Siegfried sees sales and earnings grow in H1

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Related tags: Pharmacology, Pharmaceutical drug

Siegfried sees sales and earnings grow in H1
Siegfried says lower raw materials costs helped its API business grow in the first half of 2012 and set out plans to expand manufacturing operations in China.

Revenue for the six months to June 30 increased 2.9 per cent to CHF 178m ($185m) thanks – according to the Swiss firm – to new drugs launched in the period. Earnings, before interest, taxes, depreciation and amortization (EBITDA) grew 32 per cent to CHF21.3m.

The firm said that: “Sales of Drug Products rose markedly after the launch of new drugs in the first half year. The impact on revenue growth of the entire company was only partial since in Drug Substance business lower costs for raw materials were passed on to customers​.”

The positive first half performance comes just a few months after Siegfried bout US sterile filling services firm Alliance Medical Products, which only increased its debt to CHF2.4m, which the firm said indicates it is in a “robust financial situation​.”

The period also saw Siegfried’s new high potency drug production facility in Zolfingen come online after approval by national regulator Swissmedic, although the unit is not thought to have made a significant contribution to the firm’s financial performance.

Chinese API plant

Siegfried also updated on its plans to set up a production facility in Nantong Industrial Park northwest of Shanghai, China.

The firm said it is investing in the construction of a production facility for active pharmaceutical ingredients and intermediates and predicted that the facility will be operational in 2014.

Siegfried was unable to respond to request for additional information ahead of publication.

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