Castelvecchio Pascoli (Lucca, Italy), 10 September 2021 – 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 approved the unaudited consolidated results for the first half of 2021.
The following figures are on a consolidated basis.
Our sales of plasma-derivative products in the first six months of 2021 have remained strong and in line with the corresponding period in 2020. Notwithstanding the strong performance in plasma-derivative sales, we recorded EUR 266.8 million in revenues in the first half, with a decrease of 21% (-16% at cc1) compared to our revenues for the first half of 2020 (EUR 336.7 million). The decrease in revenues is attributable to lower sales of plasma because of the ongoing Covid-19 pandemic, which did not affect the first months of 2020.
Lower plasma sales were in turn driven by lower collection volumes as a result of fewer donations following government-imposed lockdowns and the associated stimulus programs (in particular in the United States). Despite the prolongation of the stimulus programs and the COVID-19 pandemic, Kedrion started to see a recovery in the plasma collections that is continuing month after month.
The United States remains the first market for Kedrion, with a share of 41% of turnover, followed by the European Union with 35% (of which Italy at 21%) and the Rest of The World with a 24.0% share.
Reported EBITDA2 reached EUR 46.4 million with a profitability in line from 17.3% in 2020 to 17.4% in 2021 despite the negative COVID-19 impact on both sales and non-recurring costs (EUR 16 million of COVID-19 related non-recurring costs were recorded in the period). Excluding COVID-19 related costs, EBITDA reached EUR 62.1M (+6.4% yoy at cc).
The Adjusted EBITDA reached EUR 74.3 million (27.8% of revenues) vs 74.4 million of the previous year (22.1% of revenues) substantially in line with previous year despite lower plasma sales and adverse FX variations (+6.0% yoy at cc).
Excluding the impact of IFRS 163, as of June 30, 2021 Kedrion’s Net Financial Position totaled EUR 542.7 million, including EUR 70.6 million of cash. The company has EUR 306.2 million in undrawn credit lines.
About the Liminal deal
On May 17, 2021, Kedrion announced the signing of a Share Purchase Agreement for the sale from Liminal BioSciences to Kedrion of two plasma collection centers. In addition, Kedrion entered into an option agreement with Liminal BioSciences for the right to acquire the remainder of Liminal BioSciences’ plasma-derived business, including the biological license application (“BLA”) for Ryplazim® (Plasminogen).
On June 4, 2021, Ryplazim® was approved by the U.S. Food and Drug Administration (FDA) as the first treatment of patients with plasminogen deficiency type 1 (hypoplasminogenia) and upon the sale of the Rare Pediatric Disease Priority Review Voucher (“PRV”) linked to this product (estimated to take place at the end of September) Kedrion would assume all manufacturing and commercialization activities for Plasminogen.
For Kedrion this has been a great M&A transaction to further consolidate both innovation and product portfolio.
CONSOLIDATED FINANCIAL STATEMENTS H1 2021
- Costant Currency
- Including IFRS16 impact of 6.1 million
- As of June 30, 2021, the net financial position including the impact of IFRS16 amount of EUR 628 million