Dermapharm Holding Se · XETR:DMP
Dermapharm — Q3 2024 Earnings Presentation
23 slides from Dermapharm's earnings presentation, Nov 14, 2024
Slide 1: Investors' and Analysts' Conference Call Q3 2024
INVESTORS’ AND ANALYSTS’ CONFERENCE CALL Q3 2024 Grünwald, 14 November 2024
Slide 2: Agenda Q3 2024
AGENDA Q3 2024 1. Financial figures Q3 2024 2. Outlook 2024 3. Q&A 2
Slide 3: Financial figures Q3 2024
1 Financial figures Q3 2024 Image: Günther Fotodesign
Slide 4: Continuously strong growth of the existing product portfolio
Continuously strong growth of the existing product portfolio delivered by the German core and the international branded pharma business incl. Montavit Excluding the expiring vaccine business Significant revenue growth driven by branded Revenue +€52.0m1 pharmaceuticals‘ segment, more than compensatin
Slide 5: Dermapharm Group 9M 2024 results
Dermapharm Group Strong growth in the high-margin branded pharmaceuticals business, partly offset by lower other healthcare products revenues and results compared to prior year Total Revenue Adj. EBITDA1 EAT2 Revenue increase of +2.7% to €890.1m €m €m €m in the YTD period driven by +2.7% ▪ strong or
Slide 6: Dermapharm Group Q3 2024 results
Dermapharm Group Strong growth in the high-margin branded pharmaceuticals business continues in Q3, Arkopharma revenues at and reported EBITDA above Q3 2023 level Total Revenue Adj. EBITDA1 EAT2 Revenue increase of +9.5% to €311.6m (Q3 2024) €m €m €m driven by +9.5% ▪ German core and international b
Slide 7: Earnings after tax (EAT)
Earnings after tax (EAT) Increase mainly impacted by … EAT €m Arkopharma decline partly compensated by positive Montavit result +29.2 92.7 +0.7 +3.7 -7.0 +5.7 +12.4 Financial result: +€4.4m 63.9 +3.5 +16.8 -7.0 60.5 Decreased depreciation charges driven Strong organic growth of existing by Arkopha
Slide 8: EBITDA adjustments
Dermapharm Group EBITDA adjustments €m 9M 2024 9M 2023 PPA-effects 13.1 Arkopharma Derecognition of PPA effects from sale of property 0.7 Property in Berlin (Branded pharmaceuticals) Additional cost of property 1.8 Arkopharma (Carros) Acquisition costs 8.4 Arkopharma, Candoro ethics, Wellster, Monta
Slide 9: Net debt reduction by €65m since September 2023
Net debt reduction by €65m since September 2023 proofs ability of underlying business to generate cash Net debt ▪ Ongoing net debt reduction in 2024 €m 984 compared to September 2023 by ▪ €25m repayment of term loan B, 937 ▪ €25m reduction of RCF, partly offset by 921 919 919 ▪ initial recognition o
Slide 10: Balance Sheet of Dermapharm Group
Balance Sheet of Dermapharm Group Balance sheet as of 30 September 2024 ▪ Total assets increased to €2,123m €m (31 December 2023: €2,161m) ▪ Decrease of non-current assets 2,123 2,123 (€1,500m; 31 December 2023: €1,530m) and higher current assets (€623m; 31 December 2023: €630m) Equity ▪ Equity rati
Slide 11: Working capital
Working capital Moderate net working capital increase by <2% driven by higher inventory levels, cash cycle improves by 9 days €m 9M 2024 9M 2023 YoY Higher inventory levels driven by Inventory 346.9 333.2 +4.1% ▪ Underlying growth in revenues1 Trade payables 92.2 86.0 +7.2% ▪ Inflationary production
Slide 12: Strong cash flows and cash conversion
Strong cash flows and cash conversion Positive cash conversion impact from vaccine production in 9M 2023 Cash flow and cash conversion1 ▪ CF from operating activities in 9M 2024 €m and in % of Group EBITDA declines by €22.7m Cash conversion ▪ CF from investing activities reflecting 62.5% ▪ normal le
Slide 13: Cash Flow from operating activities
Cash Flow from operating activities 9M 2024 9M 2023 YOY EBT 137.5 101.7 +35.8 Depreciation / amortisation fixed 62.3 69.1 -6.8 ▪ 9M 2023 showed higher PPA amortisation of Arkopharma’s customer assets contracts recorded as part of the PPA (Net) increase in working capital -46.3 -26.4 -20.0 ▪ Higher i
Slide 14: Outlook 2024
2 Outlook 2024 Image: Günther Fotodesign
Slide 15: Outlook 2024
Outlook 2024 Strong performance of the existing portfolio in Branded Products compensates for the current underperformance of Other Healthcare Products ▪ Overall, the 9M 2024 trend at Group level is in line with the underlying assumptions. In particular, the strong performance of the underlying bran
Slide 16: Q&A
3 Q&A Image: Günther Fotodesign 16
Slide 17: Backup
Backup Image: Günther Fotodesign
Slide 18: Branded pharmaceuticals
Branded pharmaceuticals Strong organic growth almost offset decline from expiring vaccine business Revenue EBITDA1 Revenue increase of +9.1% to €431.6m €m €m, adjusted +9.1% ▪ Strong organic growth of existing portfolio EBITDA YoY ▪ and consideration of Montavit (initially Margin 395.7 431.6 consoli
Slide 19: Other healthcare products
Other healthcare products Lower consumer spending drives decline in Arkopharma revenues in H1 2024 Revenue EBITDA1 Revenue declined by -5.6% to €271.7m, €m €m, adjusted driven by -5.6% EBITDA YoY ▪ reluctant consumer spending in France 271.7 Margin 287.9 (Arkopharma’s major market) in H1 2024 and 22
Slide 20: Parallel import business
Parallel import business … affected by poor product availability over the last months and a temporary adverse change in product mix Revenue EBITDA Revenues increased by +2.2% to €186.9m, €m €m, adjusted driven by +2.2% EBITDA YoY ▪ high product availability, goods purchase Margin 182.9 186.9 prices
Slide 21: Earnings before tax (Group EBT)
Earnings before tax (Group EBT) EBT increase due to higher (unadjusted) EBITDA and reduced appreciation Earnings before tax (EBT)1 ▪ EBT increased by +35.2% to €137.5m €m translating to a margin of 15.4% EBT Margin Significantly higher EBT result mainly 15.4% driven by 11.7% 137.5 +35.2% ▪ higher (u
Slide 22: Disclaimer
Disclaimer This publication includes statements, estimates, opinions and projections with respect to the anticipated future performance of Dermapharm Holding SE (together with its consolidated subsidiaries, “Dermapharm”) and such statements, estimates, opinions and projections (“Forward-Looking Stat
Slide 23: For information, please contact
For information, please contact Britta Hamberger Investor Relations & Corporate Communications Dermapharm Holding SE E-Mail: ir@dermapharm.com Phone: +49 (0) 89 641 86 233 Dermapharm FY 2021 23