Dermapharm Holding SE : COMIRNATY already well-reflected, valuation leaves no upside
>Strong margin in branded pharmaceuticals prompts guidance increase - Management increases FY 2021 guidance on consolidated EBITDA from 45-50% y-o-y growth to 50-60% y-o-y growth. This is derived from the strong margin performance in branded pharmaceuticals, which we attribute largely to the collaboration with BioNTech on the production of its coronavirus vaccine COMIRNATY. We estimate Dermapharm to generate € 120m in sales with BioNtech in FY 2021, largely geared tow...Dermapharm Holding SE. Dermapharm Holding SE is a Germany-based company engaged in manufacturing of patent-free branded pharmaceuticals. The Company operates through two segments: Branded pharmaceuticals and other healthcare products, which includes in-house development, in-house production, and distribution of branded pharmaceuticals and other healthcare products, and Parallel import business, which operates under the axicorp brand. It holds around 950 marketing authorizations for more than 250 active pharmaceutical ingredients, which are marketed as pharmaceuticals, dietary supplements or supplemental balanced diets. The Company offers its products through a number of brands, including Dekristol, Ampho Moronal, Keltican, Tromcardin, among others. It is active primarily in Germany, Switzerland and Austria. Additionally, it operates production facility in Germany. Trommsdorff & GmbH Co KG is a subsidiary of the Company.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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