Siegfried AG / Key word(s): Half Year Results In the first half of 2024, Siegfried (SIX: SFZN) continued its journey of profitable growth. Significant progress has been made in the implementation of the corporate strategy EVOLVE which is geared towards long-term profitable growth in core areas and beyond. Net sales amounted to CHF 619.9 million, an increase of 3.5% in local currencies (2.1% in Swiss Francs). Core EBITDA amounted to CHF 132.1 million (prior period: CHF 125.7 million), resulting in an increased Core EBITDA margin of 21.3% (prior period: 20.7%). Core net profit amounted to CHF 71.7 million (prior period: CHF 58.8 million). Cash flow from operating activities increased to CHF 118.9 million (prior period: CHF 78.8 million). Dr. Reto Suter, CEO ad interim and CFO of Siegfried: "Siegfried delivered a strong first half with further revenue growth at an increased margin. We kept our day-to-day operations well on track and at the same time continued to look ahead and execute important investments in the network as foundation for our future growth. With the acquisition of the early-phase CDMO in the US, we enhance our offering with early-stage development services for Drug Substances and become even more attractive to our customers." Continued profitable growth This positive result was driven by continued high demand for Siegfried's products and services, ongoing active portfolio optimization and a strong focus on operational excellence and efficiency at all manufacturing sites. Net sales in Drug Substances increased by 4.3% in local currencies (3.2% in Swiss Francs) to CHF 411.1 million, based on close customer relationships, Siegfried's scientific and technical excellence and the complementary expertise of its global network. In Drug Products net sales increased by 1.8% in local currencies (flat in Swiss Francs) to CHF 208.8 million with an increased momentum at the production sites in Barcelona. Based on its quality track record and extensive manufacturing experience, Siegfried continued to be the partner of choice for numerous new projects and products for both drug substances and drug products. Significant investments in the global manufacturing network to support future growth As part of its growth strategy, Siegfried continued to make significant investments into its global manufacturing network to further bolster its innovation and technological capabilities. In July 2024, Siegfried closed the acquisition of a CDMO specialized in early-phase development and manufacturing services in Grafton, Wisconsin (US). With this acquisition Siegfried strengthens its customer offering for Drug Substances in terms of capabilities and geography. Siegfried will further develop the site into its North American Siegfried Acceleration Hub for early-phase CDMO services, to generate attractive growth opportunities. Siegfried also continued the construction of a new global development center for Drug Substances in Evionnaz, set to open in Q4 2024, which will significantly increase Siegfried's R&D capacities to drive future growth. In addition, the construction of the new large-scale multi-purpose production plant for Drug Substances in Minden is well under way and the build out of DINAMIQS' GMP manufacturing facility for viral vectors is on track to go live in 2025. Beyond these landmark investments, Siegfried invested in additional capacities and capabilities across the entire network. Outlook for 2024 confirmed Outlook confirmed: For 2024 Siegfried expects a sales growth in the low single-digit percentage range in local currencies and a core EBITDA margin at or above the level of 2023.
About Siegfried expect more Siegfried AG End of Inside Information |
| Language: | English |
| Company: | Siegfried AG |
| Untere Brühlstrasse 4 | |
| 4800 Zofingen | |
| Switzerland | |
| Phone: | +41 62 746 11 11 |
| E-mail: | info@siegfried.ch |
| Internet: | https://www.siegfried.ch |
| ISIN: | CH0014284498 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1956251 |
| End of Announcement | EQS News Service |
1956251 22-Aug-2024 CET/CEST
