Full-year 2024 guidance suspended due to the temporary pause of API production at the Brindisi site in Italy
Source: GlobeNewswire| Press Release |
Paris – March 14th, 2024 – EUROAPI today announces that its Italian subsidiary, EUROAPI Italy S.R.L., is suspending the production of all APIs1 in Brindisi. Following an internal audit, quality control deficiencies due to potential local misconduct have been identified and are being further investigated. Production will remain suspended until further notice. The relevant health authorities have been informed. The company has initiated a forensic audit and will inform its customers.
The Brindisi site produces 11 APIs and intermediates, mostly anti-infectives (including spiramycin, rifaximin, rifampicin and teicoplanin). In 2023, sales related to the Brindisi site amounted to 63 million euros, of which 43% related to Sanofi. The value of Brindisi non-current assets has been fully impaired in 2023 Consolidated Accounts. This situation is expected to impact the Group's operational and financial performance. Consequently, the full-year 2024 guidance is suspended. A revised full-year 2024 outlook will be provided in Q2 2024, along with the planned communication on the implementation and the financing of the FOCUS-27 project announced on February 28th, 2024.
Conference call today at 07:45 PM CET
EUROAPI management will hold a live audio webcast today at 07:45 PM CET (https://channel.royalcast.com/landingpage/euroapi-eng/20240314_1/). To participate in the Q&A session, please dial in the following numbers:
- France: +33 (0) 1 70 37 71 66
- UK: +44 (0) 33 0551 0200
- US: +1 786 697 3501
| Media Relations contact: Laurence Bollack Tel.: +33 (0)6 81 86 80 19 mr@euroapi.com | Investor Relations contact: Sophie Palliez-Capian Tel.: +33 (0)6 87 89 33 51 Sophie.palliez@euroapi.com Camile Ricotier Tel : +33 (0)6 43 29 93 79 Camille.ricotier@euroapi.com |
Financial Calendar
- March 26th, 2024: Publication of the 2023 Universal Registration Document
- May 22nd, 2024: Annual Shareholder General Meeting
- Q2 2024: Further information on FOCUS-27 project
- July 31st, 2024 (before market opening): H1 2024 Results
About EUROAPI
EUROAPI is focused on reinventing active ingredient solutions to sustainably meet customers’ and patients’ needs around the world. We are a leading player in active pharmaceutical ingredients with approximately 200 products in our portfolio, offering a large span of technologies while developing innovative molecules through our Contract Development and Manufacturing Organization (CDMO) activities.
Taking action for health by enabling access to essential therapies inspires our 3,450 people every day. With strong research and development capabilities and six manufacturing sites, all located in Europe, EUROAPI ensures API manufacturing of the highest quality to supply customers in more than 80 countries. EUROAPI is listed on Euronext Paris; ISIN: FR0014008VX5; ticker: EAPI). Find out more at www.euroapi.com and follow us on LinkedIn.
Forward-looking statements
Certain information contained in this press release is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future strategy, financial and non-financial future results and the environment in which the Group operates, as well as events, operations, future services or product development and potential. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Forward looking statements and information do not constitute guarantees of future performances, and are subject to known or unknown risks, uncertainties and other factors, including social risks, a large number of which are difficult to predict and generally outside the control of the Group, which could cause actual results, performances or achievements, or the results of the sector or other events, to differ materially from those described or suggested by these forward-looking statements. These risks and uncertainties include those that are indicated and detailed in Chapter 3 “Risk factors” of the Universal Registration Document approved by the French Financial Markets Authority (Autorité des marchés financiers, AMF) on April 14, 2023, under number R.23-009 and the Amendment to Universal Registration Document approved by the AMF on April 25, 2023 under number R.23-015 (which are both available at www.euroapi.com). These forward-looking statements are given only as of the date of this press release and the Group expressly declines any obligation or commitment to publish updates or corrections of the forward-looking statements included in this press release in order to reflect any change affecting the forecasts or events, conditions or circumstances on which these forward-looking statements are based.”
1 API : Active Pharmaceutical Ingredients
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