Continued strong third quarter performance with 11% topline growth to €191 million
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Nazareth (Belgium)/Rotterdam (The Netherlands), 12 October 2023 – 7:00 AM CET
Continued strong third quarter performance with 11% topline growth to €191 million
Fagron, the leading global player in pharmaceutical compounding today publishes its quarterly results for the period ending 30 September 2023.
Key Highlights
- Solid revenue growth continues with 10.6% reported growth (13.9% at CER) and 10.2% organic growth (13.4% at CER) to €191.4 million
- Sustained strong performance in North America and solid recovery of Latin America; EMEA reflects completion of pricing pass through
- Roll out of global operational excellence initiatives continues
- Signing of Parma Produkt acquisition provides entry into attractive Hungarian compounding market
- Science Based Targets initiative (SBTi) has approved our near-term science-based emission reduction target
- FY 2023 revenue between €750-€770 million; improvement in profitability YoY
Rafael Padilla, CEO of Fagron:
“Our performance through the third quarter reflects the solidity of our diversified and defensive business model in a macro-economic environment that remains dynamic. Our results were driven by further enhancements to our commercial approach, reaping benefits of operational excellence initiatives, as well as excellent execution across our businesses. Organic revenue growth picked up pace this quarter, supported by all our regions, with North America delivering the highest organic growth in its history. This was driven by outstanding performances at both FSS and Anazao, as underlying demand for outsourcing compounding services remains strong. In EMEA, we saw revenue growth softening for the quarter following the completion of the pricing pass-through exercise in the first half of the year. Latin America continued its upward trajectory, supported by our focus on driving operational efficiencies and innovation.
We are also pleased to announce the signing of the Parma Produkt acquisition, which enables access to the attractive Hungarian market in line with our strategic plan to further diversify our EMEA footprint. We remain committed to consolidating the market and are assessing market opportunities across all our regions in line with our disciplined acquisition strategy.
Overall, we remain confident about our prospects and reiterate our midterm guidance. For FY 2023 we expect revenue between €750 million and €770 million and reiterate the expected profitability increase YoY.”
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