Pharmanutra (PHN) Q3 2024 earnings summary

Executive summary

• Revenues for the nine months ended September 30, 2024, reached €84.5M, up 17% year-over-year, with EBITDA up 27% to €24.2M and net profit up 35% to €13.2M.

• Growth was driven by strong performance in both domestic and international markets, with foreign revenues rising 32.5% and Italian revenues up 10% year-over-year.

• Operating activities generated €14M in cash, supporting a positive net financial position.

• The merger of Junia Pharma and Alesco into the parent company and the launch of new products contributed to business expansion.

Financial highlights

• Net revenues for Q3 2024 were €83.5M, up from €71.5M in Q3 2023 (+17%).

• EBITDA was €24.2M (+27% year-over-year), with a margin of 29% on net revenues.

• Net result margin on net revenues was 15.8%.

• EPS increased to €1.37 from €1.01 in Q3 2023.

• Net financial position improved to a positive €0.5M as of September 30, 2024, from -€2.6M at year-end 2023.

Outlook and guidance

• Management expects strong organic growth to continue in Q4 2024, with results anticipated to exceed targets.

• Ongoing R&D, new product launches, and international expansion are expected to drive future value creation.

• Development of new projects (Cetilar Nutrition, Pharmanutra USA, Pharmanutra España) will slightly reduce margins in 2024 and 2025.