WOOD Flash – Sopharma AD: shifting sales mix weighs on 3Q20 profitability
While Sopharma’s consolidated 3Q20 results came in a touch better than we expected on the operating lines, the trend of deteriorating profitability we have witnessed this year is continuing, especially with regards to finished product sales, which contracted by 16% yoy. With sales in the lower-margin drug wholesale, in contrast, growing by 15% yoy, it is inevitable that the group’s EBITDA margin is coming under pressure (just 6.0% this quarter vs. 9.9% in the base period). Also, both above and below the operating lines, we see smaller, but still material negative impacts from FX revaluation, for both working capital and FX loans.
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