Gruenenthal GmbH
EARNINGS: Gruenenthal Q4 Revenue Up 18% YoY to €480M, Adj. EBITDA More Than Doubles to €81M, Net Debt at €964M; Guides FY'24 EBITDA, Revenue Below FY'23 Citing Challenging Conditions
Tue 03/26/2024 05:41 AM
Relevant Documents:
FY’23 Report
FY’23 Presentation
A summary of key financials is below:
In late October 2023, two U.S. affiliates of the German pharmaceutical company were included as defendants in a federal class action lawsuit filed by a hospital in New Mexico. In March, the hospital amended its original complaint to include the group itself, along with multiple other new defendants.
According to Grünenthal, the hospital purports to seek damages on behalf of a nationwide class of hospitals relating to operational losses and unreimbursed costs allegedly incurred in connection with their treatment of patients for opioid use disorder and other opioid usage conditions.
The company believes that the lawsuit is without merit, stating that “no Grünenthal group entity, including issuer and the two U.S. entities named in the litigation, has ever marketed, sold, promoted, or distributed opioid medications in the United States”.
For 2024, the group said it expects the operating environment expected to remain “challenging.”
Guidance for 2024 is below:
A breakdown of debt is below:
FY’23 Report
FY’23 Presentation
- Q4 Revenue: €480.1 million, up 17.5% year over year.
- Q4 Adjusted EBITDA:€80.7 million, more than doubling year over year.
- Net Debt: €964.4 million as of Dec. 31 compared with €979.6 million a year earlier.
- Net Leverage: 2.26x
A summary of key financials is below:
In late October 2023, two U.S. affiliates of the German pharmaceutical company were included as defendants in a federal class action lawsuit filed by a hospital in New Mexico. In March, the hospital amended its original complaint to include the group itself, along with multiple other new defendants.
According to Grünenthal, the hospital purports to seek damages on behalf of a nationwide class of hospitals relating to operational losses and unreimbursed costs allegedly incurred in connection with their treatment of patients for opioid use disorder and other opioid usage conditions.
The company believes that the lawsuit is without merit, stating that “no Grünenthal group entity, including issuer and the two U.S. entities named in the litigation, has ever marketed, sold, promoted, or distributed opioid medications in the United States”.
For 2024, the group said it expects the operating environment expected to remain “challenging.”
Guidance for 2024 is below:
A breakdown of debt is below:
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