Euroapi: stock slumps on disappointing results and outlook
(CercleFinance.com) - Euroapi shares are in a spin today, after the company reported sales that fell below its targets, and adjusting its medium-term outlook.
This morning the active pharmaceutical ingredients manufacturer reported an 8.5% increase in 2022 sales to 976.6 million euros.
This performance was below the reduced target of around 980 million euros that the group announced at the end of last year.
Core EBITDA result also rose by 8.5% to 120 million euros, giving an operating margin of 12.3% in line with its forecast of a core EBITDA margin of between 12% and 13%.
Euroapi - which suffered from the suspension of production at its Budapest site - posted a loss of 15 million euros for the year.
Citing a "volatile and uncertain" macroeconomic environment, the former Sanofi subsidiary said it expects sales growth of between 7% and 8% this year, with a core EBITDA margin of between 12% and 14%.
The group - which had expected to achieve a core EBITDA margin of more than 20% in 2025 - says this will not be achieved until 2026.
Following all these announcements, the share collapsed over 20% on Wednesday morning in Paris. It has shown only modest growth since its listing on the stock exchange last June.
Copyright (c) 2023 CercleFinance.com. All rights reserved.