Revenue at September 30, 2016
Sales variance stabilized at -2.3% at constant exchange rates
Level of sales in line with expectations
Villepinte, October 24, 2016 - Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is reporting revenue of €568.4 million at September 30, 2016, up 65.4% from 2015, continuing the momentum started in the first half of 2016. This growth figure includes a negative currency impact of €13.4 million mainly from the Brazilian real and the Argentine peso. At constant exchange rates, the Group posted sales of €581.9 million, a limited decrease of 2.3% from the pro forma sales at the end of September 2015 and still in line with the sales stabilization target of +/-3%. With revenue of €191.7 million for third quarter 2016, the strong sales momentum remains comparable with second quarter 2016 (€193.0 million).
Consolidated Group revenue (IFRS)
|In millions of euros||9 months 2016||
9 months 2015
|Change||Reported 2015||1st half 2016||
1st half 2015
|Sales in Europe||274.3||282.7||-2.9%||236.7||189.7||187.5||+1.2%|
|Sales in Other Markets||294.1||313.1||-6.1%||106.9||187.0||210.3||-11.1%|
* Integration of CMDS activities
At constant exchange rates, sales growth is in line with the revenue stabilization objective (+/-3%)
In Europe, consolidated revenue at September 30, 2016 totaled €274.3 million compared with €282.7 million in 2015 in its pro forma version, including a negative currency impact of €2.8 million. The decline in sales was mainly confined to Russia. The region's third-quarter revenue totaled €84.6 million compared with €95.1 million in 2015 (pro forma).
Outside Europe, the Group's sales fell to €294.1 million compared with €313.1 million in 2015 (pro forma), including a negative currency effect of €10.6 million. At constant exchange rates, there was a slight decrease of 2.7%, benefiting particularly from sales of Dotarem ® in the US. Third-quarter revenue in Other Markets increased to €107.1 million compared with €102.8 million in 2015 (pro forma).
Favorable momentum in MRI and IRT, growth expected in X-ray and ISS
At constant exchange rates, the activity breaks down as follows:
2016 outlook: confirmation of annual targets
The performance level for the first nine months of the year is within the window of +/-3% announced as the full-year target, allowing the Group to confirm this goal.
2016 revenue: February 15, 2017, after trading
Guerbet is a pioneer in the contrast agent field, with 90 years' experience, and is the only pharmaceutical group dedicated to medical imaging worldwide. It offers a comprehensive range of X-Ray, Magnetic Resonance Imaging (MRI) and Interventional Radiology and Theranostics (IRT) products, along with a range of injectors and related medical devices to improve the diagnosis and treatment of patients. To discover new products and ensure future growth, Guerbet invests heavily in R&D, spending around 9% of its sales each year. Guerbet (GBT) is listed on Euronext Paris (Segment B - Mid Caps) and generated €789 million in pro forma revenue in 2015.
For more information about Guerbet, please visit www.guerbet.com
Jean-François Le Martret
Chief Financial Officer
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