Advicenne: share price hit after 2023 sales figures

(CercleFinance.com) - The pharmaceutical company Advicenne is being punished on the stock market this Wednesday after reporting a slowdown in sales growth for Sibnayal, its main product.


On the Paris Bourse, Advicenne's shares were down by almost 21% by mid-day, the second biggest fall on a Paris market that was trending upwards (+0.8%).

The company announced on Tuesday evening that gross sales of Sibnayal, its treatment for distal renal tubular acidosis (dRTA), had risen by 40% over the full 2023 financial year to ?1.94 million.

However, this performance falls short of the strong 51% growth recorded by sales of the drug over the first six months of the year, meaning that growth decelerated sharply in the second half.

In a press release, Advicenne explains that business in the UK was less buoyant than expected, despite the signing of several contracts with hospitals.

In its view, the difficulties of the NHS, the British health system, where strikes have multiplied in recent months, have penalized sales of its star drug.

In France, however, the laboratory says it has observed a favorable trend since the middle of the second half of 2023, with a steady increase in the number of hospitals supplied.

The group says it expects this trend to accelerate this year as it strengthens its sales structure.

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