Fidia Farmaceutici, 11% growth in 2022: turnover of €412 million
Fidia Farmaceutici ended the 2022 financial year with a positive result and a turnover of €412 million, thus confirming the double-digit growth trend (+11% compared to 2021) for both the national and international market, with net revenues linked to the sale of products and services equal to €404.3 million.
Italy proved to be the main market with 52% of the recorded turnover and 12.6% growth. These results are well above those of reference markets (ethical medicinal products, OTC/SOP, food supplements, and medical devices). The company consolidated its leadership of the hyaluronic acid for osteoarticular infiltrations market (over €24 million).
Indeed, growth abroad was also double-digit (+12.4% with a turnover of €193.6 million), driven above all by countries of the MENA region (+18.5% compared to 2021), thanks to a business model that integrates a direct presence in the main markets with partnership through distributors. This was followed by European countries (+16.7%) and the American branch, which on its own recorded an increase in turnover of 9%.
The consolidated EBITDA grew by 2.1% compared to 2021, reaching €77.1 million, equal to 19% of operating revenues; a significant result achieved despite the negative impact of higher utility costs, difficulty in procuring production materials and the effect linked to the extension of the payback regulation to medical devices.
The operating result was approximately €51.7 million, down by 4% due to the higher depreciation and amortization recognized in 2022 linked to the significant asset acquisition (carried out in 2021) consisting of corticosteroid-based products. The net profit amounted to €37.8 million.
Among therapeutic areas, the positive performance of the Joint Care area was confirmed (+5.6%), and the Eye Care areas (+14%) as well as the corticosteroid product portfolio experienced strong acceleration (+19.9%), the result of operations/agreements/M&A in recent years.
“We are a company that is demonstrating its ability to grow globally despite the critical issues and slowdowns in procurement and production linked to the post-pandemic period and the conflict in Ukraine – noted Carlo Pizzocaro, CEO and President of Fidia Farmaceutici – Undoubtedly, several significant operations contributed to the positive results; from launching of the aesthetic medicinal product line in Spain, to completing the acquisition of a business start-up in Poland, the fifth largest pharmaceutical market in Europe, to the commercial agreement with an important Brazilian distributor which will lead to marketing of a first group of our products in the country, the largest pharmaceutical market in Latin America.”
With 26 million in investments (equal to 6.5% of turnover) during 2022, up 15% compared to the previous year, Fidia has also shown a strong propensity for research in all its areas (discovery, preclinical development, formulation development and clinical research).
Among the many R&D projects under way, we highlight in particular, Oncofid-P, a therapy for bladder cancer and mesothelioma, Collagenase for the treatment of Dupuytren’s contracture and Peyronie’s disease, and a new molecule under development for treatment of rheumatoid arthritis and osteoarthritis.
From the point of view of employment, as at 31 December 2022, Fidia employed 1,446 people globally (+235 units compared to 2021), with an equal distribution of males-females (52%-48%). The new hires mainly concerned Italy, where Fidia is located with its headquarters, production plants (Abano Terme, Paderno Dugnano and Monte Giberto) and research centres (Abano Terme and Noto).