- Increase in total operating performance and revenue
- EBITDA and adjusted profit before tax above previous year
- Market position in Europe expanded
The PHOENIX group recorded solid results in the first six months of fiscal year 2023/24 (31 July 2023), despite a persistently challenging market environment. Compared with the first half of fiscal year 2022/23, total operating performance increased by 33.7 per cent to €27.9 billion. Total operating performance, which comprises revenue and handling for service charge, is the key figure relevant to pharmaceutical wholesale. Revenue rose by 43.5 per cent in comparison with the previous year to €23.2 billion (first half of 2022/23: €16.2 billion). Of this, €6.1 billion is attributable to the former McKesson Europe companies acquired on 31 October 2022. These companies have been fully included in the PHOENIX group’s key financial figures since the fourth quarter of the previous fiscal year.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose from €328.9 million to €411.6 million. Adjusted for a deconsolidation loss in Switzerland, EBITDA of €425.0 million was €96.1 million higher than in the comparative period.
Profit before tax decreased from €135.0 million to €130.9 million. Adjusted for the deconsolidation loss in Switzerland, profit before tax increased by €9.3 million to €144.3 million.
Group aims to further strengthen market position
“The PHOENIX group has performed well in the first half of 2023/24,” says Sven Seidel, Chief Executive Officer of PHOENIX Pharma SE, adding: “Factors such as rising costs and supply bottlenecks have repeatedly presented us with challenges. As we will continue to face such unpredictable issues in the second half-year, it is all the more important that we maintain our chosen course for the 2023/24 fiscal year and further strengthen our position in the market as a leading healthcare provider in Europe.”
Revenue growth expected
For fiscal year 2023/24, the PHOENIX group expects to further expand its market position in Europe through organic growth, acquisitions, and efficiency gains, thereby increasing revenue slightly above the level of growth on the European pharmaceutical markets. Revenue growth is expected in nearly all markets in which the company is present.
The PHOENIX group forecasts that profit before tax will be slightly below the level of 2022/23: higher levels of amortisation and depreciation are anticipated due to the acquisition of the McKesson Europe companies. In addition, it is assumed that financing costs will increase owing to rising interest rates and higher net debt. A slight rise in the equity ratio is expected.
Key figures of PHOENIX Pharma SE compared with the same period of the previous year
| 1st half of 2022/23 in €m | 1st half of 2023/24 in €m | |
Total operating performance1 | 20.831.1 | 27,856.3 |
Revenue | 16,178.6 | 23,209.1 |
EBITDA (before significant one-off effects) | 328.9 | 425.0 |
EBITDA | 328.9 | 411.6 |
EBIT | 182.7 | 208.6 |
Profit before tax (before significant one-off effects) | 135.0 | 144.3 |
Profit before tax | 135.0 | 130.9 |
Profit after tax | 98.6 | 86.8 |
Equity2 | 3,249.7 | 3,343.5 |
Equity ratio (in %)2 | 29.9 | 24.4 |
Net debt2 | 1,834.6 | 3,315.5 |
(Balance sheet date 31/07/2023)
1 Total operating performance = revenue + handled volume (handling for service charge).
2 As at reporting dates 31/07/2022 and 31/07/2023.
