Euroapi rises as H1 profit nearly doubles

Euroapi SA

01/09/2022 08:52

** Shares in Euroapi  EAPI.PA  rise 4% after the drug
ingredients maker nearly doubles its half-year core profit
 urn:newsml:reuters.com:*:nS8N2WR009
    ** The Sanofi  SASY.PA  spinoff's H1 core EBITDA rises 91%
YoY to 70.3 mln euros ($70.5 mln) and sales jump 10% to 483.8
mln, 9% and 3% above J.P.Morgan's estimates, respectively
    ** The broker says the topline beat was driven by API
Solutions, where sales were 7% above the broker's estimate
    ** Euroapi confirms its 2022 sales and EBITDA margin targets
and raises capex guidance to around 14% of net sales from around
12% previously
    ** JPM expects the strong results and outlook reiteration to
"reassure" investors, and says Euroapi's 19 CDMO contract wins
in H1 should drive outperformance
    ** Thursday's gains add 60.2 million euros to the company's
market cap

($1 = 0.9976 euros)

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))