Dermapharm Holding SE Reports Decline in Q1 2024 Revenue Amidst Strong Branded Pharmaceuticals Growth

Dermapharm Holding SE, a manufacturer of branded pharmaceuticals and other healthcare products, announced its Q1 2024 financial results, revealing a 6.4% year-on-year decline in consolidated revenue to EUR 298.7 million. The decline was attributed to decreased vaccine production and temporary consumer reticence in France impacting the Other healthcare products segment. Despite the overall revenue drop, the Branded pharmaceuticals segment displayed resilience with robust organic growth.

The company's adjusted EBITDA fell by 16.2% to EUR 88.7 million compared to Q1 2023, primarily due to a high profitability baseline set by the vaccine business in the previous year. However, Dermapharm highlighted an increase in EBITDA within its core business areas, excluding vaccines. The Branded pharmaceuticals segment managed to nearly offset the impact of reduced vaccine revenue, thanks to strong performance in core therapeutic areas and the recent integration of Montavit. Revenue for this segment decreased slightly by 4.7% to EUR 143.0 million.

Revenue in the Other healthcare products segment, which includes Arkopharma, fell to EUR 99.1 million. The Parallel import business also saw a revenue decline of 10.7% to EUR 56.6 million, impacted by below-average product availability at the start of the year. Despite these challenges, the Board of Management confirmed their 2024 full-year guidance, anticipating consolidated revenue between EUR 1,170–1,210 million and adjusted EBITDA of EUR 305–315 million.