In addition to R&D&I, the pharmaceutical company is committed to an Industrial Plan as a “key lever” for the reinforcement and growth of production capacities in a “complex” macroeconomic context.
Faes Farma’s net profit rises 4% in the first quarter to almost 30 million euros
Faes Farma reported a net profit of 27.6 million euros in the first quarter of this year, an increase of 4% compared to the same period in 2022, with a 9% increase in the gross margin on sales.
At the same time, gross operating profit (Ebitda) stood at 37 million euros, an increase of 3%, the company reported on Wednesday. Faes Farma’s financial situation is currently “solid”, the increase in profit and a performance in line with estimates, with international markets being the group’s main growth driver.
So far, revenues recorded by the group have amounted to 130 million euros, 4% more than in the same period of 2022. Of particular note is the performance of the international business which, with 76 million euros, now accounts for 58.5% of total revenues, and a growth of 13.4% compared to the same months of the previous year.
Investments for the rest of the year
Compared to the previous scenario, this result is the result of the company’s commitment to geographic diversification, growing in existing markets, reaching new countries and developing direct marketing platforms”.
Faes Farma expects stable business growth in 2023, a year in which it will also increase investment in R&D&I to promote key projects and during which it will continue to strengthen its commercial structure in the key geographies that underpin the group’s growth plan.
As a result, the company expects total revenues to increase by around 5.5% compared to 2022, to between 485 and 490 million euros, and Ebitda to remain stable at around 120 million euros. In addition, Faes Farma is committed to an Industrial Plan as a “key lever” for the reinforcement and growth of production capacities in a “complex” macroeconomic context.
Faes Farma strengthens its international market with the acquisition in Dubai of Novosci
The Dubai-based pharmaceutical company brings a broad commercial platform and a portfolio of products in key areas for Faes Farma. This operation strengthens Faes Farma’s presence in the Africa-Middle East region, which is already the third largest market with a direct presence, with 21 million euros in turnover in 2022. Internationalisation is one of the pharmaceutical company’s strategic pillars and foreign revenues will exceed domestic revenues for the first time in 2022, accounting for 56% of the total.