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.
Our Latest News
The Potential Danger Looming Over the S&P 500 Rally
Goldman Sachs warns of potential risks to the S&P 500 rally as trend-following funds may shed $200 billion in exposure, driving a market downturn. Investment ba...
Trade Desk Faces Steep Drop in Shares After Weak Earnings Report
Trade Desk's shares plummeted 25% after disappointing earnings report. Analysts view the dip in stock as a buying opportunity.
Oil Futures Show Modest Gain as Investors Await Data
Oil futures are up as investors wait for data on U.S. crude inventories, with optimism growing that the Fed interest rate cycle is ending.