NEUCA (NEU) H2 2024 earnings summary

Executive summary

• NEUCA achieved stable sales growth in 2024, with Group revenues up 6.8% year-over-year to PLN 12.61 bn and net profit rising 7.6% to PLN 171.6 m.

• The Group maintained strong positions in pharmacy wholesale, pharmaceutical manufacturing, medical operator, insurance, and clinical trials segments.

• Strategic investments included a USD 50 m stake in Humaneva by Viking Global Investors and expansion of clinical trials operations in Central Europe.

Financial highlights

• Sales revenues increased 6.8% year-over-year to PLN 12.61 bn; Q4 sales up 9.1% to PLN 3.22 bn.

• Gross profit on sales rose 2.9% to PLN 1,440.5 m, with gross margin stable at 11.4%.

• EBIT for 2024 was PLN 274.7 m (+3.6%), with margin at 2.2%; EBITDA reached PLN 394.6 m (+8.3%).

• Net profit grew 7.6% to PLN 171.6 m; net profit margin at 1.4%.

• Medical operator revenues up 26% to PLN 457.5 m; clinical trials revenues up 22% to PLN 451.6 m.

• Insurance segment revenues increased 43% to PLN 192.8 m.

• E-commerce revenues rose 19% to PLN 123.3 m.

Outlook and guidance

• Board recommends a dividend of PLN 16 per share for 2025, totaling approx. PLN 72.7 m.

• Continued focus on supporting independent pharmacies, digital health, and clinical trials expansion.