Kedrion revenues total EUR 660.4 M with a Reported Ebitda growing year-on-year despite the negative impact of the COVID-19 pandemic
Castelvecchio Pascoli (Lucca, Italy), 8 April 2022 – The Board of Directors of Kedrion S.p.A., a biopharmaceutical company that specializes in the development, production and distribution of plasma-derived therapies and in the collection of plasma, has today approved the draft individual financial statements and the consolidated financial statements for the fiscal year 2021.
The following key figures are on a consolidated basis.
The year ended December 31st, 2021, generated a turnover for the Kedrion Group of EUR 660.4 million (EUR 697.2 million in 2020) corresponding to a decrease of 5.3% compared to the previous year marked by the company’s resilience and unwavering efforts to offset extraordinary COVID-19 challenges resulting in reduced plasma volumes.
Despite these difficulties, which have affected the entire plasma sector, Kedrion Group consolidated its international positioning through an integrated business model with an export share that stood at 83.3% in 2021.
The United States remains the first market with a share of 43.0% of turnover, followed by the European Union with 32.4% (Italy at 16.7%) and the Rest of The World with a 24.7% share.
Revenues from plasmaderivatives segment were EUR 596 million (90.2% of the total) up 2.8% from 2020 thanks to the positive trend of prices of immunoglobulin in the RoW market. Plasmaderivative sales in US increased by roughly 9.0% compared to previous year with other markets growing especially in Europe (Poland, Austria, Germany, and Portugal), Turkey and Mexico.
In light of the lower availability of collected plasma, Kedrion utilized a growing share of its plasma inventory to satisfy its production needs, with a consequent reduction in sales of plasma to third parties. Sales of plasma generated a segment turnover of Euro 46.9 million, compared to Euro 94.3 million of the previous year (-50.2%).
Plasma collections increased by 35% in the last two quarters of the year (47% in 2021 overall) mainly driven the easing of the pandemic in the U.S. This positive trend has continued and is expected to accelerate throughout 2022 as the industry recovery trend gains strength.
Revenues from the Other segment, related to the sale of synthetic products and production for third parties, were EUR 17.4 million with a -24.7% decrease over 2020 due to Nuwiq, the recombinant factor VIII.
The reported EBITDA1 reached EUR 99.0 million, with a margin increasing from 13.8% in 2020 to 15.0% in 2021, also driven by the Ryplazim acquisition.
The Adjusted EBITDA reached EUR 139.0 million (21.0% of revenues) vs 160.1 million of the previous year (23.0% of revenues). The non-recurring costs decreased from 64.3 M in 2020 to 40.0 in 2021 (-37.7%)
Net income for the year is EUR 11.6 million increasing with respect to the previous year (EUR 6.0 million in 2020) thanks to the growth in profitability and the improvement of financial management.
Excluding the impact of IFRS 162, as of December 31, 2021, Kedrion’s Net Financial Position totaled EUR 528.0 million, including EUR 134.2 million in cash. The company has EUR 264.0 million in undrawn credit lines.
The individual and consolidated financial statements for the year ended 31 December 2021 will be submitted for the approval of the Annual General Meeting of Stockholders by 29 April 2022.
Kedrion is a biopharmaceutical company that specializes in the development, production and distribution of plasma-derived therapeutic products for use in treating serious diseases, disorders and conditions such as immune system deficiencies and coagulation disorders. The company operates through a fully integrated business model from the collection of plasma in its own centers in the United States to fractionation and production in its manufacturing facilities located in Italy, Hungary and North America. Headquartered in Castelvecchio Pascoli (Lucca, Italy), Kedrion has over 2,800 employees and a commercial presence in 100 countries worldwide.
1 Including IFRS16 impact of 13.2 million
2 As of December 31, 2022, the net financial position including the impact of IFRS16 amount of EUR 640.1 million