Medios AG / Key word(s): Half Year Results/Change in Forecast
05-Aug-2020 / 11:42 CET/CEST
Medios AG adjusts forecast for 2020 financial year downward
Berlin, 5 August 2020 – Medios AG (‘Medios’) announces its preliminary financial figures for the first half of 2020: Group sales from January to June increased by 28.2% to €292.9 million compared to the same period of the previous year (€228.5 million), while earnings recorded a decline. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for extraordinary expenses*, amounted to €6.5 million (previous year €7.7 million). Consolidated earnings before taxes (EBT), adjusted for extraordinary expenses*, amounted to €4.9 million (previous year €6.8 million).
The disproportionate earnings development in relation to sales resulted in particular from Corona-related special effects: The stockpiling that began in the first quarter as a consequence of the quota system applied for specific pharmaceuticals took place at higher purchase prices and thus led to lower margins than planned. This effect unexpectedly continued throughout the second quarter, and Medios now expects this extraordinary development to continue also in the second half of the year.
As a result, the forecast for the 2020 financial year is adjusted downwards. Accordingly, Medios now expects group sales – including the acquisition of Kölsche Blister GmbH in March 2020 – of around €610 to €630 million (previously around €610 to €670 million). In addition, Medios now expects adjusted EBITDA* of around €14 to €15 million (previously around €19.5 to €22.5 million) and adjusted EBT* of around €11.5 to €12.5 million (previously around €17.5 to €20.5 million).
The long-term growth trend of Medios remains intact. Medios therefore expects to achieve group sales of €1 billion by the 2023 financial year at the latest.
Notifying person: Matthias Gärtner, Chief Financial Officer (CFO) of Medios AG
* EBITDA is defined as net earnings before interest, income taxes, depreciation and amortization. EBT is defined as net earnings before income taxes. EBITDA and EBT are adjusted for extraordinary expenses for stock options and amortization of the customer base.
Information and Explanation of the Issuer to this News:
About Medios AG
Medios AG is Germany’s first publicly listed Specialty Pharma company. The shares (ISIN: DE000A1MMCC8, DE000A288821) are listed in the Regulated Market of the Frankfurt Stock Exchange (Prime Standard).
Cautionary note regarding forward-looking statements/No duty to update
|Phone:||+49 30 232 566 – 800|
|Fax:||+49 30 232 566 – 801|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf|
|EQS News ID:||1110437|
|End of Announcement||DGAP News Service|