Siegfried Holding, a Switzerland-based life-sciences company, has increased its guidance for 2023 following higher sales performance in the first half of the year. The growth was primarily driven by its drug-substances business, although earnings were slightly lower due to increased costs.
The company now expects full-year sales growth at a constant currency rate in the mid single percentage digits, exceeding its previous forecast of low-to-mid single digits. Furthermore, Siegfried anticipates that its core earnings before interest, taxes, depreciation, and amortization (EBITDA) margin will be above 20%, as opposed to the previous expectation of a margin at or above 20%.
During the first half of the year, Siegfried generated net sales amounting to 607.1 million Swiss francs ($689.8 million), reflecting a growth of 6.8% in local currencies compared to the same period last year. While there was a decline in its drug-products segments, this was offset by increased sales in the drug-substance division.
Despite the overall positive sales performance, net profit decreased from CHF62.7 million to CHF55.2 million. Additionally, core EBITDA fell by 3.4% to CHF125.7 million, resulting in a decline in the margin from 22.2% to 20.7%.
For more information, please contact Adria Calatayud.
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