bioMérieux (BIM) H2 2024 earnings summary

Executive summary

• Achieved or exceeded all GO28/GO•28 plan targets in 2024, with sales reaching €3,980 million, up 10.3% year-over-year, and strong performance across all growth engines.

• CEBIT rose 20% at constant exchange rates to €673 million, with margin up 150bps to 16.9% of sales.

• Free cash flow reached €330 million, nearly tripling from 2023.

• BIOFIRE® non-respiratory panels grew 17% and SPOTFIRE® sales hit €95 million, exceeding targets.

• Multiple FDA clearances and product launches, including SPOTFIRE®, VITEK® REVEAL™, and BIOFIRE® panels, expanded the portfolio.

Financial highlights

• Net sales: €3,980 million (+10.3% like-for-like, +8.3% reported year-over-year).

• Net income group share increased 21% to €432 million (reported) and 36% (adjusted for FX); diluted EPS: €3.64.

• Gross margin improved by 70bps at constant exchange rates, reaching 55.7%.

• CEBIT margin: 16.9% of sales, up 150bps like-for-like.

• Dividend proposed at €0.90 per share (+6%), payout ratio 25% of net income.

Outlook and guidance

• 2025 guidance: at least 7% organic sales growth and at least 10% CEBIT growth at constant exchange rates.

• SPOTFIRE® sales expected to double to ~€190 million in 2025; €450 million target for 2028 reaffirmed.

• Capex expected at 9-10% of sales, focused on capacity and automation, especially in the US.

• FX headwind expected to be around €30 million on CEBIT in 2025.

• GO•28 targets: 7% CAGR sales growth (2024–2028) and 20% CEBIT margin by 2028.