(AOF) – Euroapi shares fell by 52.02% to 3.26 euros after the presentation of degraded 2023 results. The specialist in active pharmaceutical ingredients suffered a net loss of 189.7 million euros in 2023 compared to a loss of 15 million euros in 2022. The group recorded 226.4 million euros in depreciation of tangible assets . Core Ebitda stood at 93.1 million euros, or a margin of 9.2% compared to 12.3% in 2022, “due to less favorable absorption of fixed costs and inflation”.
Turnover increased by 3.8% to 1.013 billion euros.
The group announced the launch of Focus-27, “a global project to unlock profitable growth and increase returns” through a rationalization of the API portfolio. 13 APIs with low or negative margins will be discontinued, to focus on profitable and highly differentiated products such as vitamin B12, prostaglandins, peptides and oligonucleotides. The industrial footprint will be rationalized.
The Euroapi Board of Directors has appointed Ludwig de Mot as Chief Executive Officer, effective March 1, 2024. He joined the company on January 2, 2024 as Deputy Chief Executive Officer, in charge of business transformation.
Euroapi sets a key objective for 2024 to “focus on cash flow during a year of transition”. The group anticipates a decrease in turnover of between 4% and 7% on a comparable basis, due in particular to a drop in sales to Sanofi. The Core Ebitda margin is expected between 6% and 9%. The company also anticipates a material impact of transformation costs and start of restructuring, including industrial sub-activity resulting from the implementation of the Focus-27 project
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