2019 revenue
Activity growth consistent with the
objectives:
+3.5% at current exchange rates and +2.0% at
constant exchange rates
Villepinte, 13 February 2020 -
Guerbet (FR0000032526 GBT), a global specialist in
contrast agents and solutions for medical imaging, is reporting
2019 revenue of €816.9 million, up 3.5% from 2018, including a
favourable forex impact of €11.3 million. Revenue was up 2.0% at
€805.6 million at constant exchange rates1. Fourth quarter
2019 revenue was €211.2 million, up 1.4% at constant exchange
rates.
Excluding the impact of the decrease related to
the subcontracting activities inherited from the CMDS activities,
revenue growth at constant exchange rates was 3.7% over the 2019
financial year and 3.1% in fourth quarter 2019.
Consolidated Group revenue
(IFRS)
In
millions of euros,at 31 December 2019 |
Change
(%) |
2019at current exchange
rates |
Change
(%) |
2019at constant exchange
rates* |
Reported 2018 |
Sales in Europe |
+1.7% |
345.2 |
+1.9% |
346.0 |
339.5 |
Sales in Other Markets |
+4.8% |
471.7 |
+2.1% |
459.6 |
450.1 |
Total |
+3.5% |
816.9 |
+2.0% |
805.6 |
789.6 |
Growth in all regions
In Europe, growth was around 2% at constant
exchange rates despite slight pressure on Dotarem® prices in
Belgium and Switzerland.
Excluding the impact of the subcontracting
activities inherited from the CMDS activities, sales grew in the
Americas by 3% at constant exchange rates thanks to market shares
increase, in the MRI segment, particularly in North America.
In Asia, the group’s growth was strong at 10.3%
at constant exchange rates with the switch to direct distribution
in Japan and good performance in other countries.
The analysis of activity over the 2019 financial
year shows that:
- Diagnostic Imaging sales grew to €711.0
million at constant exchange rates (+3.0%) and €719.5 million at
current exchange rates.
Sales in the MRI2 segment totalled €271.4
million at constant exchange rates and like-for-like basis
(€275.0 million at current exchange rates) compared with sales
of €272.0 million in 2018. In 2019, activity suffered from the
planned withdrawal of Optimark® from the market. Excluding
Optimark, MRI sales at constant exchange rates were up 1.6%.
CT/Cath Lab2 sales grew 5.2% to
€439.5 million at constant exchange rates thanks to
double-digit sales growth of Optiray® over the period (€444.6
million at current exchange rates). This strong growth, combined
with the stability of Xenetix® sales, illustrates Guerbet’s market
penetration in this segment.
- Interventional Imaging now represents just
over 9% of the Group’s revenue. It showed revenue at constant
exchange rates of €73.5 million, up 12.5% (€75.5 million at current
exchange rates).
Expected 2019 landing
The group expects an EBITDA3 margin of around
13.5% (excluding the positive impact of IFRS16 and excluding the
€7.6 million impact of the final agreement with Mallinckrodt and
Yves L’Epine’s transactional allowance). The group also anticipates
a significant increase in cash flow, resulting especially from its
inventory reduction initiatives and leading to a decrease in net
debt of approximately €30 million for the 2019 financial year
(excluding the effect of IFRS16).
1 At constant exchange rates: amounts and rates
of growth are calculated by cancelling out the exchange rate
effect, which is defined as the difference between the indicator’s
value for period N, converted at the exchange rate for
period N-1, and the indicator’s value for period N-1.
2 As a reminder, the MRI and CT/Cath Lab
divisions now include sales of injection systems and related
consumables.
3 EBITDA: Current operating income + net amortization,
depreciation, and provisions.
Upcoming events:
Publication of 2019 annual results24
March 2020 after trading
About
Guerbet
Guerbet is a leader in medical imaging
worldwide, offering a wide range of pharmaceutical products,
medical devices, software and services for diagnostic and
interventional imaging, to improve the diagnosis and treatment of
patients. A pioneer since more than 90 years in the field of
contrast media, Guerbet is a substantial investor in research and
innovation with more than 8% of revenue dedicated to R&D and
more than 200 employees distributed amongst its four centers in
France, Israel and the United States. Guerbet (GBT) is listed on
Euronext Paris (segment B – mid caps) and generated €817 million in
revenue in 2019. For more information about Guerbet, please visit
www.guerbet.com.
Forward-looking statements
Certain information contained in this press release does not
reflect historical data but constitutes forward-looking statements.
These forward-looking statements are based on estimates, forecasts,
and assumptions, including but not limited to assumptions about the
current and future strategy of the Group and the economic
environment in which the Group operates. They involve known and
unknown risks, uncertainties, and other factors that may result in
a significant difference between the Group’s actual performance and
results and those presented explicitly or implicitly by these
forward-looking statements.
These forward-looking statements are valid only as of the date
of this press release, and the Group expressly disclaims any
obligation or commitment to publish an update or revision of the
forward-looking statements contained in this press release to
reflect changes in their underlying assumptions, events,
conditions, or circumstances. The forward-looking statements
contained in this press release are for illustrative purposes only.
Forward-looking statements and information are not guarantees of
future performance and are subject to risks and uncertainties that
are difficult to predict and are generally beyond the Group’s
control. These risks and uncertainties include but are not limited
to the uncertainties inherent in research and development, future
clinical data and analyses (including after a marketing
authorisation is granted), decisions by regulatory authorities
(such as the US Food and Drug Administration or the European
Medicines Agency) regarding whether and when to approve any
application for a drug, process, or biological product filed for
any such product candidates, as well as their decisions regarding
labelling and other factors that may affect the availability or
commercial potential of such product candidates. A detailed
description of the risks and uncertainties related to the Group’s
businesses can be found in Chapter 4.4 “Risk Factors” of the
Group’s Registration Document filed with the French Financial
Markets Authority (AMF) under number D-18-0387 on 25 April 2018,
available on the Group’s website (www.guerbet.com).
For more information about Guerbet, please visit
www.guerbet.com
Contacts
Jérôme
EstampesChief Financial
Officer+33 (0)1 45 91 50 00 |
Financial
CommunicationsBenjamin
Lehari+33 (0)1 56 88 11 25blehari@actifin.fr PressJennifer
Jullia+33 (0)1 56 88 11 19jjullia@actifin.fr |
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