- Total operating performance and revenue rose again
- EBITDA above previous year’s level
- Adjusted profit before tax up 9.6 per cent
The PHOENIX group has begun the new fiscal year with robust key financial figures, despite challenging conditions. In the first quarter of 2023/24 (30 April 2023), Europe’s leading healthcare provider achieved a total operating performance of €13.7 billion, which corresponds to growth of 33.3 per cent in comparison with the first three months of the previous year. Total operating performance, which comprises revenue and handling for service charge, is the key figure relevant to pharmaceutical wholesale. Revenue rose by 42.6 per cent compared with the previous year to €11.4 billion. An amount of €3.0 billion relates to the former McKesson 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.
Adjusted EBITDA increased by 31.7 per cent compared with the same period of the previous year to €213.6 million, while EBITDA rose from €162.2 million to €201.4 million. Both figures also take the acquired McKesson companies into account. As a one-off effect, EBITDA additionally includes a loss of €12.2 million from the deconsolidation of the wholesale activities in Switzerland. PHOENIX Pharma Switzerland AG and Voigt Holding AG founded a 50:50 joint venture under the name avosano AG combining their activities in pharmaceutical wholesale and pre-wholesale, the closing of which took place in April 2023. Profit before tax adjusted for the above-mentioned deconsolidation loss grew by 9.6 per cent to €75.8 million, whereas profit before tax of €63.6 million was slightly below the previous year’s level (€69.2 million).
Resilient key financial figures
“In the first quarter of 2023/24, the PHOENIX group has made a resilient start to the new fiscal year in terms of revenue and results,” says Sven Seidel, Chief Executive Officer of PHOENIX Pharma SE, adding: “At the same time, price developments as well as rising costs will continue to challenge us over the course of the year.”
Cautiously positive outlook
For the full year 2023/24, the PHOENIX group expects to expand its market position in Europe. It anticipates that organic growth, acquisitions, and efficiency improvements will lead to revenue growth above that of the European pharmaceutical markets and in almost all markets in which the company is present. Profit before tax is forecast to be slightly below the level of the previous year. As a result of the acquisition of parts of McKesson Europe, higher levels of amortisation and depreciation as well as higher financing costs are anticipated due to increased interest rates and net debt. A slight increase is expected in the equity ratio.
Key figures of PHOENIX Pharma SE compared with the same period of the previous year
| 1st quarter 2022/23 in €m | 1st quarter 2023/24 in €m | |
Total operating performance1 | 10,249.6 | 13,658.4 |
Revenue | 7,990.0 | 11,393.2 |
EBITDA (before significant one-off effects) | 162.2 | 213.6 |
EBITDA | 162.2 | 201.4 |
EBIT | 88.7 | 100.9 |
Profit before tax (vor wesentlichen Einmaleffekten) | 69.2 | 75.8 |
Profit before tax | 69.2 | 63.6 |
Profit after tax | 50.1 | 42.0 |
Equity2 | 3,209.2 | 3,317.2 |
Equity ratio (in %)2 | 30.0 | 24.5 |
Net debt2 | 1,990.7 | 3,214.2 |
(Balance sheet date 30/04/2023)
1 Total operating performance = revenue + handled volume (handling for service charge).
2 As at reporting dates 30/04/2022 and 30/04/2023.
