Guerbet: Revenue 2020
2020 revenue
Revenue in line with forecasts despite
the health crisis
-
-
- -12.8% at current exchange rates at €712.3 million
- -10.0% at constant exchange rates (CER) 1 at
€735.4 million
Villepinte, February 11, 2021 –
Guerbet (FR0000032526), a global specialist in contrast
agents and solutions for medical imaging, today reported its
revenue for 2020.
The financial year was marked by the health
crisis. The postponement of some examinations and non-essential
radiological procedures had a significant impact on activity,
resulting in a contraction of the market.
As of December 31, 2020, reported revenue was
€712.3 million, down 12.8% from December 31, 2019, including a
substantial forex impact of €23.1 million. Revenue at constant
exchange rates (CER) was down 10.0% at €735.4 million, as the
Group expected.
Consolidated Group revenue
(IFRS)
In
millions of euros,at December 31, 2020 |
Change
(%) |
2020at current exchange
rates |
Change
(%) |
2020at constant exchange
rates* |
Reported 2019 |
Sales in Europe |
-15.9% |
290.3 |
-15.4% |
292.0 |
345.2 |
Sales in Other Markets |
-10.5% |
422.0 |
-6.0% |
443.4 |
471.7 |
Total |
-12.8% |
712.3 |
-10.0% |
735.4 |
816.9 |
[1] At constant exchange rates: amounts and
rates of growth are calculated by canceling out the forex impact,
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 periodN-1.
In Europe, annual revenue at constant exchange
rates totaled €292.0 million, down 15.4%. After a first half
of the year down 21.2% at constant exchange rates and a third
quarter down 5.7%, the fourth quarter suffered from an even worse
health situation, resulting in a 12.6% decline.
In the Americas, on a like-for-like basis1,
sales at constant exchange rates were down slightly (-1.9%) in the
fourth quarter, compared with the decline of slightly less than 20%
in the third quarter. This good resistance came from the North
America region, where the number of imaging procedures began to
rebound at the end of 2020.
Over the financial year, on a like-for-like
basis and excluding an adverse forex impact of €18.4 million
attributable to the weakened Brazilian real and US dollar, the
decline in activity in the Americas was 12.0% at constant exchange
rates for revenues of €225.4 million.
In Asia, total revenue at constant exchange
rates for the financial year increased +2.2% to €168.8 million
(+1.0% at current exchange rates). After a good performance in the
first nine months of the year, activity was down in the fourth
quarter due to a base effect in China and COVID-19 crisis in
Korea.
Analysis by activity:
Diagnostic Imaging revenue
totaled €637.2 million, compared with €719.4 million at
December 31, 2019, down 11.4% at constant exchange rates (-14.5% at
€615.2 million at current exchange rates).
- MRI sales decreased 15.3% at constant exchange
rates (-17.2% at current exchange rates) at €232.8 million.
This decline was due to a negative volume effect directly related
to the health crisis and, to a lesser extent, an adverse price
effect in Europe related to the generic form of Dotarem®.
- X-ray revenue at constant exchange rates
totaled €402 million, down 8.8% (-12.6% at current exchange
rates), with Xenetix® showing good resistance throughout the
year.
Interventional Imaging was down
slightly at -1.5% at constant exchange rates (-2.7% at current
exchange rates), still driven by Lipiodol® with sales up nearly 1%
at constant exchange rates. The segment's revenue totaled
€74.4 million, compared with €75.5 million in 2019.
Outlook
Guerbet is maintaining the objectives reported
with its half-year results. The Group's projected EBITDA margin for
the 2020 financial year is around 14% of revenue, thanks in
particular to the strict management of structural costs, which
should have a positive impact on profitability once activity
returns to normal.
For 2021, the course of the health situation
remains uncertain. Over the coming months, the Group still
anticipates the arrival of the generic form of Dotarem® in the
United States. The Group expects the impact to be moderate with
changes in Dotarem® prices comparable with Europe, where the
generic form as already been available for more than two years.
Upcoming events:
Publication of 2020 annual resultsMarch
24, 2021, 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 2,600 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 €712 million in revenue in 2020. 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 "Management and risk
factors" of the Group's Universal Registration Document filed with
the AMF (French financial markets authority) 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 Officer01 45 91 50
00 |
Financial
CommunicationsBenjamin Lehari01 56 88 11
25blehari@actifin.fr PressJennifer Jullia01
56 88 11 19jjullia@actifin.fr |
1 Excluding the subcontracting activity following the sale of
the Montreal plant in Canada in July 2020
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