WOOD Flash – Alkaloid: 2Q23 – another strong quarter, with broad-based growth
Alkaloid has posted a strong set of 2Q numbers, as it took advantage of EU-wide shortages in some of its key indications to boost sales in all its geographies. At the same time, earnings on a yoy basis were hit by negative FX revaluations and higher interest costs on the debt financing for new investments in capacity and growth. The former should recede in 2H23E, we believe, meaning that Alkaloid still stands to deliver FY23E earnings that should beat the company’s guidance. It has delivered 53% of its guided sales for the year already; typically, the second half is even a touch stronger.
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