Guerbet: Revenue at June 30, 2020
2018 revenue at June 30,
2020
- Half-year revenue down vs prior year, affected by the COVID-19
crisis
- -9.2% at current exchange rates at €363.7 million
- -8.4% at constant exchange rates (CER) at
€367.1 million
- Gradual return to a normal level of activity in June
Villepinte, July 23, 2020 –
Guerbet (FR0000032526), a global leader in medical
imaging, is reporting its revenue for the first half of its 2020
financial year. As anticipated, the Group’s activity was affected
by the COVID-19 health crisis, which resulted in order
postponements in April and May. The strong mobilization of the
hospital sector in fighting the pandemic resulted in a sudden,
temporary slowdown in consultations and standard medical
examinations. The Group saw encouraging signs of recovery in June
with a level of activity close to normal across all geographical
regions. Revenue was €363.7 million at June 30, down 9.2%
compared with the first half of 2019, including an unfavorable
forex impact of €3.4 million. At constant exchange rates
(CER)1, revenue totaled €367.1 million, down 8.4%.
Consolidated Group revenue
In millions of euros,at June 30, 2020 |
Change (%) |
H1 2020at current exchange
rates |
Change (%) |
H1 2020at constant
exchange rates |
Reported H1 2019 |
Sales in Europe |
-21.1% |
138.9 |
-21.2% |
138.8 |
176.1 |
Sales in Other Markets |
+0.1% |
224.8 |
+1.7% |
228.3 |
224.5 |
Total |
-9.2% |
363.7 |
-8.4% |
367.1 |
400.6 |
Impact of the health crisis in Europe
and the Americas, good sales in Asia
As expected, sales declined in most European
countries. Revenue was down 21.1% at
€138.9 million (€138.8 million at CER).
Revenue in the Americas fell 17.2% (-13.6% at
CER) to €102.7 million due to lower volumes despite good price
resistance.
In Asia, sales were up 10.4% at
€84.2 million (+9% at CER). They continued to benefit from the
upward momentum in volumes already observed during the first
quarter.
Analysis of sales by
activity
Diagnostic Imaging revenue was
€308.4 million, compared with €354.6 million in the first
half of 2019, down 13.0% (-11.9% at CER).
- MRI sales decreased 18.7%
(same at CER), bringing reported revenue to €110.9 million,
compared with €136.4 million in the same period last year.
This decline was due to an unfavorable price effect related to the
arrival of the generic of Dotarem® in most countries of the Europe
zone and a more pronounced unfavorable volume effect directly
related to the health crisis.
- CT/Cath Lab2 revenue at
current exchange rates fell 9.7% to €196.0 million, compared
with €217.0 million in the first half of 2019, with volumes
down across all products in the range with the exception of
Xenetix®, which performed well in the current health environment.
At CER, revenue for the first half was €199.9 million
(-7.9%).
Interventional Imaging
continued to be driven by Lipiodol® sales. Its revenue totaled
€36 million, up 3.1% (+1.9% at CER) from €34.9 million in
the same period last year.
Reaffirmed confidence in the Group’s
outlook
After April and May, with revenues down by
around -30% compared with 2019, the Group saw encouraging signs of
recovery in June with a gradual return to normal activity across
all geographical regions. Despite the continued spread of the
COVID-19 pandemic and the resulting reduction of short-term
visibility, Guerbet is reaffirming its confidence in its business
model and outlook. Significant cost-cutting measures have been
taken proactively and will be continued in the coming months. These
include delays in certain non-critical projects and reductions in
marketing and sales costs as well as support function costs. The
Group also has solid fundamentals both commercially with its
products, some of which are identified as medicinal products of
major therapeutic interest, and financially with a sound financial
position. The Group is expected to provide the market with
forecasts for 2020 when releasing its consolidated financial
statements for the first half of the year on September 23,
2020.
[1] CER: At constant exchange rates. Amounts
and rates of growth are calculated by canceling out the exchange
rate effect, which is defined as the difference between the
indicator’s value for period N, converted at the exchange rate for
period N-1, and the indicator’s value for period N-1.
2 As a reminder, the MRI and CT/Cath Lab
divisions now include sales of injection systems and related
consumables.
Upcoming events:
Presentation of half-year consolidated financial
statements at June 30, 2020September 23, 2020, after
trading
About
Guerbet
Guerbet is a leader in medical imaging
worldwide, offering a comprehensive range of pharmaceutical
products, medical devices, and digital and AI solutions for
diagnostic and interventional imaging to improve patient diagnosis
and treatment. A pioneer in contrast media for more than 90 years,
with more than 2,800 employees worldwide, Guerbet continuously
innovates and devotes 9% of its sales to research and development
in four centers in France, Israel, and the United States. Guerbet
(GBT) is listed on Euronext Paris (segment B – mid caps) and
generated €817 million in revenue in 2019. For more
information about Guerbet, please visit www.guerbet.com
Forward-looking statements
Certain information contained in this press
release does not reflect historical data but constitutes
forward-looking statements. These forward-looking statements are
based on estimates, forecasts, and assumptions, including but not
limited to assumptions about the current and future strategy of the
Group and the economic environment in which the Group operates.
They involve known and unknown risks, uncertainties, and other
factors that may result in a significant difference between the
Group’s actual performance and results and those presented
explicitly or implicitly by these forward-looking statements.
These forward-looking statements are valid only
as of the date of this press release, and the Group expressly
disclaims any obligation or commitment to publish an update or
revision of the forward-looking statements contained in this press
release to reflect changes in their underlying assumptions, events,
conditions, or circumstances. The forward-looking statements
contained in this press release are for illustrative purposes only.
Forward-looking statements and information are not guarantees of
future performance and are subject to risks and uncertainties that
are difficult to predict and are generally beyond the Group’s
control. These risks and uncertainties include but are not limited
to the uncertainties inherent in research and development, future
clinical data and analyses (including after a marketing
authorization is granted), decisions by regulatory authorities
(such as the US Food and Drug Administration or the European
Medicines Agency) regarding whether and when to approve any
application for a drug, process, or biological product filed for
any such product candidates, as well as their decisions regarding
labeling and other factors that may affect the availability or
commercial potential of such product candidates. A detailed
description of the risks and uncertainties related to the Group’s
activities can be found in Chapter 4.8 “Risk management and
risk factors” of the Group’s Universal Registration Document filed
with the French Financial Markets Authority (AMF) under
number D-20-0369 on April 28, 2020, available on the Group’s
website (www.guerbet.com).
For more information about Guerbet, please
visit www.guerbet.com
Contacts
Jérôme
EstampesChief Financial
Officer+33 (0)1 45 91 50 00 |
Financial
CommunicationsBenjamin
Lehari+33 (0)1 56 88 11 25blehari@actifin.fr PressJennifer
Jullia+33 (0)1 56 88 11 19jjullia@actifin.fr |
- 07232020- Revenue at June 30, 2020
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