Regulated information - inside information
Nazareth (Belgium)/Rotterdam (The Netherlands), 11 April 2024 - 7:00 AM CET
Record revenue of €209 million in first quarter reflecting 15% topline growth
Fagron, the leading global player in pharmaceutical compounding today publishes its quarterly results for the period ending 31 March 2024.
Key Highlights
- Revenue growth accelerated to 15.3% reported growth (14.9% at CER) resulting in €209.2 million, supported by all regions
- Organic growth at CER of 12.3% reflects the continued strong performance in North America and robustness in EMEA
- Global operational excellence initiatives on track and yielding efficiencies
- Integration of LSP and Parma Produkt progressing as planned; remain committed to disciplined acquisition strategy
- FY 2024 outlook of high single-digit organic sales growth and improvement in profitability reaffirmed
Rafael Padilla, CEO of Fagron:
"I am pleased to report another excellent quarter for Fagron with our teams delivering commendable results. The market dynamics across our regions are challenging, yet Fagron's business model proves resilient, affirming our unique global positioning and leadership.
Our organic growth is driven by our focused commercial strategy, operational efficiencies, and the successful implementation of our global excellence initiatives. North America in particular has seen record growth with strong underlying demand at both FSS and Anazao. In EMEA, we have delivered a strong performance despite the impact of the change in reimbursement policy in Poland, as other markets compensated adequately, further highlighting the strength of our diversification strategy. In Latin America, growth has slowed slightly this quarter due to seasonal effects, while the competitive and consumer dynamics remained unchanged.
We are on track with the integration of our recent acquisitions and remain committed to exploring market opportunities globally to further strengthen our position.
Overall, we are confident in our outlook and reiterate our FY 2024 and mid-term guidance, as we continue to capitalize on growth opportunities that support our strategic objectives."
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