Eurofins Core Business Strong Organic Growth Further Accelerates in April

Regulatory News:

Eurofins Scientific (Paris:ERF):

4 June 2021

• April 2021 has delivered another strong trading performance, continuing the positive trends seen in Q1 and reflecting both the significant contribution from COVID-19 related activities and the rapidly accelerating growth of the Group’s Core Business (excluding COVID-19 related clinical testing and reagent revenues).
• Revenues for the first four months of 2021 increased 46% year-on-year to EUR 2,177m from EUR 1,486m in the same period in 2020, despite a foreign exchange headwind of -3.6% (YTD 2021 vs. 2020 average FX rates).
• Organic growth for the first four months of 2021 was close to 50%.
• Within this, the Group’s Core Business delivered organic revenue growth in excess of 16% in the first four months of 2021 and over 35% organic growth in the month of April 2021 (vs. April 2020).
• This is due to strong growth in several of Eurofins areas of activity including bio pharma services combined with a significant recovery from the pandemic related negative impacts that started to affect some other parts of the group in February 2020 and accelerated from mid-March 2020. The areas where revenues have not yet recovered to 2019 levels or above are becoming much smaller.
• In fact, when compared to the same period in 2019, which eliminates any favourable comparative effect from the lock downs of 2020 in the organic growth calculation, our Core Business organic growth for the first four months of 2021 remained very strong, in excess of 13%. This corresponds to 6.3 % CAGR organic growth, above the 5% organic growth target for the group, in spite of some areas that were still affected by pandemic caused disruptions in the first 4 months of 2021.
• In addition to Eurofins Core Business strong performance, COVID-19 related activities remain at high volumes and have contributed revenues of well over EUR 500m in the first four months of 2021.
• Whilst the duration and magnitude of the COVID-19 related contribution remains uncertain, and, at any given time testing intensity varies between countries and continents, overall, Eurofins laboratories continue to test large numbers of samples each day. It remains likely that 2021 objectives will be materially exceeded and significant levels of testing for COVID-19 may continue well into Q3 2021. Testing is also likely to continue at some level beyond 2021 in several countries where Eurofins operates.
• Overall, the outlook, for 2021 and beyond continues to strengthen.

Notes to Editors: