Eurofins Achieved Revenues in Excess of EUR 5.4bn in 2020, After Continued Momentum in December Across Both Its Core Business and COVID-19 Related Activities

Regulatory News:

Eurofins (Paris:ERF):

• Before the annual meeting of 300 of its Business Unit leaders on 26 January 2021, Eurofins pre-announces some of its 2020 results.
• December 2020 trading performance has been strong in both our core business (excluding COVID-19 clinical reagents and testing revenues) and in our COVID related activities, building further on October and November’s momentum.
  • Eurofins achieved FY 2020 Revenues of over EUR 5.4bn¹ (up from the most recent EUR 5.3bn objective and the original target of EUR 5.0bn).
  • Q4 2020 organic growth was close to 40%¹.
  • FY 2020 organic growth was close to 20%¹.
• Despite the impact of further lockdowns in many geographies, our core business continues to demonstrate its resilience and quick return to long term growth rates. We anticipate:
  • Q4 2020 organic growth rate of our core business (excluding COVID-19 clinical reagents and testing revenues) of 5%^{1 2}; and
  • Positive organic growth of our core business in FY 2020^{1 2}.
• The performance in 2020 has remained predominantly organic, with M&A activity comparatively subdued during the year. We acquired only EUR 100m full-year equivalent proforma revenues in 2020 from 26 completed acquisitions. The reduced focus on M&A should continue into 2021 as the Group concentrates on supporting the fight against COVID-19, the integration of prior acquisitions, finalisation of its hub and spoke laboratories infrastructure, bespoke IT solutions and further improving margins and cash generation.
• The business outlook remains strong for 2021 and beyond.
• Full-year results will be announced on Monday 1st March 2021, where we will disclose in more detail operational and financial performance of the Group in 2020, alongside innovation, strategic developments and a review of unchanged 2021 and 2022 objectives taking into account current forex rates and excluding future M&A.

Comments from the CEO, Dr. Gilles Martin:

“As anticipated, Q4 has been another period of intense operational activity and strong financial performance. We are pleased to announce that Eurofins exceeded our recently upgraded revenues objectives for 2020. 2021 has started well and the resilience of our core business, outside of COVID-19 activities, underpins our confidence for the years ahead. Laboratory testing has shown its potential as a key tool to fight the pandemic. Beyond the pandemic, it may gain increased relevance in supporting society towards many of its other objectives going forward.