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Ecully, July 29, 2022
NET SALES AS OF JUNE 30, 2022
PCAS (Euronext Paris: PCA), a specialist in developing and producing complex molecules for life sciences and innovative technologies, has announced the publication of its consolidated net sales as of June 30, 2022.
The PCAS Group has generated consolidated net sales of €109.8 million as of June 30, 2022, a 3.3% increase compared to the same period during the previous financial year (+1.4% at constant exchange rates).
In millions of euros
2022 At a constant exchange rate
Sales as of 30 June
Fine Specialty Chemicals
The Pharmaceutical Synthesis business generated sales of €67.4 million, a 6.8% decrease compared to 2021 (a 8.2% decrease at a constant exchange rate). However, net sales increased during the second quarter, mainly driven by the first commercial production batches of Estetrol for Mithra on the new manufacturing unit in Villeneuve-la-Garenne, with the completion of validation batches. Demand remains buoyant at the Turku and Aramon sites and the level of sales was also boosted by price increase initiatives launched at the end of 2021 and in the second quarter of 2022 in order to preserve margins in a context of inflation. However, the R&D and intermediates activity remains below what it used to be in 2021.
Fine Specialty Chemicals
Net sales of Fine Specialty Chemicals totaled €42.4 million, a 24.9% increase compared to 2021 (+21.8% at a constant exchange rate). A very strong demand in Electronics and Cosmetics and a positive trend in Lubricants and Fine Chemicals account for most of the strong increase in net sales in the first half-year. The rise in the costs of raw materials and energy could be passed on to customers and thus contributed to the growth in net sales. Projects are still being driven by a good momentum, with a significant number of industrialization phases carried out since the beginning of the year.
The PCAS Group will generate a further significant current operational loss in the first half of 2022, still negatively affected by business levels that are still not sufficient to cover the fixed costs incurred at several Pharmaceutical synthesis sites, and inventory depreciations linked to non-compliant productions. Further, the 2022 half-year financial statements will include an expense of €14.5 million corresponding to an impairment of the Group's goodwill, as an immediate consequence of an increase in the discount rate used to determine future operating cash flows as part of impairment tests.
All the PCAS Group teams, with the support of its majority shareholder Seqens for the financing of its activities and its development, however, remain fully committed to improving the results in 2022 and a return to positive results in 2023, helped by gradual growth in Estetrol volumes for Mithra.
NEXT FINANCIAL DISCLOSURE:
Results of the 1rst semester of 2022, September 8, 2022
PCAS specializes in the development and production of complex molecules for life sciences and innovative technologies. With about 12% of its net sales earmarked for R&D and a large international footprint, PCAS is the preferred industrial partner for market-leading major global groups. Boasting especially high standards, the company offers a growing range of proprietary products and solutions in leading-edge segments. PCAS generated net sales of €187.0 million in 2021 and employs nearly 1100 people in six countries.
To find out more about PCAS: www.pcas.com
Tel.: +33 1 69 79 60 00
Tel.: +33 1 44 71 98 53