PCAS

Net Sales as of September 30, 2023 - Seite 2

The Pharmaceutical Synthesis business generated sales of €94.6m, a 0.3% increase compared to 2022 (a 0.3% increase at constant exchange rates). Excluding Estetrol, the increase was +30.4% (+30.5% at constant exchange rates), mainly due to strong activity at the Turku and Aramon sites, as well as higher demand for R&D services. Sales also benefited from the price increases implemented during the course of 2022.

Fine Specialty Chemicals

Net sales of Specialty Fine Chemicals totaled €57.3 million, a 7.2% decrease compared to 2022 (-7.7% at constant exchange rates). After restating from 2022 sales the June-September 2022 sales of the Canadian subsidiary which was sold in early June 2023, sales for the first nine months of 2023 were up 5.9% (+5.4% at constant exchange rates) compared to the same period of 2022. Business at the Fine Specialties sites thus remains dynamic despite the difficult economic climate.

Outlook

The ongoing dispute with customer Mithra has led to a temporary shutdown of activity at the workshops dedicated to Estetrol production since the second quarter of 2023. Due to this reduction in activity, the PCAS Board meeting of September 6, 2023 decided to launch a project to reorganize the site in order to increase its versatility and reposition it on a flexible activity of contract production of pharmaceutical active ingredients and intermediates, in order to ensure its long-term perspectives. This reorganization and repositioning project requires the launch of a job protection plan (Plan de Sauvegarde de l’Emploi) which is currently under review as part of an information-consultation procedure with employee representative bodies.

As indicated in the press releases of March 30, April 24, July 27 and September 6, 2023, the return to positive results previously announced for 2023 has been postponed.

The PCAS Group continues to benefit from the support of its majority shareholder Seqens for the financing of its activities and development. Seqens has initiated a simplified takeover bid (followed by a squeeze-out if the conditions are met) and holds to date, directly, 83.66% of the capital and 90.66% of the voting rights and, after taking into account the treasury shares that will be tendered to the offer, 92.91% of the capital and 95.91% of the voting rights.