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| Dermapharm continues its profitable growth in 2019


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Dermapharm continues its profitable growth in 2019

»          Group revenue of EUR 701 million in 2019, around 23% higher than in the previous year
»          Adjusted EBITDA increases by approx. 24% compared to last year to EUR 178 million
»          Adjusted EBITDA margin improves further to 25.3%
»          Important groundwork laid for profitable growth in 2020

Grünwald, 25 March 2020 – Dermapharm Holding SE (“Dermapharm”), a leading manufacturer of patent-free branded pharmaceuticals for selected markets in Germany with a growing international presence, published its unaudited preliminary IFRS Group financial figures for fiscal year 2019 today. They show that the company continued on its profitable growth course. Volume gains in the existing portfolio as well as the expanded product portfolio through the introduction of new, self-developed products in selected niche markets made a significant contribution to revenue and earnings growth. At the same time, the consistent use of synergies within the Group, its increasing international presence and successful company acquisitions had a positive effect on business development.

Revenue rose by 23% on a preliminary basis to EUR 701 million in fiscal year 2019 (previous year: EUR 572 million). Dermapharm’s 2019 earnings before interest, taxes, depreciation and amortisation (EBITDA) continued to improve compared to total revenue. The company increased its EBITDA adjusted for one-time costs of EUR 9.1 million by 24% to EUR 178 million (previous year: EUR 143 million). The company therefore improved its overall profitability again in 2019 by achieving an adjusted EBITDA margin of 25.3% at Group level (previous year: 25.1%). Unadjusted EBITDA amounted to EUR 169 million, a 21% increase over last year (EUR 140 million), with an unadjusted EBITDA margin of 24.0% (previous year: 24.4%).

“We consistently implemented our three-pillar strategy of in-house product development, further internationalisation and successful acquisitions in fiscal year 2019 and successfully continued on our growth course. At the same time, we were able to lay important groundwork for sustainable and profitable growth in the years to come and further expand our good market position. Despite the rapid spreading of the corona pandemic, we got off to a very good start in 2020 and currently see no restrictions in terms of production or the procurement of active pharmaceutical ingredients. Dermapharm’s most important production facilities have already been classified as companies with critical infrastructure for the state community in accordance with Section 6 of the BSI Kritis Ordinance and will therefore continue to operate for the duration of the crisis,” commented Dr. Hans-Georg Feldmeier, CEO of Dermapharm Holding SE.

Dermapharm continues to expand its product portfolio and launched many new products in 2019, such as Azedil® for the treatment of acute hay fever symptoms or the muscle relaxant Myditin®, and in January 2020, the allergy treatment Levocamed® in selected therapeutic areas in Germany and abroad. Furthermore, CFP Packaging GmbH was acquired, which not only gives Dermapharm access to machine and employee know-how in the field of special packaging for powder and liquid sticks, but also strengthens the Group’s sales activities. Dermapharm also constantly strives to develop and launch new pharmaceuticals and other healthcare products on the market to expand its portfolio. Its current product pipeline comprises more than 50 ongoing development projects.

The logistical prerequisites for further expansion have also been created with the commissioning of the new logistics center in Brehna in December 2019. At the same time, Melasan’s new factory and office building in Austria for the production of food supplements has been completed and is now gradually being moved into.

Dermapharm also further expanded its international presence in fiscal year 2019. The Group has already been present in Spain since the beginning of 2019 through the acquisition of Euromed, a leading manufacturer of herbal extracts and active ingredients for the pharmaceutical, food supplement and cosmetic industries. Dermapharm is increasingly positioning its products in an international context by marketing hyperthermic medical devices, in particular the bite away® insect bite remedy, and food supplements under the Hübner brand.

With the acquisition of Allergopharma at the beginning of 2020, the Group also intends to strengthen its presence in the field of dermatology in the future.

Dermapharm will publish its final figures for fiscal year 2019 as well as a detailed forecast for the current fiscal year in its complete 2019 Annual Report on 8 April 2020.

IFRS financial figures compared to the previous year (preliminary)

in EUR millions 2019 2018 Change
Group revenue 701 572 23%
Adjusted Group EBITDA* 178 143 24%
Adjusted EBITDA margin* (in %) 25.3 25.1 + 0.2pp
Group EBITDA 169 140 + 21%
EBITDA margin (in %) 24.0 24.4 – 0.4pp

* EBITDA 2019 adjusted for one-time and restructuring costs of EUR 9.1 million
* EBITDA 2018 adjusted for one-time costs in the amount of EUR 3.8 million

Company profile:

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 in-house development, in-house production and distribution of pharmaceuticals and other healthcare products for specifically targeted markets by a medical and pharmaceutical sales force. Dermapharm has more than 250 active pharmaceutical ingredients for more than 900 marketing authorisations (Arzneimittelzulassungen), which are marketed as pharmaceuticals, dietary supplements or supplemental balanced diets. 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 five parallel import companies in Germany in 2019. In the “Herbal Extracts” segment, Dermapharm has access to the growth market for herbal pharmaceuticals through the Spanish company Euromed S.A., one of the leading manufacturers of herbal extracts and natural active ingredients.

With a consistent R&D strategy and numerous successful product and company acquisitions over the past 25 years, Dermapharm has continuously optimised its business and provided external growth impulses in addition to organic growth. Dermapharm intends to continue on this profitable growth course in the future. The company is focusing on a three-pillar strategy: in-house development of new products, increase of its international footprint and further acquisitions.


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