Dermapharm Holding SE: First Annual General Meeting after successful IPO
Grünwald, June 26, 2018 – Dermapharm Holding SE (WKN A2GS5D, ISIN (DE000A2GS5D8), a leading producer of patent-free branded pharmaceuticals for selected therapeutic areas in Germany with a growing international presence, successfully held its first Annual General Meeting since its IPO this spring at the Westin Grand Hotel in Munich on Tuesday. The presence of the represented share capital was 87.76%. All items on the agenda were approved.
At the Annual General Meeting, the Management Board gave a detailed report on the operative and strategic development of Dermapharm Holding SE in fiscal year 2017 as well as the first quarter of 2018. Dermapharm has been able to continue its success story of past years, reporting significant revenue and earnings growth. The year 2017 was shaped by preparations for the successful IPO on the Prime Standard of the Frankfurt Stock Exchange in February 2018 and the acquisition of several companies to expand and optimize its product portfolio. Two very promising medical devices were also acquired in bite away® and Herpotherm®, which will be particularly active in international marketing in the future. Group revenue in 2017 increased significantly by 5.1% to EUR 467.1 million (2016: EUR 444.5 million). Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for one-time costs of EUR 2.7 million in connection with IPO preparations, improved by 9.9% to EUR 112.9 million (2016: EUR 102.7 million), corresponding to an adjusted EBITDA margin of 24.2%. The first quarter of 2018 was characterized by the successful integration of the acquired pharmaceutical manufacturer Bio-Diät-Berlin, Trommsdorff and Strathmann and preparations for the internationalization of business activities. The portfolio was expanded to include over-the-counter top sellers such as Keltican® forte, Tromcardin® complex, Ebenol® and China Öl®. Highly promising prescription products for the core therapy areas were also acquired. In addition, the foundation of mibe pharma Italia Srl in Bolzano represented an important step in expanding the company’s international presence and opening up the promising Italian market for Dermapharm products. Dermapharm increased its revenues in the first quarter of 2018 by 16.4% to EUR 137.5 million (previous year’s quarter: EUR 118.1 million). EBITDA adjusted for one-off costs of EUR 0.7 million in connection with IPO preparations was significantly higher than in the same quarter of the previous year at EUR 36.2 million (EUR 28.9 million). The adjusted EBITDA margin was 26.3%. In view of the Group’s ongoing development through the three-pillar strategy of in-house product development, internationalization and targeted M&A activities, the Management Board expects to be able to continue achieving profitable growth in the future. Assuming unchanged conditions and in light of the positive business development in the first quarter of 2018, the Management Board reconfirmed its full-year forecast for 2018 of revenue growth of 20 to 25% and an improvement in EBITDA of 22 to 27% over fiscal year 2017. The actions of the Management Board and Supervisory Board were ratified by a large majority at the Annual General Meeting for fiscal year 2017. Warth & Klein Grant Thornton AG Wirtschaftsprüfungsgesellschaft, Düsseldorf, was appointed as auditor for fiscal year 2018. The detailed voting results on the respective agenda items will be published soon online at www.ir.dermapharm.de.
Dermapharm – Pharmaceutical Excellence “Made in Germany”
Dermapharm is a leading manufacturer of patent-free branded pharmaceuticals for selected markets in Germany. Founded in 1991, the company is based in Grünwald near Munich and has its main manufacturing facility in Brehna near Leipzig. The company’s integrated business model comprises inhouse development, in-house production and distribution of pharmaceuticals and other healthcare products for specifically targeted markets by a medical and pharmaceutical sales force. Dermapharm holds approximately 900 marketing authorizations (Arzneimittelzulassungen) for more than 200 active pharmaceutical ingredients, which are reflected in a broad assortment of products. This assortment makes the company unique. In addition to Germany, the company’s core markets also include Austria and Switzerland. The company plans to further expand its international presence. Dermapharm’s business model also includes a parallel import business, which operates under the “axicorp” brand. Based on revenues, Dermapharm was among the top four parallel import companies in Germany in 2017. With a consistent development strategy and numerous successful product and company acquisitions over the past 25 years, Dermapharm has continuously optimized its business and provided external growth impulses in addition to organic growth. Dermapharm intends to continue this profitable growth course in the future. The company is focusing on three strategic growth drivers: in-house development of new products, increase of its international footprint and further acquisitions. These include the acquisition of the pharmaceuticals manufacturer and distributor Trommsdorff in January 2018, whose portfolio includes the well-known brands Keltican® forte and Tromcardin® complex.
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