Krka d.d. 2025年第一季度业绩初步观察

Slovenia | Pharmaceuticals/SpecialtyKrka d.d. First View: Q1'25 Results; First Look Conclusion In 1Q25 KRKA reiterates guidance as revs increased +7% to €522m whileNet Profit grew to €152m, up 52% YoY. This NI move was driven by FXRUB moves contributing €57.6m, while USD exposure is reduced throughhedging. We look for further commentary on FX exposure and other keygrowth drivers on the conference call. Conf Call 2pm UK. Detail Q1'25 Overview: •Q1 Revs +7% to €522.1m driven by all products and services groups, with strongperformance across most regions. 13% growth in Eastern Europe, its largest region(33.9% of sales), was the primary driver.•EBIT grew 7% YoY to €122.7m, in line with revs, resulting in a stable margin at 23.5%(23.5% Q1'24). EBITDA margin of 27.9% (vs. 28.5% at Q1'24).•NI grew 54% YoY to €152.5m (€98.7m at Q1'24) with FX contributing €57.6m mainly fromRUB impact.•Capex spend was €21.1m, c.14.1% of the c.€150m guided for FY25. FY25 Guidance reiterated: •Revenue:c."over €2bn" (vs JEFe €2.06bn & cons €2.0bn)•Net profit:c.€365m (vs JEFe €378m & cons €369.3m)•Capex:c.€150m investments to upgrade production capacities and infrastructure•No. of employees:To increase by 1% Q1'25 Results in Brief: •Revenue:€522.1m with 7.3% growth.•EBITDA:€145.9m with a 27.9% margin•EBIT:€122.7m, with margin 23.5%•Net Profit:€152.5m•Capex:€21.1m vs guidance of c.€150m. 2pm UK webcastavailable HERE Related Research James Vane-Tempest * | Equity Analyst44 (0) 20 7029 8275 | jvane-tempest@jefferies.comChristopher Richardson, ACA * | EquityAssociate+44 (0)20 7029 8675 | chris.richardson@jefferies.com Company Description Krka d.d. Krka develops and manufactures prescription, OTC and cosmetic products to treat a wide range of diseases. The Company was founded c.60years ago in Slovenia and is a leading international generics company. Part of its future expansion strategy is to prioritise European and Asianmarkets and to establish a direct presence in Western Europe, strengthening its international brand and expanding its platform to realise futuregrowth opportunities. Company Valuation/Risks Krka d.d. Valuation:Our PT is derived from 13.5x 12-month forward P/E multiple. Risks:FX Volatility; EU reforms; slowdown in volumes; delays in capex; upside risk from supply disruption from competitors; acceleration ingeneric drug penetration in Europe. Analyst Certification: I, James Vane-Tempest, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report. I, Christopher Richardson, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specificrecommendations or views expressed in this research report. Registration of non-US analysts:James Vane-Tempest is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, andtherefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and tradingsecurities held by a research analyst. Registration of non-US analysts:Christopher Richardson, ACA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC andis not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm,and therefore may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and tradingsecurities held by a research analyst. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedMay 15, 2025 , 03:14 ET.Recommendation DistributedMay 15, 2025 , 03:14 ET. Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period. Hold - Describes securities that we ex