APONTIS PHARMA with successful financial year 2022: Revenue and EBITDA forecast slightly exceeded according to preliminary calculations

APONTIS PHARMA with successful financial year 2022: Revenue and EBITDA forecast slightly exceeded according to preliminary calculations
 

• Single Pill revenues again grow at double-digit rate of 16% to EUR 36.5 million (2021: EUR 31.5 million)
• Single Pill revenues share rises to 66% (2021: 62%)
• Number of patients treated with Single Pills from APONTIS PHARMA increases by 22% to 330 thousand (2021: 270 thousand)
• Total revenues grow by 9% to EUR 55.7 million (2021: EUR 51.2 million)
• EBITDA slightly exceeds forecast at EUR 5.6 million (2021: EUR 2.4 million; adjusted for IPO costs: EUR 5.9 million)
• EBITDA margin in line with expectations at 10.0% (2021: 4.6%; adjusted for IPO costs: 11.5%)
• Preliminary consolidated net result of EUR 2.7 million (2021: EUR -0.7 million)
• Forecast for 2023: Total revenues of EUR 51.7 million and EBITDA of EUR 3.3 million with partial compensation of the planned declines in co-marketing through further Single Pill growth
• Medium-term target of approx. EUR 100 million in revenues and approx. 30% EBITDA margin by 2026 unchanged

Monheim am Rhein, 9 March 2023. APONTIS PHARMA AG (Ticker APPH / ISIN DE000A3CMGM5 a leading pharmaceutical company specializing in Single Pills in the German market, achieved growth in revenues of 9% to EUR 55.7 million (2021: EUR 51.2 million), exceeding the market for prescription drugs, based on preliminary figures for 2022 and consequently closing the 2022 financial year slightly above its forecast (EUR 55.3 million).

According to preliminary calculations, revenues of Single Pills in 2022 again showed double-digit growth of 16% to EUR 36.5 million (2021: EUR 31.5 million), raising the share in APONTIS PHARMA's total revenues to 66% (2021: 62%). Here, all Single Pills recorded double-digit growth rates, apart from the Caramlo® product, which was affected by tenders from public health insurers. The number of patients in treatment with Single Pills from APONTIS PHARMA increased by 22% to around 330 thousand (2021: 270 thousand). Earnings before interest, taxes, depreciation and, amortization (EBITDA) at EUR 5.6 million (2021: EUR 2.4 million; adjusted for IPO costs: EUR 5.9 million) were also slightly above the forecast of EUR 5.5 million, despite planned higher procurement costs for the Ulunar® product of EUR 2.1 million and increased expenses for accelerating sales activities. The EBITDA margin amounted to 10.0% (2021: 4.6%; adjusted for IPO costs: 11.5%).

The positive consolidated net result of EUR 2.7 million (2021: net loss of EUR 0.7 million) and the lower working capital resulted in a significant increase in cash and cash equivalents to EUR 36.3 million (2021: EUR 29.8 million). While equity increased, the share buyback programs carried out in the financial year amounting to EUR 1.8m and the higher balance sheet total, in particular, resulted in a decline in the equity ratio, which still remains high, at 69.4% (2021: 75.2%). APONTIS PHARMA has a healthy asset and financial position to finance further growth.

For the 2023 financial year, the Management Board expects Single Pill revenues to grow by 11%. Here, growth contributions from the existing product portfolio as well as the planned launches of at least three single pills will more than compensate for the effects from the tenders for Caramlo® and Atorimib® according to the expectations of the Management Board. These are offset by the effects of the co-marketing agreement with Novartis for the products Jalra®/Icandra®, which expired at the end of September 2022 and generated sales of EUR 7 million in the previous year. Consequently, total revenues of EUR 51.7 million are forecast. APONTIS PHARMA will continue its targeted investments in distribution and marketing in 2023 to build up its medium- and long-term growth structures, meaning that lower total revenues with a higher cost base are expected to result in EBITDA below the previous year's level at EUR 3.3 million.

The Management Board regards 2023 as a transitional year. As such, the market launches of at least three single pills planned for the current financial year are expected to make a significant contribution to sales and earnings as early as 2024. Moreover, based on the long-standing experience and distribution strength of its sales force, APONTIS PHARMA is confident of regaining market share from lost tenders for Caramlo® and Atorimib® through active brand management, as was previously successfully achieved for Tonotec®. APONTIS PHARMA boasts an extensive pipeline of potential drug combinations for new Single Pills in addition to the ten agreements for contract development and in-licensing that have been concluded by the end of 2022.

The Management Board of APONTIS PHARMA remains committed to its medium-term plan to expand the portfolio to more than 20 Single Pills by 2026 with sales of approximately EUR 100 million and an EBITDA margin of approximately 30%.

Karlheinz Gast, Chief Executive Officer of APONTIS PHARMA AG: " In the financial year 2022, we advanced further on our path to establish Single Pills as the gold standard in the long-term treatment of cardiovascular patients. Thereby, we launched three additional Single Pills and currently have 12 development or in-licensing agreements in our pipeline, including the recently announced new contracts. Above all, the continuous expansion of the scientific data base on the Single Pill therapy concept had a positive impact: The retrospective START study conducted in 2021 was followed by the START 2.0 study and the groundbreaking prospective SECURE study, both of which were presented at the European Congress of Cardiology in Barcelona. As a result, there has been a further increase in the medical community's high acceptance of the benefits of single-pill therapy and the resulting significant improvement in patient prognosis. With this strong starting position and at least three new launches for 2023, the stage is set for further growth of Single Pills this year and in the years to come. The strategic advantage of the Single Pill product portfolio is the established active ingredients, which do not become outdated in the absence of research into new active ingredients and can therefore be monetized in the long term. At the same time, in an aging society such as Germany, the addressable patient base continues to grow."

Webcast/Conference call:

CEO Karlheinz Gast, CPO Thomas Milz and CFO Thomas Zimmermann will explain the preliminary results of financial year 2022 in a webcast presentation today, 9 March 2023, 9.00 CET. The presentation will be held in English.

Please register in time to participate at:

APONTIS PHARMA preliminary (unaudited) 2022 financials - Webcast/Conference Call.

The accompanying presentation will also be available on the Company's website prior to the start of the event.

Preliminary Grouep figures (unaudited)

in EUR million   2022   2021   ∆ Single Pill revenues   36.5   31.5   16.2% Total revenues   55.7   51.2   8.9% EBITDA   5.6   2.4   135.7% EBITDA margin (in %)   10.0%   4.6%   540 bps. EBIT   3.8   0.6   513.0% EBIT margin (in %)   6.8%   1.2%   560 bps. Net result   2.7   -0.7   n/a Equity ratio (in %)   69.4%   75.2%   -580 bps. Cash and cash equivalents   36.3   29.8   21.8%

Note: The figures for FY 2022 are unaudited. Rounding differences may occur.

The 2022 Annual Report of APONTIS PHARMA AG will be available on the company website at apontis-pharma.de/investor-relations as of 30 March 2023.

About APONTIS PHARMA:

APONTIS PHARMA AG is a leading pharmaceutical company specializing in Single Pills in Germany. Single Pills combine two to three generic active ingredients in a single dosage form administered once a day. APONTIS PHARMA develops, promotes, and sells a broad portfolio of Single Pills and other pharmaceutical products, with a special focus on cardiovascular diseases. Since 2013, APONTIS PHARMA successfully launched several Single Pill products alone for cardiovascular indications such as hypertension, hyperlipidemia and secondary prevention. With its headquarters in Monheim am Rhein, APONTIS PHARMA is located in one of Europe’s leading pharmaceutical and chemical regions. From here, the company maintains a broad network with research-based pharmaceutical companies and a customer target group of approx. 23,000 physicians in Germany. For additional information about APONTIS PHARMA, please visit www.apontis-pharma.de.

APONTIS PHARMA AG

Investor Relations
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Germany
apontis-pharma.de

APONTIS PHARMA Press Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
ir@apontis-pharma.de
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