Polypeptide slumps on another profit warning

PolyPeptide AG

02/12/2022 08:20

** Shares of Polypeptide Group  PPGN.S  drop more than 20%
after the Swiss maker of peptides for pharma and biotech
industries cut its 2022 guidance again
    ** The company now expects 2022 revenue of around 285
million euros ($300 million), lower than its earlier updated
forecast for sales growth of 8-10%
    ** It also cuts FY adjusted EBITDA margin target to 15% from
22-25% previously
    ** Zuercher Kantonalbank says the another profit warning
casts a very negative shadow on the strategic orientation and
the management of PolyPeptide in the basically stable CDMO
business
    ** "Since PolyPeptide has only been listed on the stock
exchange since April 2021, such a development destroys a lot of
investor confidence," the broker adds
    ** Friday's fall takes YTD losses to 78.6%, and sets the
stock for its worst day since July
($1 = 0.9489 euros)
 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))