Kedrion reports a 15% Ebitda on €660.4m of revenues in 2021

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The company is positioned for growth despite the negative impact of reduced plasma volumes caused by the COVID-19 pandemic

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Kedrion Biopharma

Apr 11, 2022, 09:00 ET

LUCCA, Italy, April 11, 2022 /PRNewswire/ -- 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 financial statements for the fiscal year 2021.

The following key figures are on a consolidated basis:

The year ended December 31st, 2021, generated total turnover for the Kedrion Group of EUR 660.4 million (EUR 697.2 million in 2020), a decline of 5.3% compared to the previous year.
The reported EBITDA reached EUR 99.0 million, or 15.0% of revenues, with an increase in profitability from 13.8% in 2020.
Net income for the year is around EUR 11.6 million, almost twice the previous year (EUR 6.0 million in 2020), thanks to the growth in profitability and the improvement of financial management.

"We faced some tough challenges during 2021 because of the pandemic, and it was a difficult business environment, but the company has shown its strength, and we were able to stay focused on keeping costs under control, making strategic acquisitions and finding ways to offset the problem of reduced plasma volumes that was caused by the pandemic," said Paolo Marcucci, Executive Chairman of Kedrion.

Mr Marcucci noted that despite these difficulties, which have affected the entire plasma sector, Kedrion Group successfully consolidated its international positioning through an integrated business model and maintained its focus on growth. The company, he said, now has a global footprint and its exports represented 83.3% of group revenues in 2021.

The United States remains the biggest market, accounting for 43.0% of turnover, followed by Europe with 32.4% (Italy at 16.7%) and Rest of the World with a 24.7% share.

Mr Marcucci said that Kedrion is now well positioned for global growth, and cited the recent partnership between his family and Permira, the global private equity firm which has agreed to jointly acquire and combine Kedrion and BPL, a UK-based biopharmaceuticals company. "That combination," Mr. Marcucci said, "will create a global player for medicines derived from human blood plasma, which can treat patients with rare and life threatening conditions."

Revenues from Kedrion's plasma derivatives segment were up by 2.8% in 2021, to EUR 596 million (90.2% of the total), thanks to the positive trend of prices of Immunoglobulin. The US market increased by roughly 9.0% compared to previous year with other markets growing especially in Europe (Poland, Austria, Germany, and Portugal), Turkey and Mexico.

Plasma collections increased by 35% in the last two quarters of the year (47% in 2021 overall) mainly driven by pandemic recuperation in the U.S. This positive trend has continued and is expected to accelerate throughout 2022 as the industry recovery trend gains strength.

As of December 31, 2021, Kedrion's net financial position totaled EUR 528.0 million, including EUR 134.2 million in cash. The company also has EUR 264.0 million in undrawn credit lines.

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