Novasep reports strong 2014 full year results
All business units contributed to the solid financial achievements for the year
French contract manufacturer Novasep says all business units contributed to a strong financial performance in 2014.
Over the course of the year, the company continued to implement its ‘Back to Basics’ strategy, which included the sale of Pharmachem, which had a €30m positive cash flow impact on the company while removing a non-core business.
Novasep also completed its €28m Omega 3 purification facility, reorganised in sales function and created a new management centre in Lyon Gerland, a biotech cluster in this part of France.
This strategy led to 'solid financial achievements this year', the company said. Sales rose to almost €250m to 31 December 2014, with 'all divisions focusing on attractive projects and products'. Pro-forma (excluding Pharmachem) EBITDA represented a 11% sales margin (compared with 8.5% in 2013) thanks to a 'successful cost control policy'.
2014 has been a pivotal year for Novasep
Michel Spagnol, Chairman and CEO of Novasep, said 2014 has been a pivotal year for Novasep.
'It was the first full year of the implementation of our strategic plan and we have clearly seen its relevance and benefits,' he said. 'I am very proud to present operating and financial results significantly exceeding our guidance for the year.'
Going forward, Novasep will continue to focus on its ‘Back to Basics’ strategy, which includes four main areas of geographical development, market expansion, technology and service.
Among other new projects in 2015, the company signed a five-year, €4.7m development and production contract on 20 March with US biopharmaceutical company Celladon to manufacture active pharmaceutical ingredients for heart failure drug Mydicar.