, and the sustained high demand for our products to bolster the 
immune system - especially for our Vitamin D compound Dekristol^(R)", said Dr Hans-Georg Feldmeier, Chairman of the 
Board of Management of Dermapharm Holding SE. 
Revenue in the "Branded pharmaceuticals and other healthcare products" segment amounted to EUR 130.3 million in the 
first three months of 2021, representing a 22.7% increase (Q1 2020: EUR 106.2 million). Adjusted EBITDA also improved 
sharply during the same period, by 34.6% to EUR 58.8 million (Q1 2020: EUR 43.7 million). The adjusted EBITDA margin 
was 45.1% (Q1 2020: 41.1%). This increase was caused by the continued high demand for products to strengthen the immune 
system in the therapeutic area of vitamins/minerals/food supplements, the revenue and earnings contribution from 
Allergopharma, and vaccine production at mibe GmbH Arzneimittel's facilities. 
In the "Herbal extracts" segment, revenue rose by 5.8% to EUR 20.0 million in the first quarter of 2021 (Q1 2020: EUR 
18.9 million). As demand for herbal extracts continues to rise around the world, Euromed benefited from an increase in 
incoming orders from individual wholesalers and a rise in market prices. Taking into account the negative result (EUR 
-1.0 million; Q1 2020: EUR -0.9 million) from the investment in the FYTA Group, which was accounted for using the 
equity method, adjusted EBITDA rose by 41.0% to EUR 5.5 million (Q1 2020: EUR 3.9 million). Consequently, the adjusted 
EBITDA margin also improved by 6.9 percentage points to 27.5% (Q1 2020: 20.6%). 
Revenue in the "Parallel import business" segment fell by 8.3% to EUR 61.9 million in the reporting period (Q1 2020: 
EUR 67.5 million). The revenue decline resulted from a general sustained drop in demand throughout the parallel imports 
market overall, which could not be offset by increasing revenue from re-imported narcotics and medicinal cannabis. 
EBITDA declined by an above-average 66.7% to EUR 1.0 million (Q1 2020: EUR 3.0 million). The EBITDA margin declined 
accordingly from 4.4% in the first quarter of the previous year to 1.6%. In particular, the increased participation in 
health insurance discount agreements following the entry into force of the German Act for More Safety in the Supply of 
Pharmaceuticals (Gesetz für mehr Sicherheit in der Arzneimittelversorgung, "GSAV") led to an immediate deterioration of 
the margin. 
In light of the positive business development in the first quarter, Dermapharm is pleased to confirm its outlook for 
2021. The Board of Management continues to expect organic growth in consolidated revenue by 24% to 26% and in adjusted 
consolidated EBITDA by 45% to 50%. 
The full interim statement for Q1 2021 is available from today at https://ir.dermapharm.de. 
Q1 2021 financials vs. prior year 
(excluding division reconciliation/Group holding company) 
EUR million                                           Q1/2021 Q1/2020  Change 
 
Consolidated revenue                                    212.2   192.5   10.2% 
Branded pharmaceuticals and other healthcare products   130.3   106.2   22.7% 
Herbal extracts                                          20.0    18.9    5.8% 
Parallel import business                                 61.9    67.5   -8.3% 
 
Adjusted* consolidated EBITDA                            63.7    49.4   28.9% 
Branded pharmaceuticals and other healthcare products    58.8    43.7   34.6% 
Herbal extracts                                           5.5     3.9   41.0% 
Parallel import business                                  1.0     3.0  -66.7% 
 
Adjusted* EBITDA margin (%)                              30.0    25.7  4.3 pp 
Branded pharmaceuticals and other healthcare products    45.1    41.1  4.0 pp 
Herbal extracts                                          27.5    20.6  6.9 pp 
Parallel import business                                  1.6     4.4 -2.8 pp 
 
Consolidated EBITDA                                      62.8    49.2   27.6% 
EBITDA margin (%)                                        29.6    25.6  4.0 pp 

* Q1 2021 EBITDA was adjusted for non-recurring expenses amounting to EUR 0.9 million.

Q1 2020 EBITDA was adjusted for non-recurring expenses amounting to EUR 0.2 million. Company profile:

Dermapharm - Pharmaceutical Excellence "Made in Germany"

Dermapharm is a rapidly growing manufacturer of branded pharmaceuticals. Founded in 1991, the Company is based in Grünwald near Munich. The Company's integrated business model comprises in-house development, production and the distribution of brand products by a trained pharmaceutical sales force. In addition to its main location in Brehna near Leipzig, Dermapharm also operates other production, development and distribution locations in Europe (primarily in Germany) and the United States.

In the "Branded pharmaceuticals and other healthcare products" segment, Dermapharm has more than 1,300 marketing authorisations with more than 380 active pharmaceutical ingredients. Dermapharm's portfolio of pharmaceuticals, medical devices and food supplements are tailored to selected therapeutic areas in which the Company is a market leader, especially in Germany.

In the "Herbal extracts" segment, Dermapharm can tap the expertise of the Spanish company Euromed S.A., a leading global manufacturer of herbal extracts and plant-based active ingredients for the pharmaceuticals, nutraceuticals, foodstuffs and cosmetics industries.

Dermapharm's business model also includes the "Parallel import business" segment that operates under the "axicorp" brand. Based on revenue, Dermapharm was among the top five parallel import companies in Germany in 2020.

With a consistent R&D strategy and numerous successful product and company acquisitions and by stepping up its internationalisation efforts, Dermapharm has continuously optimised its business over the past 30 years and sought external growth opportunities in addition to organic growth. Dermapharm is firmly committed to continuing on this profitable growth course in the future.

Contact

Investor Relations & Corporate Communications 
Britta Hamberger 
Tel.: +49 (0)89 - 64186-233 
Fax: +49 (0)89 - 64186-165 
E-mail: ir@dermapharm.com ----------------------------------------------------------------------------------------------------------------------- 

2021-05-18 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      Dermapharm Holding SE 
              Lil-Dagover-Ring 7 
              82031 Grünwald 
              Germany 
Phone:        +49 (0)89 64 86-0 
E-mail:       ir@dermapharm.com 
Internet:     ir.dermapharm.de 
ISIN:         DE000A2GS5D8 
WKN:          A2GS5D 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Stuttgart, Tradegate Exchange 
EQS News ID:  1197392 
 
End of News   DGAP News Service 
=------------ 

1197392 2021-05-18

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1197392&application_name=news 
 

(END) Dow Jones Newswires

May 18, 2021 01:31 ET (05:31 GMT)

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Analyst Recommendations on DERMAPHARM HOLDING SE
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Financials
Sales 2021 976 M 1 144 M 1 144 M
Net income 2021 171 M 200 M 200 M
Net Debt 2021 431 M 505 M 505 M
P/E ratio 2021 27,0x
Yield 2021 1,81%
Capitalization 4 609 M 5 397 M 5 401 M
EV / Sales 2021 5,16x
EV / Sales 2022 4,78x
Nbr of Employees 2 363
Free-Float 35,0%
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Number of Analysts 5
Last Close Price 85,60 €
Average target price 87,00 €
Spread / Average Target 1,64%
EPS Revisions
Managers and Directors
Hans-Georg Feldmeier Chief Executive Officer
Hilde Neumeyer Chief Financial & Compliance Officer
Wilhelm Beier Chairman-Supervisory Board
Erwin Kern Deputy Chairman-Supervisory Board
Lothar Maximilian Lanz Member-Supervisory Board
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