(Boursier.com) — bioMerieux drops another 2.3% to 98 euros this Friday after its annual update… The group reported a falling contributory current operating profit in 2023, weighed down by greater than expected exchange rate effects. Contributory current operating income thus stood at 610 million euros, down 8.2%, while currency effects weighed 55 ME. At constant exchange rates and scope, operating profit increased by 2%.
The specialist in diagnostic solutions still reported a turnover up 2.4% in published data in 2023, to 3.68 billion euros, supported by sales of microbiology and panels. non-respiratory products from its Biofire brand.
Rigorous management
In 2024, bioMérieux forecasts growth in its turnover of between 6% and 8%. Contributory operating profit before non-recurring items is expected to grow by at least +10% at constant exchange rates, with a stable gross margin and rigorous management of operational expenses, leading to an improvement in operating margin of at least +50%. basis points at constant exchange rate…
“bioMérieux’s 2023 achievement is solid, reflecting good performance on non-respiratory panels and in microbiology in particular,” estimates TP ICAP Midcap. The 2024 guidance confirms sustained organic growth and an improvement in operating profit before non-recurring items at constant exchange rates. However, exchange rate effects limit operational leverage. The target is revised from 112 to 103 euros, leading the broker to adopt a ‘hold’ opinion.
Oddo BHF, for its part, also downgraded the file to ‘neutral’ with a target maintained at 105 euros and Jefferies retains Biomérieux with an adjusted target of 86 to 90 euros.
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