PolyPeptide Group AG (SIX: PPGN), a focused global CDMO for peptide- and oligo-nucleotide-based active pharmaceutical ingredients, today announced its detailed results for the first half of 2022, following the market update provided on 12 July 2022:
Raymond De Vré, Chief Executive Officer of PolyPeptide, commented:
“In the first half of 2022, we experienced the combined impact of an increased cost base ahead of planned growth and a more demanding operating environment, including a surge of inflation in the second quarter. Compared to the strong previous-year period, this resulted in a substantial and larger-than-expected drop in profitability. On the positive side, we continued to see encouraging progress in our active custom projects pipeline and consistently executed on our late-stage phase III pipeline. For the second half of 2022, we expect revenue growth and a partial margin recovery to be driven by our peptides business.”
 This media release and the Key figures table include references to operational indicators, such as customer projects, and alternative financial performance measures (APM) that are not defined or specified by IFRS. These APM should be regarded as complementary information to and not as substitutes of the Group’s consolidated financial results based on IFRS. For the definitions of the main operational indicators and APM used, including related abbreviations, as well as for selected reconciliations to IFRS, please refer to the section “Definitions and reconciliations” of the Half-year Report 2022.
 For H1 2022, no EBITDA adjustments were recognized. Adjusted EBITDA for H1 2021 excludes one-off IPO costs of EUR 5.7 million, partly offset by US government loans of EUR 2.4 million waived in context of the coronavirus pandemic.
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