Guerbet: 2021 revenue
2021 revenue
Strong growth continued in
Q4
+8.4% at current exchange rates at
€191.1 million
+7.8% at CER1 at €190 million
Annual revenue in line with
guidance
+2.8% at current exchange rates at
€732.1 million
+7.9% at CER1 at
€748.4 million
Villepinte, February 10, 2022 –
Guerbet (FR0000032526 GBT), a global specialist in
contrast agents and solutions for medical imaging, today reported
its annual revenue. As of December 31, 2021, it totaled
€732.1 million, up 2.8% from December 31, 2020
(€712.3 million). This includes an unfavorable foreign
exchange effect of €16.4 million. Excluding foreign exchange
effects and on a like-for-like basis, 2021 full-year revenue
increased 7.9% compared with 2020, in the high end of the range of
objectives announced when half-year results were reported.
Q4 2021 sales increased 7.8%, excluding
foreign exchange effects and on a like-for-like basis.
Distribution of consolidated Group
revenue by quarter (IFRS)
In millions of euros |
Change (%) |
2021at current exchange
rates |
Change (%) |
2021at constant exchange
rates |
2020 |
Q1 |
-11.5% |
176.3 |
-6.5% |
186.3 |
199.2 |
Q2 |
+13.6% |
186.8 |
+18.0% |
194.0 |
164.4 |
Q3 |
+3.2% |
177.9 |
+3.4% |
178.2 |
172.4 |
Q4 |
+8.4% |
191.1 |
+7.8% |
190.0 |
176.3 |
Total |
+2.8% |
732.1 |
+5.1% |
748.4 |
712.3 |
Geographical distribution of consolidated group revenue
(IFRS)
In millions of euros,as of December 31, |
Change (%) |
2021at current exchange
rates |
Change (%) |
2021 at
constant exchange rates |
2020 |
Sales in EMEA |
+5.5% |
336.2 |
+6.5% |
339.1 |
318.6 |
Sales in Americas |
+5.8% |
220.5 |
+10.2% |
229.7 |
208.4 |
Sales in Asia |
+5.1% |
175.4 |
+7.7% |
179.6 |
166.8 |
Like-for-like total |
+5.5% |
732.1 |
+7.9% |
748.4 |
693.8 |
Subcontracting activity (Montreal plant) |
N/A |
0 |
N/A |
0 |
18.5 |
Total |
+2.8% |
732.1 |
+5.1% |
748.4 |
712.3 |
In the EMEA region, the annual
sales growth was partially impacted by continued pressure on
prices, as announced in France and Germany, but offset by a strong
rebound in volume, particularly in France and southern Europe.
In the Americas region, sales
for the financial year increased by 10.2% on a like-for-like basis
(excluding the contribution from the Canadian plant in Montreal,
sold on July 16, 2020) and excluding the unfavorable foreign
exchange effect of €9.2 million mainly attributable to the
Latin American currencies and the US dollar. As expected at the
beginning of the financial year, although later than expected,
Dotarem® sales in Q4 endured the initial effects of the arrival of
generics in the region. However, the unfavorable impact on prices
remained negligible throughout the year, illustrating the good
positioning of Dotarem® in the region.
In the Asia region, Q4 sales
were driven by very dynamic activity in China and Korea. For the
2021 financial year, revenues in the region increased by 7.7% (CER)
ahead of the acceleration of sales expected to begin in China in
the second half of 2022 with the Group’s switch to direct
distribution.
Distribution of consolidated group
revenue by activity (IFRS)
In millions of euros,at December 31 |
Change (%) |
2021at current exchange
rates |
Change (%) |
2021at constant exchange
rates |
2020 |
Diagnostic Imaging |
+5.1% |
651.8 |
+7.5% |
666.6 |
620.2 |
MRI |
+3.1% |
234.6 |
+5.4% |
239.9 |
227.6 |
X-Ray |
+6.3% |
417.2 |
+8.7% |
426.7 |
392.72 |
Interventional Imaging |
+9.2% |
80.2 |
+11.4% |
81.9 |
73.5 |
Like-for-like total |
+5.5% |
732.1 |
+7.9% |
748.4 |
693.8 |
Subcontracting activity (Montreal plant) |
N/A |
0 |
N/A |
0 |
18.5 |
Total |
+2.8% |
732.1 |
+5.1% |
748.4 |
712.3 |
Annual sales (CER) for the Diagnostic
Imaging activity (89% of 2021 sales) increased by 7.5%,
benefiting from the acceleration of sales in Q4 (+10.1%) compared
with December 31, 2020.
- In MRI, revenue (CER) was up 5.4% at
€239.9 million for 2021. Sales were down slightly in Q4,
reflecting the expected drop in prices in France and Germany but
also in the US due to the arrival of a generic.
- X-Ray revenue (CER) totaled
€426.7 million. It gained 8.7% thanks to the remarkable
performance of Xenetix® in the second half of 2021.
In Intervention Imagery, sales
in 2021 continued to grow sharply at +11.4% (CER) to
€81.9 million.
Confirmation of operating profitability
objectives
As announced, the increase in the Group’s
activity is expected to be accompanied by an increase in its
operating profitability, resulting in a reported EBITDA/revenue
ratio of at least 14.1%. In addition, the Group is reiterating its
objective of gradually improving the EBITDA/revenue ratio, enabling
it to generate strong, sustainable growth in 2022 and beyond.
Upcoming events:
Publication of 2021 annual resultsMarch
23, 2022, after trading
About
Guerbet
At Guerbet, we build lasting relationships so
that we enable people to live better. That is our purpose. We are a
leader in medical imaging worldwide, offering a comprehensive range
of pharmaceutical products, medical devices, and digital and AI
solutions for diagnostic and interventional imaging. A pioneer in
contrast media for 95 years, with more than 2,600 employees
worldwide, we continuously innovate and devote 10% of our sales to
research and development in five centers in France, Israel, and the
United States. Guerbet (GBT) is listed on Euronext Paris (segment
B – mid caps) and generated €732 million in revenue in 2021. For
more information, 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 authorization 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, and their decisions regarding
labeling 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
activities can be found in Chapter 4.9 “Risk factors” of the
Group’s Universal Registration Document filed with the AMF (French
financial markets authority) under number D-21-0360 on April
27, 2021, 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 |
1 Like for like and at constant exchange rates
2 X-ray contributions of Curium, Japan Iodine, and Urology added
back for €7.4 million over the 2020 financial year.
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