Siegfried falls as 2022 results lag high expectations
22/02/2023 08:28
** Shares in Siegfried SFZN.S fall 7% after the Swiss
pharmaceutical company's annual results missed market estimates
** "2022 was a very strong year for Siegfried ... However,
consensus and we even expected a bit more and therefore FY22
numbers came in below consensus," Berenberg says
** The company reports FY net sales of 1.23 billion Swiss
francs ($1.33 billion), up 15.6% in local currencies, while its
core EBITDA rose 31.5% to 272.5 million francs
** Berenberg says FY numbers were 2% below consensus on
sales and core EBITDA, and 9-10% below for net profit and
dividend
** "Siegfried reported FY22 sales growth ... slightly lower
than consensus, driven by both segments but more by Drug
Substance (+14.9%) than Drug Products (+6.6%)," Vontobel says
** The stock, on track for worst day since August, hits the
bottom of the Swiss mid-cap index .SMIM
($1 = 0.9260 Swiss francs)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))