Economic Financial Indicators

The identification of a clear corporate mission to be pursued with specific strategic planning, the control over its implementation, the continuous verification of the business model adopted with respect to the change in the competitive scenario have allowed the company to achieve important qualitative and quantitative results.

In the three-year period 2019-2021, in particular, the company recorded organic growth with a positive trend in the balance sheet items. Overall revenues, despite a decline in 2020, were on average stable in the three-year average with a compound annual growth rate (CAGR) of +1,06%.

The dynamics of revenues were supported by international business which grew by about 49% in 2021, consolidating the already excellent performances of 2020 (+ 30%) and 2019 (+ 28%).

These values ​​are in line with the provisions of the strategic directives of the 2018-2023 Business Plan, which, as a consequence of the process of internationalization and enhancement of assets, provides for a gradual but constant increase in the revenues of this segment.

The trend in revenues relating to the domestic market is attributable to regulatory measures (AIFA note 96) and to the effects related to the spread of the Covid 19 pandemic, which was also significantly affected by the general trend of the national pharmaceutical market.

The compound annual growth rate (CAGR) of EBITDA for the three-year period equal to -0,92% was affected by the dynamics of the last two years where the company has completed important investments in Research & Development, Marketing and Sales and due to the decline in revenues in the last year.

However, the EBITDA in relation to revenues (EBITDA ratio) maintains very satisfactory values ​​also due to the cost optimization policy implemented.

The net financial position shows a trend of consolidation thanks to a better efficiency of the working capital and the cash flows generated by the typical activity; moreover, the shareholders' equity is constantly increasing both due to the results obtained, of which a good part are reinvested in the company, and to the revaluation of strategic corporate assets.

Consolidated Values (in Euro x1000)

Revenues2021 20202019
Pharma Italia  160.418 149.366 161.611
Variation %  7,40% -7,58% -2,20%
International  24.767 16.603 12.774
Variation %  49,17% +29,97% +28,56%
Licensing/CMO Italia   9.960 10.504 14.814
Variation %  -5,18% +8,4% +4,76%
Total  195.145 176.473 189.403
Variation %  10,58% -6.83% +0,17%
Results(Thousand of Euro)2021 20202019
Turnover  195.145 176.473 189.403
Variation %  10,58% -6,83% +0,17%
Industrial margin  152.535 134.409 144.254
Variation %  13,49% -6,82% -0,50%
EBITDA  83.440 75.288 78.914
Variation %  10,83% -4,59% -8,01%
EBIT  76.844 69.730 73.528
Variation %  10,20% -5,17% -9,15%
Net profit (loss)  54.154 59.525 50.969
Variation %  -9,02% +16,79% -10,25%
Net assets  169.562 163.027 129.727
Variation %  4,01% +25,67% +4,47%
Net capital invested  101.691 105.598 74.836
Variation %  -3,70% +41,11% +4,81%
Net financial debits  67.870 57.429 57.892
Variation %  18,18% +4,62% +4,01%