PolyPeptide with substantial improvements in profitability and cash flow, positioned for strong growth
Baar, 11 March 2025 – PolyPeptide Group AG (SIX: PPGN), a specialized global CDMO for peptide-based active pharmaceutical ingredients, today announced its annual results for 2024 and guidance for 2025:
- Revenue of EUR 336.8 million, reflecting growth of 5.1% versus 2023 (reported and at constant currency rates); growth of 7.1%, excluding revenue associated with the coronavirus pandemic in 2023
- EBITDA of EUR 25.4 million versus EUR -6.0 million in 2023 with margin increase of 9.4 percentage points to 7.5%, reflecting improved operational performance and changes in product mix
- Net cash flows from operating activities of EUR 89.4 million versus EUR 36.5 million in 2023, driven by increased profitability and preparations for future growth with customer support
- Capital expenditure of EUR 87.8 million, 26.1% of revenue, versus EUR 54.9 million and 17.1% in 2023, reflecting capacity investments across PolyPeptide’s global manufacturing site network to meet strong customer demand
- For 2025, PolyPeptide’s priority is to meet the strong and increasing customer demand. Production at the new large-scale SPPS facility in Belgium has started successfully and capacity expansion projects in France and Sweden continue as planned
- Guidance 2025: Accelerated revenue growth of 10% to 20% versus 2024, subject to ramp-up of new commercial production in Belgium. EBITDA margin expected to continue to rise based on top-line growth and further progress in operations, partially offset by preparations for future growth and scalability. Capital expenditure expected to be around 20% of revenue, supported by customer pre-payments
- Joanna (Jo) LeCouilliard to be nominated for election as a new independent member of the Board of Directors at the upcoming AGM on 9 April 2025, bringing with her a financial and accounting background as well as deep global experience in healthcare management, including a career of nearly two decades with GlaxoSmithKline. After serving since 2021, Beat In-Albon will not stand for re-election
- The audio webcast and conference call will take place today at 9:30 am CET (for access details, please see page 5)
Juan-José González, CEO of PolyPeptide: “The progress made in 2024 positions us well to meet our mid-term outlook, targeting the doubling of revenue reported for 2023 by 2028 with profitability approaching an EBITDA margin of 25%. Over the last three years, our revenue (excluding revenue associated with the coronavirus pandemic) grew at a mid-teen CAGR, driven by metabolic therapeutics revenue, which more than doubled. Our improved performance, capacity expansion, and rich pipeline including 32 active custom projects for phase III of clinical development highlight the significant potential of PolyPeptide.”
[…]