GUERBET : 1st quarter 2018 revenue
April 18 2018 - 1:01AM
€196.5 million at constant exchange rates:
-3.2%
Villepinte, April 18, 2018 -
Guerbet (FR0000032526 GBT), a global specialist in contrast
agents and solutions for medical imaging, is reporting revenue of
€183.2 million for the 1st quarter 2018, down 9.8% at current
exchange rates and down 3.2% at constant exchange rates compared
with the 1st quarter 2017.
The change in activity in the first quarter 2018
can be explained in particular by:
- a negative currency effect of €13.3 million, compared with a
positive currency effect of €5.8 million over the same period in
2017
- an unfavorable base effect compared with the first quarter
2017, a period of 10.5% growth
- an effect from destocking of Optiray® at the end of the
previous financial year.
These negative effects were partially offset by
sales of Dotarem®, which grew strongly outside Europe.
Consolidated Group revenue (IFRS)
In
millions of eurosat March 31 |
Change
(%) |
2018at current exchange rates
|
Change
(%) |
2018at constant exchange rates
|
2017 |
Sales in Europe |
-10.3% |
84.5 |
-8.9% |
85.8 |
94.3 |
Sales in Other Markets |
-9.4% |
98.7 |
1.7% |
110.7 |
108.8 |
Total 1st quarter revenue |
-9.8% |
183.2 |
-3.2% |
196.5 |
203.1 |
In Europe, a downward impact on revenue stemmed
from a currency effect of €1.3 million (Switzerland and Turkey).
The main reason for the 8.9% decline at constant exchange rates was
the pressure on the price of Dotarem caused by the arrival of a
generic in this region in 2017.
In Other Markets, the unfavorable currency
effect amounted to €12.0 million (USA, Brazil, Argentina, Korea).
At constant exchange rates, sales were up 1.7%, despite a
significant decrease due to Optiray that is mainly explained by a
high first quarter 2017 and by destocking at the end of last year.
This is visible above all in China and in Latin America and should
not impact the second quarter.
At constant exchange rates, Diagnostic Imaging
activity fell 7.0%, while Interventional Imaging increased
19.5%:
- The MRI segment generated €65.0 million in revenue, down
2.3% compared with the same period last year. Despite the generic,
Dotarem sales continued to increase but this growth was more than
offset by the gradual withdrawal of Optimark®
- On the CT/Cath Lab segment, revenue totaled €87.8
million, down 10.3%. This movement was mainly due to Optiray.
Beyond the 2017 Q1 base effect and the destocking at the end of
last year, a change of distributor in China, beginning of 2018,
impacted the product with a lower selling price but with no
associated marketing expense which, as a consequence, reduces the
revenue but is neutral in margin
- Revenue in the Imaging Solutions and Services (ISS)
segment was €19.6 million compared with €20.9 million in 2017, a
decrease of -6.2%. This is the consequence of the expected launch
of a new equipment in the US market that will be executed in the
second quarter with a sales recovery
- In Interventional Imaging, steady sales of Lipiodol® and
Patent Blue V enabled this activity to generate €14.7 million in
revenue.
Besides,
still at constant exchange rates, €9.4 million in revenue have been
generated with third parties, an increase of €3.9 million compared
to the first quarter 2017 which is a one-off catch up. These sales
were mainly done with industrial companies in the USA.
For the full 2018 financial year, Guerbet is
confident in the financial objectives presented in the GEAR 2023
strategic plan.
Upcoming events:Publication of 1st half
revenue July 26, 2018, after trading
About Guerbet
Guerbet is a pioneer in the contrast-agent
field, with more than 90 years' experience, and is a leader in
medical imaging worldwide. It offers a comprehensive range of
pharmaceutical products, medical devices and services for
diagnostic and interventional imaging, to improve the diagnosis and
treatment of patients. With 7% of revenue dedicated to R&D and
more than 200 employees distributed amongst its three centers in
France and the United States, Guerbet is a substantial investor in
research and innovation. Guerbet (GBT) is listed on Euronext Paris
(segment B - mid caps) and generated €807 million in revenue in
2017. For more information about Guerbet, please visit
www.guerbet.com
Forward-looking statements
Certain information included in this press release are not
historical facts but are forward-looking statements. These
forward-looking statements refer in particular to Guerbet
management's business strategies, its expansion and growth of
operations, future events, trends or objectives and expectations,
which are naturally subject to risks and contingencies that may
lead to actual results materially differing from those explicitly
or implicitly included in these statements.
Forward-looking statements speak only as of the
date of this press release and, subject to any legal requirement,
Guerbet does not undertake to update or revise the forward-looking
statements that may be presented in this press release to reflect
new information, future events or for any other reason and any
opinion expressed in this press release is subject to change
without notice. Such forward looking statements are for
illustrative purposes only. Forward-looking information and
statements are not guarantees of future performances and are
subject to various risks and uncertainties, many of which are
difficult to predict and generally beyond the control of the
Guerbet group. These risks and uncertainties include among other
things, the uncertainties inherent in research and development of
new products, including future clinical trial results and analysis
of clinical data (including post-marketing data), decisions by
regulatory authorities, such as the Food and Drug Administration or
the European Medicines Agency, regarding whether and when to
approve any drug, device or biological application that may be
filed for any such product candidates as well as their decisions
regarding labelling and other matters that could affect the
availability or commercial potential of such product candidates. A
detailed description of risks and uncertainties related to the
Guerbet group's activities is included under Chapter 4.3 "Risk
factors" in the Registration Document (Document de Référence) of
Guerbet which has been filed with the French Financial Markets
Authority on April 5, 2017 under the number n°D-17-0323 and is
available on Guerbet's website (www.guerbet.com).
For more information about Guerbet, please visit
www.guerbet.com
Contacts
Jean-François Le
MartretChief 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 |
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