Eckert & Ziegler (EUZ) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 rose 17% year-over-year to €215.5 million, with organic/FX-adjusted growth at 20%.

• Medical segment sales exceeded €100 million, up 26%, and Isotope Products sales rose 10%, both contributing to strong overall growth.

• Radiopharmaceuticals segment grew 42% year-over-year, with Q3 up 29% and full-year sales projected at €150 million, a 36% increase.

• The spin-off of Pentixapharm AG was completed in October 2024, making it a fully independent entity and reducing group capital.

• Major operational highlights include a multi-year contract with Telix Pharmaceuticals, EEA approval for GalliaPharm®, and a new facility in Dresden.

Financial highlights

• Adjusted EBIT rose 24% year-over-year to €46.7 million, with the margin reaching 22% for the group, 23% for Medical, and 22% for Isotope Products.

• Gross profit increased to €106.9 million, and gross margin in Medical was 48%, while Isotope Products gross margin rose to 47%.

• Cash and cash equivalents rose to €97.6 million (+25%), with cash flow from operating activities up 158% to €45.1 million.

• Equity ratio improved to 52%, and headcount increased by 7.6% to 1,143 employees.

• EPS from continuing operations reached €1.40 (PY: €1.13), and net income before minority interests increased 17% to €24.0 million.

Outlook and guidance

• 2024 guidance reaffirmed: expected revenue of €265 million and adjusted EBIT of €55 million.

• Strong order books and full production capacity expected to continue into next year.

• Anticipated radiopharmaceutical sales of €150 million by year-end, representing 36% growth.

• Generator business and expansion in North America and Asia remain key growth drivers.

• No risks identified that threaten the company’s continued existence.