Pharmiweb ChannelsAll | PharmaCo | Clinical Research | R&D/BioTech | Sales/Mktg | Healthcare | Recruitment | Pharmacy | Medical Comms

Pharmiweb.com RSS Feed Pharmiweb.com RSS Feeds

Advertising

Press Release

EastPharma Ltd Sales Update Announcement for the period 30 September 2017

EastPharma Ltd
Posted on: 02 Nov 17

EASTPHARMA LTD.

London, 2 November 2017 - EastPharma (EAST LI)  announces that it is releasing its 9M 2017 sales performance and a review of its main subsidiary DEVA Holding's unaudited  financial statements for the period 30 September 2017.

Management comment on the sales performance of EastPharma is provided in the attachment, and a presentation of the results will be available on the EastPharma website www.eastpharma.com on 3 November 2017.

A conference call to review the 9M 2017 sales performance will be hosted by the management of EastPharma at 12:00-noon London time on 3 November 2017 (08:00am New York time / 01:00pm Zurich time / 03:00pm Istanbul time). The dial-in details are provided below.

Conference call:

Dial-in Number (UK): + 44 (0)20 7162 0077
Dial-in Number (US): + 1 646 851 2407
Dial-in Number (Switzerland): + 41 (0)434 5692 61
Dial-in Number (Germany): + 49 (0)695 8999 0507

Conference ID:  963050

For further information, please contact:

Investor Relations:
email: ir@eastpharma.com

MANAGEMENT COMMENTS ON EASTPHARMA'S SALES PERFORMANCE IN 9M 2017 (IFRS):

According to IFRS results, revenue in 9M 2017 was USD 163.5mn, down 5.3% from the same period in 2016 (USD 172.6mn). ) In Turkish Lira terms, revenue increased by 16.4% in the same period (Net sales in 9M 2017 were TRY 588.3mn vs TRY 505.4mn net sales in 9M 2016).

The average US Dollar exchange rate strengthened by 22.6% against the Turkish Lira to 3.5936 in 9M 2017, which compares with an average rate of 2.9309 in 9M 2016. The USD/TRY exchange rate was 3.5521 on 30 September 2017, while it was 3.5192 on 31 December 2016, which corresponds to an increase of 0.93%.

EastPharma's sales decrease in US dollar terms was mainly due to depreciation of Turkish Lira against hard currencies. In 9M 2017 versus 9M 2016, Human Pharma revenues in US dollar terms decreased by 5.6% (from USD 160.1mn to USD 151.2mn). In TRY terms, increased by 16.0% (from TRY 469.0mn to TRY 544.0mn). Veterinary products revenues in US dollar terms remained same ( USD 10.32mn and USD 10.32mn). In TRY terms, increased by 22.8% (from TRY 30.24mn to TRY 37.14mn).

MANAGEMENT COMMENTS ON CAPITAL MARKET BOARD (CMB) FINANCIAL PERFORMANCE FOR DEVA 9M 2017:

Deva's Capital Markets Board (CMB) results show revenue in 9M 2017 was TRY 597.7mn, up 15.9% from the same period in 2016 (TRY 515.8mn).

Deva's sales increase was mainly achieved by both increased volumes at human pharma businesses and price increase which was effective as of 20 February 2017. In 9M 2017 versus 9M 2016, Human Pharma revenue increased by 15.4% (from TRY 479.4mn to TRY 553.3mn). Veterinary business revenue increased by 22.8% compared to the 9M 2016 (from TRY 30.24 mn to TRY 37.14 mn).

Deva's gross profit in 9M 2017 was TRY 254.7mn, up from TRY 216.9mn in 9M 2016. The gross profit margin in 9M 2017 was 43% vs 42% in 9M 2016.

EBITDA in 9M 2017 was TRY 126.3mn vs TRY 115.4mn in 9M 2016 representing an EBITDA margin of 21.1% vs 22.4% in 9M 2016.

Operating expenses in 9M 2017 increased by 27.0%, from TRY 122.7mn to TRY 155.8mn. The ratio of operating expenses to revenues increased to 26.1% from 23.8% compared to 9M 2016. Sales and marketing expenses in 9M 2017 were 14.1% of revenues; general administrative expenses were 9.0% of revenues; research and development expenses were 2.9% of revenues. These expenses were 14.0%, 7.6% and 2.2% in 9M 2016, respectively.

Finance expense increased by TRY 5.54mn, from TRY 38.28mn to TRY 43.82mn in 9M 2017 compared to 9M 2016. Foreign exchange losses and loss on derivatives increased by TRY 2.94mn, bank loan and bond issued interests increased by TRY 2.31mn and other finance expenses increased by TRY 0.29mn. Average TRY interest rate increased to 12.50% in 9M 2017 from 12.35% in 9M 2016.

Receivable days at 30 September 2017 were 100 days, compared to 109 days as at 31 December 2016.

Philipp Haas, EastPharma's Chairman and CEO, stated;

'Despite stronger competition we were able to increase sales significantly in Turkish Lira terms. Factors which have negatively impacted our net profit were a weaker local currency as well as higher interest rates.'

EastPharma Ltd - a company active in the manufacturing and marketing of pharmaceutical products in Turkey and in other regional markets; for further information please visit
www.eastpharma.com

9M 2017 Results of EastPharma Ltd
Deva Holding Consolidated Financial Statements 30 September 2017


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: EastPharma Ltd via GlobeNewswire
HUG#2146893
GlobeNewswire
globenewswire.com

Last updated on: 03/11/2017

Advertising
Site Map | Privacy & Security | Cookies | Terms and Conditions

PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.