Galenica confident of meeting annual targets after strong half-year
Galenica continued to grow in the first six months of the year. The healthcare company now believes it is well on track to achieve its targets for the year. An expected upturn in the second half of the year should contribute to this.
In a press release issued on Tuesday, Galenica reported sales of CHF1.9 billion ($2.2 billion), an increase of 2.6%. The Logistics & IT business sector contributed nearly CHF1.6 billion (3.0%). The Products & Care business sector increased its revenue by 3.1% to CHF829 million.
While sales had increased by just under 5% in the first four months of the year, growth slowed considerably in May and especially June 2024. The press release explained that cool and rainy weather in early summer led to low demand for seasonal products such as sunscreens, outdoor, and allergy products.
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At the profit level, the growth in EBIT was more significant, with an increase of 9.9% to CHF99.1 million. Overall, the group achieved a net profit of CHF77.7 million (5.4%).
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Galenica confirmed its previous forecast for the remainder of the year: the group expects sales to increase by between 3% and 5% in 2024. Operating profit (EBIT adj.) is expected to grow slightly faster in 2024 at 8% to 11%. The dividend is again expected to be at least at the previous year’s level.
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Translated from German by DeepL/amva
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