Euroapi heads for worst day ever as outlook disappoints
08/03/2023 08:39
** Shares in Euroapi EAPI.PA slump more than 18%, on track
for their worst day ever, after the French pharmaceutical
company forecast slower sales growth for 2023 and delayed its
mid-term guidance
** The company expects its net sales to grow 7-8% this year,
compared with 8.5% in 2022, citing the volatile macroeconomic
environment; it sees a core EBITDA margin of 12-14%
** It also pushed back its mid-term targets until 2026, from
the previously announced 2025
** "Overall, the 2023 guidance implies a 15% cut to
Consensus Core EBITDA and the 2025 margin target deferral to
2026, implies a 4% cut to Consensus 2025 expectations,"
J.P.Morgan says
** Wednesday's losses erase the stock's YTD gains, bringing
it down around 5.5% since the start of 2023
(Reporting by Tristan Chabba)
((Tristan.chabba@thomsonreuters.com))