Annual report 2019: A milestone year for Abacus Medicine
Investments paid off as revenue grew 27%
Abacus Medicine, among the market leaders in parallel distribution of medicine in Europe, recorded a milestone year in 2019. Chr. Augustinus Fabrikker became a new, major shareholder and revenue rose by 27% to EUR 421.4 million against EUR 323.3 the year before. Product licenses increased 37% to 4,354 from 3,186 the year before.
CEO Flemming Wagner says: “During the year, we invested in a number of big projects, implemented the largest changes ever in our production, and completed a capital increase – and still managed to grow our revenue by 27%. That gives us every reason to be pleased, but we want to do even better. In terms of profitability, we were below our historical level and below our own level of ambition.”
EBITDA adjusted for special items rose by 8% to EUR 14.8 million in 2019 from EUR 13,6 million in 2018, corresponding to an Adjusted EBITDA margin of 3.5%.
Highly resilient against COVID-19
For 2020, Abacus Medicine expects total revenue in the range of EUR 600-635 million. This includes revenue from the recently acquired Dutch wholesale company Pluripharm from the date of the acquisition. Organic revenue growth is expected to be in the range of 15-25%.
The Covid-19 pandemic is not expected to have a material impact on the results in 2020.. During the pandemic, the company’s business model and operational setup have proved highly resilient.
View the full Abacus Medicine Annual Report 2019