Dermapharm Holding SE : Strong Q1 figures and confirmation of 2023 guidance support our equity story
>A very strong det of Q1 figures - Dermapharm reported a strong set of Q1 figures, topping our and the street’s estimates. Group sales came in at € 319m (y-o-y +38%), 19% above our estimates and 12% above the consensus, adj. EBITDA was at € 106m (+41%) indicating a margin of 33.2%. That’s a margin increase of 80bp, despite the dilutive first-time acquisition of Arkopharma which should have achieved an adj. EBITDA margin of approx. 20%. We estimated an adj. EBITDA of €...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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