1st quarter 2020 revenue
- Revenue growth over 1st quarter 2020
-
- +1.0% at current exchange rates at €199.2m
- +1.4% at constant exchange rates at €199.9 million
- Activity affected by the COVID-19
crisis in the 2nd quarter
Villepinte, April 23, 2020 –
Guerbet (FR0000032526), a global leader in medical
imaging, is reporting its revenue for the first quarter of its 2020
financial year. Revenue totaled €199.2 million at March 31, up
1.0%, including a favorable forex impact of €0.7 million. At
constant exchange rates1, revenue totaled €199.9 million,
up 1.4%.
Consolidated Group revenue
In millions of euros,at March 31, 2020 |
Change (%) |
Q1 2020at current exchange
rates |
Change (%) |
Q1 2020at constant exchange
rates |
Reported Q1 2019 |
Sales in Europe |
-14.3% |
79.7 |
-14.4% |
79.6 |
93.0 |
Sales in Other Markets |
+14.6% |
119.5 |
+15.3% |
120.3 |
104.3 |
Total |
+1.0% |
199.2 |
+1.4% |
199.9 |
197.3 |
Sales driven by Asia and the
Americas
In Europe, revenue was down 14.3% at
€79.7 million (-14.4% at constant exchange rates). This
decline stemmed from a 2019 base effect as well as lower prices in
response to the generic of Dotarem®.
Revenue in the Americas reached
€70.6 million, up 4.6% (+6.4% at constant exchange rates)
thanks to greater volumes and despite limited price erosion.
In Asia, volumes are rising sharply in almost
all of the region's countries. Revenue totaled €42.1 million,
up 34% (+36.7% at constant exchange rates).
Analysis of sales by
activity
Diagnostic Imaging sales
increased 0.2% (+0.8% at constant exchange rates) and reached
€172.2 million compared with €171.9 million in the same
period in 2019.
- MRI2 sales amounted to €64.4 million,
down 3% (-3.2% at constant exchange rates) compared with
€66.4 million in the same period in 2019. The main reason is a
price effect with the arrival of the generic of Dotarem® in most
countries of the Europe zone despite an increase in volumes.
- CT/Cath Lab2 revenue grew 2.3% to
€107 million (+3.5% at constant exchange rates) thanks to the
good level of sales of Xenetix® with stable sales of Optiray®.
Guerbet is once again demonstrating its strong market penetration
in the segment.
Still driven by Lipiodol®,
Interventional Imaging had double-digit sales
growth (+14.8%) with €19.2 million in revenue (+13.3% at
constant exchange rates).
2020 outlook: an April expected to
be down considerably due to the COVID-19 crisis, with a gradual
recovery expected in May-June
Lockdown measures in various countries in
response to the COVID-19 crisis are having significant impacts on
April sales, which are expected to drop drastically (between -30%
and -35%). The strong mobilization of the hospital sector in
fighting the epidemic has resulted in a sudden, temporary slowdown
in consultations and everyday medical examinations.
However, despite this unprecedented situation in
health and business, Guerbet expects sales to recover during the
2nd quarter as the lockdown is gradually lifted.
As a precaution under these circumstances,
Guerbet has cut its costs substantially (delaying certain
non-critical projects, cutting selling and marketing costs and
support function costs, etc.) while keeping all its production
sites operational with the supply of its products, some of which
are identified as medicinal products of major therapeutic
interest.
Against a background of economic uncertainty,
the Group has a solid balance sheet and sufficient bank credit
lines to cover its liquidity requirements even in an environment
with little visibility.
[1] At constant exchange rates: amounts and
rates of growth are calculated by canceling out the exchange rate
effect, which is defined as the difference between the indicator’s
value for period N, converted at the exchange rate for
period N-1, and the indicator’s value for period N-1.
2 As a reminder, the MRI and CT/Cath Lab
divisions now include sales of injection systems and related
consumables.
Upcoming events:
Publication of 2020 half-year revenueJuly
23, 2020, after trading
About
Guerbet
Guerbet is a leader in medical imaging
worldwide, offering a comprehensive range of pharmaceutical
products, medical devices, and digital and AI solutions for
diagnostic and interventional imaging to improve patient diagnosis
and treatment. A pioneer in contrast media for more than 90 years,
with more than 2,800 employees worldwide, Guerbet continuously
innovates and devotes 9% of its sales to research and development
in four centers in France, Israel, and the United States. Guerbet
(GBT) is listed on Euronext Paris (segment B – mid caps) and
generated €817 million in revenue in 2019. For more
information about Guerbet, please visit (www.guerbet.com).
Forward-looking statements
Certain information contained in this press
release does not reflect historical data but constitutes
forward-looking statements. These forward-looking statements are
based on estimates, forecasts, and assumptions, including but not
limited to assumptions about the current and future strategy of the
Group and the economic environment in which the Group operates.
They involve known and unknown risks, uncertainties, and other
factors that may result in a significant difference between the
Group’s actual performance and results and those presented
explicitly or implicitly by these forward-looking statements.
These forward-looking statements are valid only
as of the date of this press release, and the Group expressly
disclaims any obligation or commitment to publish an update or
revision of the forward-looking statements contained in this press
release to reflect changes in their underlying assumptions, events,
conditions, or circumstances. The forward-looking statements
contained in this press release are for illustrative purposes only.
Forward-looking statements and information are not guarantees of
future performance and are subject to risks and uncertainties that
are difficult to predict and are generally beyond the Group’s
control. These risks and uncertainties include but are not limited
to the uncertainties inherent in research and development, future
clinical data and analyses (including after a marketing
authorization is granted), decisions by regulatory authorities
(such as the US Food and Drug Administration or the European
Medicines Agency) regarding whether and when to approve any
application for a drug, process, or biological product filed for
any such product candidates, as well as their decisions regarding
labeling and other factors that may affect the availability or
commercial potential of such product candidates. A detailed
description of the risks and uncertainties related to the Group’s
businesses can be found in Chapter 4.4 “Risk Factors” of the
Group’s Registration Document filed with the French Financial
Markets Authority (AMF) under number D-18-0387 on 25 April
2018, available on the Group’s website (www.guerbet.com).
For more information about Guerbet, please visit
www.guerbet.com
Contacts
Jérôme EstampesChief Financial
Officer+33 (0)1 45 91 50 00 |
Financial
CommunicationsBenjamin
Lehari+33 (0)1 56 88 11 25blehari@actifin.fr PressJennifer
Jullia+33 (0)1 56 88 11 19jjullia@actifin.fr |
- 04232020-Revenue at 1st quarter 2020
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