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2016-07-22

Recipharm AB: Interim report January-June 2016

January - June 2016

· Net sales amounted to SEK 2 208 million (1 742), an increase of 27
%

· EBITDA increased by 20 % and amounted to SEK 376 million (314)
giving an EBITDA margin of 17.0 % (18.0)

· Operating profit (EBIT) amounted to SEK 218 million (198)
· Profit after tax amounted to SEK 108 million (189: last year
included a financial capital gain of SEK 46.6 million), giving a net
margin of 4.9 % (10.9)

· Earnings per share amounted to SEK 2.14 (4.22), after dilution
2.13 (4.22)

· Cash flow from operating activities was SEK 78.6 million (201)
· Net debt to Equity was 0.4 (0.4)
Key figures

Apr change Jan - Jun change Jul 15
- Jun

SEK million 2016 2015 in % 2016 2015 in % - Jun 16 2015
Net sales 1 235 868 42.2 2 208 1 742 26.8 3 856 3 389
Net sales 1 239 856 42.6 2 216 1 709 27.3 3 344
(CER) 1/
EBITDA 1/ 240 156 54.0 376 314 19.9 572 510
EBIT 1/ 150 98 61.3 218 198 14.4 303 274
EBITDA 19.4 17.9 17.0 18.0 14.8 15.0
margin (%)
1/
Earnings per 1.67 1.50 23.3 2.14 4.22 -45.2 5.94 4.72
share
Return on 3.5 11.4 8.8
equity (%)
1/
Equity per 91.9 59.3 59.2
share (SEK)
1/
Equity ratio 51.1 49.7 48.1
(%) 1/
Net debt 1/ 1 807 1 001 1 183
Net debt to 0.4 0.4 0.4
Equity 1/
Net debt to 3.2 2.0 2.3
EBITDA 1/

1/ APM: Alternative Performance Measures, see financial definitions
after note 5

Thomas Eldered, CEO:
"With a sales increase of 42 percent we recorded all-time high sales
for the quarter. For the first time we had sales in excess of SEK 1
billion, and this even without the SEK 231 million contribution from
recent acquisitions. Sales growth during the quarter, excluding
acquisitions was 16 percent in local currencies. Sales of the
volatile tender product Thyrosafe and from the new contract in
Kaysersberg, France as well as phasing of revenues from the first
quarter contributed significantly to the sales increase. A
packaging-only contract, discontinued in Q3 2015, lower reference
prices in Portugal and lower sales in the UK of certain high-margin
own products had a negative impact.

EBITDA for the quarter increased 54 percent to SEK 240 million and
EBITDA-margin increased sequentially to 19.4 percent, the highest
quarterly margin ever for Recipharm. Excluding acquisitions,
completed during the last twelve months, EBITDA still reached an
all-time high for a quarter. In addition to the sales growth, a price
adjustment related to the first quarter this year had a positive
impact on EBITDA. Implementation of the cost and efficiency program
in Swedish operations started to impact EBITDA positively somewhat
ahead of plan.

We continued to take important steps to strengthen Recipharm and to
support achievement of our long-term targets. Completed acquisitions
during the quarter of Indian Nitin Lifesciences Ltd, Swedish Kemwell
AB and US Cirrus Pharmaceuticals Inc together with Italian Mitim Srl,
acquired in February, performed according to our expectations and
integration activities progressed in-line with plan. Together with
the acquisition of Kemwell's pharmaceutical business in India, with
expected authority approvals in Q4 this year, we have now
strengthened our synergistic business model and will align
development and manufacturing services globally. Our high-performing
European operations, highly efficient Indian capabilities and US
bridgehead, providing access to our network for small and midsize US
customers, is creating a leading global setup providing valuable
solutions to our customers. We continue to make expansion investments
in the Sterile Liquids segment, in particular to meet the strong
demand we see for our lyophilisation services and blow-fill-seal
technology.

As expected we comply with our EBITDA-margin and Net debt to Equity
targets. Going forward I expect our growth-driving strategies,
including executing on further acquisition opportunities, to continue
to deliver. The markets we operate in remain competitive but at the
same time providing both growth and many opportunities. With our
global reach and attractive value proposition to our customers I'm
confident that we will reach our long term growth targets set to
2020. We were pleased with the support showed by our shareholders in
the recently completed rights issue and we are very well placed to
continue to explore the opportunities we see in the market."

The complete interim report is attached through the link at the end of
the press release.

The company invites investors, analysts and media to a web conference
with a presentation (in English) on 22 July 10:00 am CET where CEO
Thomas Eldered and CFO Björn Westberg will present and comment on the
interim report and answer questions.

To participate in the web conference, please use the below link:

http://edge.media-server.com/m/p/ufdsgyft

Questions may be submitted by dialing below telephone numbers or by
typing them in the Q&A box during the conference. If you don't wish
to ask questions by telephone you only need to participate through
the link above.

From Sweden: + 46 8 505 963 06
From Denmark: + 45 354 45597
From Finland: + 358 9 8171 0317
From France: + 33 29092 0977
From Germany: + 49 30 211 510 067
From India: + 91 226187 51 03
From Italy: + 39 2 3604 67 98
From Norway: + 47 235 00 559
From Portugal: + 35 210 609104
From Spain: + 34 911 143 608
From Switzerland: + 41 44 5800083
From the UK: + 44 203 139 48 30
From the USA: + 1 718 873 90 77
Pin code for participants:
44823539#
For more information, please visit www.recipharm.com or contact:
Thomas Eldered, CEO, +46 8 602 52 10
Björn Westberg, CFO, ir@recipharm.com, +46 8 602 46 20

This information is published in accordance with the Swedish
Securities Market Act, the Swedish Financial Instruments Trading Act
and/or the regulations of NASDAQ Stockholm. This information was
submitted for publication on 22 July 2016 at 07:45 am CET.

About Recipharm
Recipharm is a leading CDMO (Contract Development and Manufacturing
Organisation) in the pharmaceutical industry employing some 3,500
employees. Recipharm offers manufacturing services of pharmaceuticals
in various dosage forms, production of clinical trial material and
APIs, and pharmaceutical product development. Recipharm manufactures
several hundred different products to customers ranging from Big
Pharma to smaller research- and development companies. Recipharm's
turnover is approximately SEK 5.0 billion and the Company operates
development and manufacturing facilities in France, Germany, India,
Israel, Italy, Portugal, Spain, Sweden, the UK and the US and is
headquartered in Jordbro, Sweden. The Recipharm B-share (RECI B) is
listed on Nasdaq Stockholm.

For more information on Recipharm and our services, please visit
www.recipharm.com

Recipharm AB (publ)
Corporate identity number 556498-8425
Address Lagervägen 7, SE-136 50 Jordbro, Sweden, Telephone 46 8 602 52
00, Fax 46 8 81 87 03

www.recipharm.com
-----------------------------------------------------------
http://news.cision.com/recipharm-ab/r/interim-report-january-june-2016,c...
http://mb.cision.com/Main/9273/2049579/542669.pdf
http://mb.cision.com/Public/9273/2049579/9d2762f39839d86b.pdf

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