Guidance cut, H2 miss send Euroapi to all-time lows

Euroapi SA

29/02/2024 11:40

(Recasts with outlook, adds and updates milestones)
    ** Shares in French active pharmaceutical ingredients (APIs)
supplier Euroapi  EAPI.PA  fall 45%, reaching all time low,
after it cut its 2024 guidance
        ** The group said it expects 2024 core EBITDA of EUR
71.8 million  ($77.8 million) and a decline of 4%-7% in its 2024
revenues at EUR 957.5 million, around 8% below consensus, partly
due to a decrease in Sanofi's orders and the discontinuation of
certain APIs
  
        ** "2024 guidance implies 38% cuts to consensus core
EBITDA which is likely to overshadow new CEO appointment and
transformation plan", J.P. Morgan says
  
        ** JPM also mentions H2 core EBITDA came at EUR 30.6
million, 20% below company consensus
  
        ** Today's losses wiped off 318.9 million euros from the
company's market cap
  
        ** The stock is on track for its worst day since early
October 2023
  

($1 = 0.9231 euros)

 (Reporting by Alban Kacher)
 ((Alban.kacher@thomsonreuters.com))