Edison Investment Research - Bionaturis (ADL) ADL Bionatur Solutions - Solid Q119 growth

Report

Edison Investment Research

Pooya Hemami

ADL Bionatur Solutions - Solid Q119 growth

ADL Bionatur Solutions (ADL-BS) reported robust Q119 growth, with revenue of â‚¬9.97m (up 134% year-on-year), driven largely by increased capacity utilisation at its contract manufacturing (CMO) business. CMO revenues were â‚¬8.02m (up 180% vs Q118), whereas the active pharmaceutical ingredient (API) segment was down 14% yearly to â‚¬0.90m, due in part to seasonality for Î²-lactam antibiotics. Other revenue, which includes proprietary products and other contracted services and income, was up 205% to â‚¬1.05m. The strong CMO growth drove a swing to positive â‚¬0.11m EBITDA, marking the second consecutive quarter of positive EBITDA. ADL-BS continues to expect positive overall EBITDA for 2019.

09/05/2019 2 EN

Underlying

Bionaturis

ADL Bionatur Solutions SA Formerly known as Bioorganic Research and Services SA. ADL BIONATUR SOLUTIONS SA (Bionatur), formerly known as Bioorganic Research and Services SA, is a Spain-based company engaged in the management and advice in the development of organic chemical processes carried out by third party entities. Among the chemical projects, the Company comprises the examination and interpretation of samples from waste treatment works, valuation of biological activities and retrosynthetic analysis. The Company's subsidiaries are BBD BioPhenix SL, a San Sebastian-based biotechnology company and Zera Intein Protein Solutions SL.

See profile

ES0184980003 Madrid Stock Exchange Spain

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Pooya Hemami

Other Reports on these Companies

Edison Investment Research

ADL Bionatur Solutions - CMO business driving growth

ADL Bionatur Solutionsâ€™ (ADL-BS) 9M19 results show â‚¬2.16m adjusted EBITDA and 127% year-on-year operating revenue growth to â‚¬33.2m, driven by 195% growth in contract manufacturing (CMO). On 2 December it announced a new seven-year CMO contract with a Swiss biotech client worth â‚¬20m to produce two novel cosmetics and/or nutrition products. ADL-BS is on track to report positive full-year EBITDA and maintained its FY19 revenue guidance of â‚¬50m. We now obtain an EV of â‚¬165.8m, translating into an equity valuation of â‚¬2.94 per share (from â‚¬3.02 previously) after adjusting for net de...

December 11, 2019 December 11, 2019 8 EN

Edison Investment Research

ADL Bionatur Solutions - â‚¬25m debt financing to fund current strategy

ADL Bionatur Solutions (ADL-BS) announced on 12 August 2019 that it has agreed to obtain â‚¬25m in debt financing with Kartesia, a private lender, at a rate of Euriobor plus 5% per year with a one-time 7% fee on repayment. Gross proceeds will be used to fully fund the companyâ€™s existing capex plans to modernise ADL-BSâ€™s contract manufacturing (CMO) facilities (totalling 2,400m3 in fermentation capacity), to provide the working capital needed to respond to its CMO client demands, and to refinance â‚¬5.7m of existing debt. Altogether, ADL-BS expects this debt financing to fully fund the comp...

August 14, 2019 August 14, 2019 2 EN

Edison Investment Research

ADL Bionatur Solutions - New contract to serve Asia-Pacific API market

ADL Bionatur Solutions (ADL-BS) announced on 7 August 2019 that it entered into a strategic alliance with an undisclosed new customer in Japan to produce sterile active pharmaceutical ingredients (APIs). The customer is a producer of pharmaceuticals, agricultural chemicals and veterinary drugs, and the revenues associated with the contract represent â‚¬13m over the next five years.

August 8, 2019 August 8, 2019 2 EN

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the Asia-Pacific region and China. This is the second FY24 milestone payment for the region and is incremental to the payment received in March. We note that, according to the latest available data, total in-market sales of Cresemba amounted to US$473m in the 12 months ending December 2023, representing a +26% year-on-year increase. Basilea is preparing to launch its Phase III programme for fosmanogepix, a broad-spectrum antifungal therapy, with the...

May 17, 2024 May 17, 2024 1 EN

Toby Thorrington

Toby Thorrington

AAC Clyde Space - Solid start to the year with further order growth

AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. A solid start to the year and continued order momentum are encouraging. We also note the internal restructuring to promote delivery of the group’s products and services. We expect this combination to drive an improving performance, albeit within the lumpy nature of the business, in turn improving investor confidence and the stock’s valuation.

May 17, 2024 May 17, 2024 1 EN

Richard Williamson

Richard Williamson

Tinexta - Typical seasonality in Q124

Tinexta’s Q124 results showed good progress in the two divisions that typically demonstrate more consistent (through the year) growth, Cyber Security and Digital Trust, which management expects to deliver higher growth over the next few years. Business Innovation demonstrated its typical seasonality and management therefore remains confident about the outlook for the year.

May 17, 2024 May 17, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

ADL Bionatur Solutions - Solid Q119 growth

ADL Bionatur Solutions - CMO business driving growth

ADL Bionatur Solutions - â‚¬25m debt financing to fund current strategy

ADL Bionatur Solutions - New contract to serve Asia-Pacific API market

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe