PolyPeptide reports weaker performance in 2022 – expects growth to recover in the second half of 2023
Baar, 14 March 2023 – PolyPeptide Group AG (SIX: PPGN), a focused global CDMO for peptide- and oligonucleotide-based active pharmaceutical ingredients, today announced its results for 2022:
- Revenue of EUR 281.0 million (down 0.4% compared to 2021, or 3.0% at constant currency rates, compared to 2021), including revenue associated with the coronavirus pandemic1 of EUR 50.7 million (2021: EUR 63.2 million)
- Adjusted EBITDA2 of EUR 38.7 million (2021: EUR 88.2 million); adjusted EBITDA margin of 13.8% (31.3%), reflecting effects of increased cost base ahead of planned growth, inflationary pressure and operational issues; result for the year of EUR 7.8 million (2021: EUR 47.3 million)
- Capital expenditure of EUR 83.0 million or 29.5% of revenue (2021: EUR 76.7 million or 27.2%), reflecting continued capital deployment to support active custom projects
- 220 active custom projects at end of December 2022 (2021: 196), with two commercial launches in 2022
- Nomination of Dorothee A. Deuring (Austrian, 1968) as a new member of the Board of Directors to be proposed to AGM 2023
- Comprehensive measures launched to deliver a recovery in performance in the second half of 2023
- For 2023, PolyPeptide currently expects high single-digit percentage revenue growth versus 2022, with an adjusted EBITDA margin in the mid-teens
- Audio webcast and conference call will take place today at 9.30am CET (details see page 5)
Dr. Peter Wilden, Executive Chairman of PolyPeptide, commented: “In 2022, as we scaled up for accelerated growth, we faced significant challenges. We have taken comprehensive measures to ensure improved delivery performance. In addition, we are working with customers to further optimize our commercial relationships. We are making good progress in the search for our new CEO, who will have the opportunity of leading PolyPeptide into a future with significant structural growth opportunities.”
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Footnotes
1 This media release and the key figures table include references to operational indicators, such as customer projects, and alternative financial performance measures (APM) that are not defined or specified by IFRS. These APM should be regarded as complementary information to and not as substitutes for the Group’s consolidated financial results based on IFRS. For the definitions of the main operational indicators and APM used, including related abbreviations, as well as for selected reconciliations to IFRS, please refer to the section “Definitions and reconciliations” of the Annual Report 2022.
2 For 2022, no EBITDA adjustments were recognized. Adjusted EBITDA for 2021 excludes one-off IPO costs of EUR 5.7 million partly offset by US government loans of EUR 2.4 million waived in the context of the coronavirus pandemic.