Half Year 2024 Bachem Holding AG Earnings Call Transcript
Key Points
- Bachem Holding AG (BCHMF) reported a solid increase in EBITDA to CHF55.5 million, marking a 5.6% rise in Swiss francs and 8.7% in local currencies.
- The company maintained a strong EBITDA margin of 23.1% for the first half of 2024.
- Bachem Holding AG (BCHMF) is investing significantly in expansion, with CHF143.9 million spent in the first half of the year, indicating confidence in future growth.
- The CMC development product category showed strong growth of over 18%, driven by late-stage assets.
- The company remains debt-free with an equity ratio of approximately 76%, highlighting a strong financial position.
- Sales for the first half of 2024 were flat at CHF240.3 million, with only a 1.3% increase in local currencies.
- Commercial API sales were lower compared to the first half of the previous year due to decreased demand for non-peptide commercial oligonucleotides and small molecules.
- The company experienced a negative cash flow of CHF95 million for the first half of 2024.
- There is a noted increase in inventory by CHF59.3 million, which could indicate potential challenges in managing stock levels.
- The timeline for the Building K facility has been affected by an incident, with operations now expected to ramp up gradually in the first half of 2025, potentially delaying revenue generation.
Welcome to the half-year results call of Bachem. A few housekeeping rules before we kick it off. We will have time for questions at the end of the presentation. (Event Instructions). This call is being recorded, and we want to put the playback on bachem.com as soon as possible following this call.
With me today here in this call are Thomas Meier, the CEO of Bachem; and the CFO, Alain Schaffter. My name is Daniel Grotzky, and I will be moderating this session.
Thomas will take us through the half-year results of 2024, and then Alain will provide the financial review perspective. Then Thomas will take over again and speak to the future outlook, and then we will jump into Q&A.
With that, I am very happy to hand over to Thomas Meier, CEO of Bachem.
Thank you, Daniel, and a very warm good afternoon to everyone here from Bubendorf. Thanks for
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