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Ypsomed business year 2014/15: Growth trajectory continues
Delivery Devices: Growth trajectory fuelled by GLP-1
In 2014/15 the Delivery Devices segment posted growth in sales of 6.9% to CHF 151.7 million and thus continued its growth trajectory that began in 2012. The main drivers for this are:
- The market for glucagon-like peptide-1 (GLP-1), a drug that is becoming increasingly important in the treatment of type 2 diabetes, is growing fast. In the reporting year two of the Ypsomed pens based on GLP-1 products of our pharmaceutical partners GlaxoSmithKline and AstraZeneca were successfully brought to market.
- The disposable platform UnoPen™, for which we began automated production in Q1 2015, generated its first sales with a pen for our Russian pharmaceutical partner Pharmstandard.
- Business with pen needles also posted impressive growth, in particular thanks to the clever dealings of our sales companies.
In addition, production efficiency was further improved. On the one hand, the lower sales in the contract manufacturing of pen components had a dampening effect on the segment result. The extraordinarily high order volumes of the previous year due to Sanofi returned to more normal levels. A further factor can be seen in the impairment of CHF 1.5 million for injection moulding tools that became obsolete during the course of the process optimisations and of CHF 1.2 million for pen platforms that were discontinued. The end effect was a marked improvement in the EBIT for the Delivery Devices segment, which rose from CHF 9.3 million in the previous year to CHF 13.4 million.
Diabetes Direct Business: sharp climb following Turnaround
In the reporting year 2014/15 Ypsomed once again posted strong growth in the Diabetes Direct Business segment. Sales rose from CHF 118.4 million in the previous year to CHF 137.6 million (+16.3%). The driver for this growth was once again the tubeless mylife™ OmniPod® insulin patch pump, sales of which rose by around 50% in comparison with the previous year. But also sales with blood glucose monitoring systems increased in this segment by 8.5%, despite zero global growth, in particular due to several good results in the tendering business. Provisions amounting to CHF 0.7 million for possible legal costs in connection with our international distribution network, which could occur based on historic receivables, had a negative impact on the results. Overall there is an increase in the profitability of the Diabetes Direct Business. Following the turnaround in 2013/14 (EBIT CHF 6.3 million), the operating result in the reporting year has already more than doubled and is recorded at CHF 13.0 million.
Others: Successful location policy
The Others segment also posted positive results. Our subsidiary Ypsotec posted slightly increased sales at CHF 17.2 million. The EBIT for the suppliers of mechanical precision components rose from CHF 0.1 million in the previous year to currently CHF 0.5 million. Ypsotec is facing the massive challenge posed by the strong Swiss Franc as of the beginning of 2015, but it is well positioned with its second production site in Tábor in the Czech Republic. The sale of land at the Solothurn site has also had a positive impact on the Others segment. Part of the Ypsomed site that was no longer operational was sold, which resulted in a profit of CHF 1.5 million. The EBIT for the whole segment is CHF 2.1 million in comparison with CHF 0.1 million in the previous year.
Currency losses depress financial result
As far as the financial result is concerned, the impact of the unpegging of the Swiss Franc from the Euro had palpable repercussions for Ypsomed. In the reporting year financial income of CHF 3.2 million is offset by financial expenses of CHF 8.0 million, which represents a loss of CHF 4.8 million (previous year 0.4 million). This result was mainly caused by currency losses amounting to a net total of CHF 2.4 million, but also by the impairment to Ypsomed's participation in the Taiwanese manufacturer of blood glucose monitoring systems, Bionime, which accounted for CHF 1.7 million. On the other hand, the participation in Bionime earned a dividend of CHF 0.3 million. After the deduction of tax, Ypsomed posted net profit of CHF 19.4 million for the business year 2014/15, a clear increase vis-à-vis the CHF 13.6 million of the previous year. The result corresponds to earnings per share of CHF 1.54.
Intensive investment activity
In the reporting year Ypsomed invested a total of CHF 30.5 million in fixed and intangible assets, which is comparable with the previous year's level. Of this around CHF 6.0 million was invested in assembly lines and injection moulding tools for the Solothurn and Burgdorf sites. A further CHF 7.4 million was invested in the ongoing development and industrialisation of the new insulin pump, the mylife™ YpsoPump®. The rest was used on the ongoing updating and maintenance of the infrastructure, IT and buildings.
Dividend payment from capital reserves
In the past financial year, a total of CHF 3.8 million was paidout to shareholders. The Ypsomed Board of Directors will propose to the General Meeting that the dividend should be increased by 100%. A payout of CHF 0.60 per registered share is to be made to shareholders from tax-beneficial capital reserves for the 2014/15 financial year. The General Meeting of Ypsomed Holding AG will take place on Wednesday 1 July 2015 in Bern.
In the coming business year 2015/16 the expenses for the launch of the mylife™ YpsoPump® and the opening up of new markets will have an impact on results. We expect a growth in sales of around 10% and an operating result of around CHF 35 million, depending on the currency trend. If the Euro exchange rate was to remain fairly constant at around CHF 1.20, this result would be around CHF 9 million higher.
If you would like any further information, Benjamin Overney, Head of Investor & Public Relations for Ypsomed Holding AG will be happy to help you. He can be reached on +41 34 424 41 59. This press release, the Annual Report 2014/15 and further documents in electronic form can be accessed at www.ypsomed.com (under Media & Investors/Media resources and press releases).
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