|
EQS-News: APONTIS PHARMA AG
/ Key word(s): 9 Month figures/Quarterly / Interim Statement
APONTIS PHARMA confirms 2022 forecast after successful nine-month period – Strong Single Pill pipeline to achieve medium-term targets
10.11.2022 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
APONTIS PHARMA confirms 2022 forecast after successful nine-month period – Strong Single Pill pipeline to achieve medium-term targets
- Superiority of Single Pill therapy confirmed in the EU-funded prospective SECURE study and fully published in the prestigious New England Journal of Medicine
- Revenue from Single Pills +25.7% to EUR 27.3 million still the main growth driver
- Portfolio expanded to include three new Single Pill launches in 2022
- Single Pill share of revenue expanded to 63.5% (9M 2021: 59.4%)
- Total sales rise by 17.3% to EUR 43.1 million
- EBITDA more than quadrupled to EUR 4.9 million with disproportionate improvement of EBITDA margin to 11.4% (9M 2021: 2.4%)
- Net result improved to EUR 3.3 million (9M 2021: EUR -1.2 million)
- Sales and earnings forecast for 2022 confirmed
- Strong product pipeline with two Single Pills in registration, four Single Pills in proprietary development and one Single Pill in in-licensing
Monheim am Rhein, 10 November 2022 APONTIS PHARMA AG (ticker APPH / ISIN DE000A3CMGM5), a leading pharmaceutical company specializing in Single Pills in the German market, has continued its growth strategy by posting sustained increases in sales and earnings in the nine-month period of 2022. The market launch of three new Single Pills was supported by the full publications of the START study in two peer-reviewed journals. Their results underscore the economic as well as the clinical superiority of Single Pill therapy for cardiovascular diseases compared to loose combination therapy. The superiority of the Single Pill therapy concept is also confirmed by the groundbreaking results of the EU-funded prospective SECURE study. In this case, the extremely positive results presented at the European Society of Cardiology Congress in Barcelona and published in the renowned New England Journal of Medicine caused quite a stir in the medical community and in international media.
APONTIS PHARMA grew by 17.3% to achieve total sales of EUR 43.1 million in the first nine months of 2022. Single Pill revenues continued to be the main growth driver, increasing by 25.2% to EUR 27.3 million. The share of Single Pills in total sales rose to 63.5% (9M 2021: 59.4%). Sales from co-marketing, co-promotion and distribution increased by 6.4% to EUR 14.0 million.
On the purchasing side, the higher procurement costs of EUR 1.8 million for the product Ulunar®, which has been sold at significantly lower margins under a distribution agreement since the expiry of the co-marketing agreement with Novartis in June 2021, were particularly noticeable. In contrast, the sale of three gynaecology products from the so-called legacy business made a positive contribution to earnings of EUR 0.6 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to EUR 4.9 million (9M 2021: before IPO costs EUR 4.4 million) due to the strong sales growth, despite higher expenses for accelerating sales activities.
Cash flow from operating activities increased to EUR 6.7 million (9M 2021: EUR 2.6 million) due to the positive result and the reduced working capital. Cash flow from investing activities reflects two buyback programs, under which a total of 170,000 treasury shares were acquired for a total of EUR 1.8 million. With an equity ratio of 73.1% and cash and cash equivalents of EUR 32.3 million, APONTIS PHARMA has a solid asset and financial position for the realization of the product developments already commissioned and planned.
The Single Pills Tonotec Lipid, AmloAtor and RosuASS, which were launched on the market in the reporting period, have increased APONTIS PHARMA’s portfolio to 10 Single Pills. The company is thus well on its way to having at least 20 Single Pills on the market in Germany by 2026.
For financial year 2022, the Management Board continues to expect sales of EUR 55.3 million and EBITDA of EUR 5.5 million.
Unaudited Group figures
| in EUR million |
|
9M 2022 |
|
9M 2021 |
|
∆ |
| Single Pill revenue |
|
27.3 |
|
21.8 |
|
25.7% |
| Total sales |
|
43.1 |
|
36.7 |
|
17.3% |
| EBITDA |
|
4.9 |
|
0.9 |
|
460.6% |
| EBITDA margin (in %) |
|
11.4% |
|
2.4% |
|
900 bps. |
| EBIT |
|
3.6 |
|
-0.3 |
|
n/a |
| EBIT margin (in %) |
|
8.3% |
|
-0.7% |
|
900 bps. |
| Net result |
|
3.3 |
|
-1.2 |
|
n/a |
Note: The figures for the nine-month period 2022 are unaudited. Rounding differences are possible.
Karlheinz Gast, Chief Executive Officer of APONTIS PHARMA AG: “We have achieved a great deal in the nine-month period of 2022 and have continued to consistently implement APONTIS PHARMA AG’s growth strategy. The clinical evidence for the superiority of the Single Pill therapy concept was further strengthened. The results of the SECURE study and their publication in one of the most renowned medical journals (New England Journal of Medicine) are like an accolade for Single Pill therapy. In the announced expansion of our product portfolio, we have launched three new Single Pills so far in 2022, which have a medium-term sales potential of EUR 10.7 million. The excellent operational performance in the nine-month period of 2022 is paying off towards our vision: to establish ‘the Single Pill as the Gold Standard. For a better life. Together. Every day.’ We want to continue on this path and expand our Single Pill portfolio from 10 to 13 products by the end of 2023. Currently, two more products are in the process of being approved by the respective authorities, four products are in development and one product is in the process of being licensed-in. We are in negotiations with contract developers and licensors for another eight products. With regard to our medium-term goals of at least 20 Single Pills by 2026, we continue to see ourselves on course. Lower sales contributions from Atorimib due to tendering and postponements of planned launches due to delayed regulatory approvals are only temporary.”
Webcast/Phone Conference:
CEO Karlheinz Gast, CPO Thomas Milz and CFO Thomas Zimmermann will discuss the results of the nine-month period 2022 in a webcast presentation today, 10 November 2022, 9:00 CET. The presentation will be held in English.
Please register in good time to participate at:
APONTIS PHARMA Quarterly Release 9M – Webcast/Phone Conference.
The accompanying presentation will also be available on the company’s website before it starts.
Condensed Group Income Statement (unaudited)
| in EUR million |
|
9M 2022 |
|
9M 2021 |
|
∆ |
| Sales |
|
43.1 |
|
36.7 |
|
6.4 |
| Other operating income |
|
2.0 |
|
3.2 |
|
-1.2 |
| Cost of materials |
|
-16.6 |
|
-12.6 |
|
-4.0 |
| Gross profit |
|
28.5 |
|
27.3 |
|
1.2 |
| Personnel expenses |
|
-12.9 |
|
-15.0 |
|
2.1 |
| Depreciation and amortization |
|
-1.3 |
|
-1.1 |
|
-0.2 |
| Other operating expenses |
|
-10.6 |
|
-11.4 |
|
0.8 |
| Operating result |
|
3.6 |
|
-0.2 |
|
3.8 |
| Financial result |
|
0.0 |
|
-0.4 |
|
0.4 |
| Result before taxes |
|
3.6 |
|
-0.6 |
|
4.2 |
| Taxes on income and earnings |
|
-0.3 |
|
-0.5 |
|
0.2 |
| Result after taxes |
|
3.3 |
|
-1.2 |
|
4.5 |
| Other taxes |
|
0.0 |
|
0.0 |
|
0.0 |
| Group result for the period |
|
3.3 |
|
-1.2 |
|
4.5 |
Note: The figures for the nine-month period 2022 are unaudited. Rounding differences are possible.
Condensed Group Balance Sheet (unaudited)
| in EUR million |
|
30 Sep. 2022 |
|
31 Dec. 2021 |
|
∆ |
| Assets |
|
|
|
|
|
|
| Fixed assets |
|
16.6 |
|
15.5 |
|
1.1 |
| Inventories |
|
3.6 |
|
4.6 |
|
-1.0 |
| Receivables |
|
4.3 |
|
3.6 |
|
0.7 |
| Cash on hand and bank balances |
|
32.3 |
|
29.8 |
|
2.5 |
| Prepaid expenses and deferred charges |
|
0.5 |
|
0.4 |
|
0.1 |
Deferred tax assets
|
|
0.2 |
|
0.2 |
|
0.0 |
| |
|
|
|
|
|
|
| Equity and liabilities |
|
|
|
|
|
|
| Equity |
|
42.1 |
|
40.7 |
|
1.4 |
| Difference from capital consolidation |
|
0.6 |
|
0.7 |
|
-0.1 |
| Provisions |
|
10.6 |
|
9.0 |
|
1.6 |
| Liabilities |
|
4.2 |
|
3.7 |
|
0.5 |
| |
|
|
|
|
|
|
| Balance sheet total |
|
57.6 |
|
54.1 |
|
3.5 |
Note: The figures as of 30 September 2022 are unaudited. Rounding differences are possible.
Condensed Group Statement of Cash Flows (unaudited)
| in EUR million |
|
9M 2022 |
|
9M 2021 |
|
∆ |
| Cash flow from operating activities |
|
6.7 |
|
2.6 |
|
4.1 |
| Cash flow from investing activities |
|
-2.4 |
|
-0.6 |
|
-1.8 |
| Cash flow from financing activities |
|
-1.8 |
|
20.1 |
|
-21.9 |
| |
|
|
|
|
|
|
| Cash and cash equivalents at the end of the period |
|
32.3 |
|
30.2 |
|
2.1 |
Note: The figures for the nine-month period of 2022 are unaudited. Rounding differences are possible.
About APONTIS PHARMA:
APONTIS PHARMA AG is a leading pharmaceutical company specializing in Single Pills in Germany. Single Pills combine two to three generic active ingredients in a single dosage form. APONTIS PHARMA develops, promotes, and sells a broad portfolio of Single Pills and other pharmaceutical products, with a special focus on cardiovascular diseases. Since 2013, APONTIS successfully launched several Single Pill products alone for cardiovascular indications such as hypertension, hyperlipidemia and secondary prevention. With its headquarters in Monheim am Rhein, APONTIS PHARMA is located in one of Europe’s leading pharmaceutical and chemical regions. From here, the company maintains a broad network with research-based pharmaceutical companies and a customer target group of approx. 23,000 physicians in Germany. For additional information about APONTIS PHARMA, please visit www.apontis-pharma.de.
APONTIS PHARMA AG
Investor Relations
ir@apontis-pharma.de
T: +49 2173 89 55 4900
F: +49 2173 89 55 1521
Alfred-Nobel-Str. 10
40789 Monheim am Rhein
Germany
apontis-pharma.com
APONTIS PHARMA Press Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
ir@apontis-pharma.de
T: +49 89 125 09 0330
10.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
|
