STALLERGENES Very strong growth of Oralair® exc. USA (+26%)
- U.S: 1st patients treated with Oralair® in May, several thousand people have already joined support programs.
- Strong Net Cash Flow (+€29.4m) and EBITDA at 32.6% of sales
- Continued international expansion with the acquisition of ALERGO PHARMA S.R.L. in Argentina.
Antony, France; 24 July 2014 - 6:00 pm. At its meeting of 23 July 2014, the Board of Directors approved the financial statements for the first six months of 2014:
€ millions | HY1 2013 | % sales | HY1 2014 | % sales | % change |
Net sales | 128.7 | 130.0 | 1.0% | ||
Total revenues | 128.7 | 130.3 | 1.2% | ||
Gross margin | 103.1 | 80.1% | 100.5 | 77.3% | -2.5% |
General expenses | -53.6 | -41.7% | -52.0 | -40.0% | -3% |
Current operating profit | 36.3 | 28.2% | 37.1 | 28.5% | 2.1% |
Transformation costs | -2.8 | -2.2% | -3.3 | -2.6% | 17.9% |
Operating profit (EBIT) | 33.5 | 26.0% | 33.7 | 26.0% | 0.8% |
Net profit | 22.5 | 17.5% | 23.3 | 17.9% | 3.5% |
EBITDA | 41.6 | 32.3% | 42.3 | 32.6% | 1.8% |
Net cash and cash equivalents | 104.7 | 139.1 | 32.7% | ||
Net Cash Flow | 13 ,3 | 29,4 | 121.0% |
2014 first half sales
Total revenues for the first half of 2014 were €130.3 million, an increase of 1.2% compared with the same period of the previous year.
The performance of "International markets", which grew by 22.3%, reinforces the Group's expansion strategy into new geographies. As market leader in Australia, Russia and the Middle East, Stallergenes achieved strong growth in these countries thanks to the increase in the number of prescribing physicians and patients.
Sales for the first half of 2014 recorded growth in the "Northern and Central Europe" region due to good performance in Switzerland and several Eastern European countries, such as Poland and the Balkans, and a slight decline in the "Southern Europe" region, where some countries continue experiencing difficult economic conditions.
€ millions | H1 2013 | H1 2014 | 14/13 | ||
€m | % sales | €m | % sales | % change | |
Southern Europe (1) | 92.4 | 72% | 91.0 | 70% | -1.5% |
Northern and Central Europe | 29.6 | 23% | 30.5 | 23% | 3.1% |
International markets | 6.7 | 5% | 8.2 | 6% | 22.3% |
U.S | - | 0% | 0.2 | 0% | ns |
Cumulative sales | 128.7 | 100% | 130.0 | 100% | 1.0% |
Sublingual route of which Oralair® | 111.6 14.4 | 86% | 112.4 18.1 | 86% | 0.7% 26% |
Subcutaneous route | 12.4 | 10% | 12.5 | 10% | 0.9% |
Other products | 4.7 | 4% | 5.1 | 4% | 7.5% |
Cumulative sales | 128.7 | 100% | 130.0 | 100% | 1.0% |
(1) France, Italy, Portugal, Spain | |||||
Profitability further strengthened
Operating profit reached €33.7 million, representing 26.0% of sales. Net profit increased by 3.5% to €23.3 million.
EBITDA reached €42.3 million representing 32.6% of sales.
Net cash and cash equivalents increased by €29.4million reaching €139.1 million. This strong financial position allows the Group to continue the international expansion plans as well as its clinical development programmes.
Oralair®, a major step forward in the treatment of pollen allergy in the US
In the sublingual segment, the five-grass pollen immunotherapy tablet Oralair® achieved sales growth of 26% to €18.1 million in the first half of 2014. Oralair® is now available in 23 countries and has achieved a 47%[1] global market share in the grass pollen tablet segment. Since its launch a year ago, Oralair® has become the leader in the tablet market in France.
Oralair® was approved by the FDA on 1 April 2014 and launched in the U.S on 5 May 2014 by Greer Laboratories Inc. a leader in the U.S. allergen immunotherapy market. It is the first and only five-grass pollen sublingual allergen immunotherapy tablet with a pre and co-seasonal protocol approved in the U.S for the treatment of grass pollen allergy. Oralair® is currently being reimbursed by the top U.S. payors representing more than 160 million covered lives. Several thousand people have already joined allergy patients' support programs.
Stallergenes further strengthens its international presence with the acquisition of ALERGO PHARMA S.R.L., the market leader in allergen immunotherapy in Argentina. With this acquisition, Stallergenes is now present in major markets in Latin America (Brazil, Argentina).
Full-year targets
Stallergenes maintains its 2014 total revenue target and increases EBITDA margin by 3 points to 28% of sales in 2014, excluding non current income and expenses.
[1] IMS data: only countries where both Oralair® and Grazax® are available. In Moving Annual Sales (April 2014).
Last update: 24/07/2014
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