STALLERGENES POSTS REVENUE GROWTH OF 3.5% IN 2013 AND INCREASES ITS PROFITABILITY (EBITDA: €71.3 MILLION, UP 2.8%)
Antony, France; 5 March 2014 – 6:00 p.m.
The Board of Directors' meeting held on 5 March 2014 approved the 2013 consolidated financial
"In 2013, Stallergenes delivered another year of revenue growth and a strengthened level of profitability. Thanks to our dynamic innovation and development strategy, Stallergenes is expanding the frontiers of allergen immunotherapy. In the US, we are on track for potential approval in Q1 2014", stated Roberto Gradnik, Chief Executive Officer.
2013 consolidated revenues were €248.1 million, showing 3.5% growth compared to last year. Total revenues include a milestone related to the commercialization of Oralair® in the US.
Stallergenes recorded slight growth in the "Southern Europe" region which is facing a continuing difficult economic environment. The Group' sales grew particularly in the "North and Central Europe" region, thanks to Germany which has shown a positive growth trend (+7%) and in Central Europe countries where the sales performance was strong, notably in Poland, and also in Austria where revenues were mainly driven by Oralair®
Within international markets, Stallergenes posted a strong performance particularly in Russia and Turkey, by enlarging the sublingual immunotherapy market and by increasing the number of prescribers. Overall, international markets have been adversely impacted by foreign exchange and distribution effects.
Strong financial performance
Current Operating Result totalled €62.5 million, an increase of 12.4% compared to the previous year, and representing 25.6% of revenues (compared to 23.2% in 2012), while net profit increased by 7.9%, totalling €40.4 million.
Operating Expenses (OPEX) remained stable compared to prior year including investments related to the planned launch of Oralair® in the USA.
EBITDA reached €71.3 million, representing 29.2% of net sales. Net cash position reached €108.7 million in 2013, an increase of €18.3 million to support the Group's international expansion and clinical development programs.
Oralair®, the fastest growing AIT tablet in the market and the only five-grass tablet to be potentially approved by FDA.
The sublingual route remains the main growth driver (revenues up 3.2% in 2013). In this segment, Stallergenes' 5-grass pollen immunotherapy tablet, Oralair®, achieved a strong performance in most markets with an increase in revenues of 37% in 2013, totalling €22.2 million. Marketed to date in 22 countries, Oralair® recorded a global market share of 45% in the grass pollen tablet segment.
In the US, the registration process of Oralair® is proceeding as planned, following the positive recommendation of the Allergenic Products Advisory Committee (APAC) of the U.S. Food and Drug Administration (FDA) on 11 December 2013.
Annual targets and outlook
Stallergenes targets low single digit growth in revenues in 2014, assuming a stable reimbursement environment in EU and an EBITDA of at least 25% of sales (excluding the US).
The distribution of a dividend of €0.75 per share will be proposed at the next General Meeting, a level unchanged from the previous year and representing a pay-out ratio of 25.5%. An option to receive the payment of the dividend in shares will be offered to our shareholders.
Q1 revenues 24 April 2014
Q2 revenues and H1 revenues & results 24 July 2014
The 2013 financial report can be downloaded from the website: http://finance.stallergenes.com