Change in pro forma revenue*: - 5.3%
Change in pro forma revenue* at constant exchange rates: - 2.3%
Villepinte, France, July 28, 2016 (GLOBE NEWSWIRE) -- Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is reporting revenue of €376.7 million for the 1st half of 2016, up 65.7% from 2015. This increase incorporates an adverse exchange rate impact of €11.9 million, mainly on the Brazilian real, Argentine peso, Korean won, and the Turkish lira. At constant exchange rates, the Group posted sales of €388.6 million, slightly down 2.3% from the pro forma revenue for the first half of 2015.
Consolidated Group revenue (IFRS)
|In millions of €||1st half 2016|| 1st half 2015 |
|Change||1st half 2015 reported||Change|
|Sales - Europe||189,7||187,5||+1.2%||158,7||+19.5%|
|Sales - Other Markets||187,0||210,3||-11,1%||68,6||+172.6%|
*: Integration of CMDS activities
Good performance level in Europe
In Europe, consolidated revenue for the first half totaled €189.7 million compared with €187.5 million for 2015 in its pro forma version, incorporating an adverse exchange rate impact of nearly €2 million. At current exchange rates, the second quarter confirmed the growth of the first quarter, which was already 1.2%.
Outside Europe, despite the good performance of Dotarem® in the US, the Group's sales totaled €187.0 million compared with €210.3 million for 2015 in its pro forma version, an 11.1% decrease. However, this decline incorporates an adverse exchange rate impact of nearly €10 million and reveals an improving trend in the second quarter (-9.0%), at current exchange rates, compared with the first quarter (-13.1%).
Double-digit growth in Dotarem® sales, lower performance for X-rays
At constant exchange rates, the activity breaks down as follows:
- good Dotarem sales in both Europe and the US resulted in half-year revenue of €121.8 million for MRI, up 5.5%
- the X-ray segment fell by 6.8% to €205.3 million, mainly due to Optiray, but its decline began to slow down in the second quarter thanks to stimulus actions undertaken since the acquisition of CMDS
- the performance of Lipiodol® and Patent Blue V increased the IRT segment's revenue by 18.3% to €25.4 million
- lastly, the Imaging Solutions and Services (ISS) segment is down nearly 7.4% with revenue of €34.5 million, reflecting lower injector sales.
2016 outlook: stabilization of sales at +/- 3% already achieved and confirmation of annual targets
The second quarter confirms Guerbet's ability to reverse the trend on sharply declining CMDS sales (-20% over the last two years before the acquisition). At the end of the first half, consolidated sales are -2.3% at constant exchange rates, within the target window of +/- 3% announced for the full year. The Group is therefore confirming its annual targets and its ability to start growing again in 2017.
Publication of 2016 half-year earnings: September 28, 2016, before trading
Guerbet is a pioneer in the contrast agent field, with nearly 90 years' experience, and is the only pharmaceutical group dedicated to medical imaging worldwide. It offers a comprehensive range of X-Ray, Magnetic Resonance Imaging (MRI), and Interventional Radiology and Theranostics (IRT) products, along with a range of injectors and related medical devices to improve the diagnosis and treatment of patients. To discover new products and ensure future growth, Guerbet invests heavily in R&D, spending around 9% of its sales each year. Guerbet (GBT) is listed on Euronext Paris (Segment B - Mid Caps) and generated revenue of €489 million in 2015.
For more information about Guerbet, please visit www.guerbet.com
| Jean-François Le Martret |
Chief Financial Officer
01 45 91 50 00
| Financial Communications |
01 56 88 11 25
01 56 88 11 19
Press release http://hugin.info/159769/R/2031561/755976.pdf