- Further increase in total operating performance and revenue
- Acquired parts of McKesson Europe consolidated for the first time
- Adjusted EBITDA above the previous year’s level
The PHOENIX group continued its growth path in the first nine months of fiscal year 2022/23 (31 October 2022). The revenue of the company, which operates in 29 European healthcare markets, increased by 8.9 per cent or €2.0 billion to €24.5 billion compared with the same period of the previous year. Total operating performance also grew compared with the same period in 2021/22, with an increase of 9.1 per cent to €31.7 billion. Total operating performance, which comprises revenue and handling for service charge, is the key figure relevant to pharmaceutical wholesale.
EBITDA before significant one-off effects increased from €496.3 million to €507.4 million. In fiscal year 2022/23, one-off expenses for other taxes in the amount of €24.9 million were incurred. In connection with the COVID-19 pandemic, costs related to inventory measurement of €34.9 million were recognised in the first three quarters of the comparative period 2021/22. Another significant one-off effect is a gain of €283.8 million on the (preliminary) initial consolidation of parts of McKesson Europe, acquired by PHOENIX on 31 October 2022. Adjusted for these one-off effects, EBITDA increased by €11.1 million or 2.2 per cent compared with the previous year.
Profit before tax decreased from €194.8 million to €173.3 million compared with the same period of the previous year. Profit before tax did not develop in proportion to EBITDA due to an impairment charge of €302.8 million. Adjusted for the one-off effects already mentioned in the EBITDA and the initial consolidation as well as related interest expenses of €5.2 million, profit before tax declined by €7.3 million to €222.4 million. Profit after tax increased by €37.9 million compared with the previous year to €174.8 million.
Key financial figures point upwards
“In terms of total operating performance, revenue, and results, our position at the end of the first three quarters of 2022/23 is robust. However, developments such as transport and energy costs will remain challenging,” states Sven Seidel, Chief Executive Officer of PHOENIX Pharma SE.
Positive forecast for the year as a whole
In fiscal year 2022/23, the PHOENIX group expects to further expand its market position in Europe through organic growth and acquisitions. Adjusted for the effect of the acquisition of McKesson companies, an increase in revenue slightly above the growth level of the European pharmaceutical markets is anticipated. Adjusted for one-off effects in the current fiscal year, profit before tax for the year 2022/23 as a whole is forecast to be at the level of 2021/22. A decrease is expected in the equity ratio due to acquisition effects.
Key figures of PHOENIX Pharma SE compared with the same period of the previous year
| 1st to 3rd quarter 2021/22 in €m | 1st to 3rd quarter 2022/23 in €m | |
Total operating performance1 | 29,081.4 | 31,735.8 |
Revenue | 22,487.6 | 24,485.2 |
EBITDA (before significant one-off effects) | 496.3 | 507.4 |
EBITDA | 461.4 | 766.3 |
EBIT | 247.4 | 243.6 |
Profit before tax (before significant one-off effects) | 229.7 | 222.4 |
Profit before tax | 194.8 | 173.3 |
Profit after tax | 136.9 | 174.8 |
Equity2 | 3,051.0 | 3,188.9 |
Equity ratio (in %)2 | 28.8 | 23.4 |
Net debt2 | 2,017.7 | 2,890.6 |
(Balance sheet date 31/10/2022)
1 Total operating performance = revenue + handled volume (handling for service charge).
2 As at reporting dates 31/10/2021 and 31/10/2022.
