2021 Financial Statements: Fidia Farmaceutici achieves double-digit growth, with EBITDA exceeding 20% of turnover
- The pharmaceutical company recorded consolidated turnover of 371.2 million euros, with an increase of 16.1% compared to 2020.
- Supporting the growth was the solid performance of the Group’s core business, hyaluronic acid
- Performance was positive in all geographic areas, especially abroad, where the Group generates nearly 50% of its sales.
- Consolidated EBITDA grew by 28% compared to 2020, reaching 75.5 million euros, equal to 20.4% of operating revenues.
- R&D investments at the research centres in Abano Terme (PD) and Noto (SR) amounted to 6% of turnover. The number of patents at the end of 2021 totalled 1,300 (including 91 new registrations), and more than 40 new applications were filed during the year.
- The company’s population grew to 1381 with 158 new hires during the year, mostly in Italy.
- Among the most significant actions in 2021 were the acquisition of the anti-inflammatory product portfolio, the launch in Italy of the Nodigap® cholecalciferol (vitamin D3) product and the Cartijoint® green line, dietary supplements for joint and tendon health.
With a total 2021 turnover of more than 371 million euros, 4 production plants, a presence in more than 100 countries and approx. 1,400 employees, Fidia Farmaceutici is again among the leading chemical-pharmaceutical companies with entirely Italian capital.
Despite the aftermath of the pandemic, consolidated turnover in 2021 amounted to 371.2 million euros, 16.1% growth compared to 2020, driven by the strengthening of the business in certain key countries, including the United States (+22%) and Europe (+44%), and consolidation of the position in certain therapeutic areas, starting with the joint care core business (products and treatments for osteoarticular diseases), which recorded an overall +21% over the previous year.
Consolidated EBITDA grew by 28% compared to 2020, reaching 75.5 million euros, equal to 20.4% of operating revenues. Operating income came to 53.8 million euros, up 34.8%% due to both organic growth and revenues related to the integrated portfolio of anti-inflammatory medicinal products acquired in 2021. Net profit amounted to 36.4 million euros. The cash flow from operating activities increased by 33 million euros from the previous year to 78.7 million euros, absorbed by investments made during the year (123.3 million euros vs. 30.9 million in 2020), in particular related to the acquisition of products from the Sanofi Group. The net financial position therefore amounted to 109.6 million euros.
“We are extremely pleased with the excellent results recorded in 2021, characterised by strong organic growth, further strengthening of our positioning in strategic areas such as osteoarticular and dermatology, and the completion of a number of strategic initiatives – observed Carlo Pizzocaro, CEO and Chairman of Fidia Farmaceutici – Indeed, during the year, we finalised the acquisition of a portfolio of anti-inflammatory products and launched nationwide products that are amply demonstrating their great potential. We also continued our internationalisation strategy by strengthening our presence in key countries such as Spain, France and Germany and expanding our presence in North Africa. These results allow us to look to the future and the growth targets we have set ourselves in the medium term with great optimism.”
Solid performance in all geographic areas
In general, performance was positive in all geographical areas with approx. 50% of revenues generated abroad. Excellent performance in European countries in 2021 (27% of revenues) supported by the hyaluronic acid infiltrative therapy product line, and despite difficulties related to the spike in Covid 19 infections that characterised the area in the latter months of the year.
The company grew in the U.S. market, recording revenues of 53.6 million euros (15% of the total) and in MENA countries, particularly Egypt, Morocco and Tunisia, where the Italian pharmaceutical group achieved revenues of 13.3 million euros, up 16%.
In Italy, the company ended 2021 with consolidated net revenues of 187.2 million euros, a 4% increase over 2020, slightly higher than that recorded by the domestic pharmaceutical market (+3.4%1).
Hyaluronic acid once again the driver of the business
Turnover growth was supported by the solid performance of the Group’s core business, hyaluronic acid, on which the company has continued to do research since the 1960s.
Growth in R&D investments and more than 1,300 patents registered as at 31 December 2021
R&D investments amounted to 22.6 million (+17.7% over 2020), i.e. 6% of turnover. There are approx. eight advanced clinical and preclinical phase projects in progress at prestigious research centres in Europe and the US coordinated by the R&D department in Abano Terme (PD) and Noto (SR). These are highly innovative projects for the pharmacological treatment of high medical need diseases in therapeutic areas such as ophthalmology, osteoarticular system, oncology and rare diseases.
The number of patents at the end of 2021 amounted to 1,300, of which more than 1,100 on production, therapeutic use and pharmaceutical compositions based on hyaluronic acid. During the year, 91 new patents were registered (9 in Italy and 82 internationally) and more than 40 new applications were filed.
In March 2021, the agreement for the acquisition of registrations, trademarks and related rights was finalised for marketing seven anti-inflammatory products, including four corticosteroids and one nonsteroidal anti-inflammatory drug (NSAID), which are already widely used to treat a wide range of conditions in different therapeutic areas (Urbason®: oral tablets and injectable forms; Esperson®, Topicorte®, Flubason®, Dermatop®: topical forms; Surgam®: oral tablets and suppositories; Phlebocortid®: injectable forms) in Europe (with particular focus on Italy), Brazil, Morocco, Tunisia, Turkey, Lebanon, Thailand, and sub-Saharan African countries. The operation made it possible to expand the company’s presence in prescription drugs, consolidating its positioning in the osteoarticular area and strengthening the business in the dermatological area.
March saw the launch of the green line of Cartijoint®, the historical brand of nutritional supplements for joint and tendon health. With the formulation based on non-animal ingredients, the new line was created to meet the needs of people who are allergic or intolerant to shellfish and those who follow vegetarian and vegan diets.
In April 2021, Nodigap®, a product based on cholecalciferol (vit. D3) was launched in Italy while in July 2021 the American Food and Drug Administration (FDA) granted ONCOFID®-P, an anticancer drug in advanced clinical development for the loco-regional treatment of non-muscle-invasive bladder cancer, Orphan Drug Designation for the treatment of malignant mesothelioma, a rare and very aggressive tumour for which limited treatment options are available.