NEUCA (NEU) Q3 2024 earnings summary

Executive summary

• Group revenues rose 7.3% in 3Q 2024 and 6.0% for 1-3Q 2024 year-over-year, with Q3 sales at PLN 3.19bn and 9M at PLN 9.39bn.

• Gross profit on sales increased by 13.8% in 3Q 2024, margin rising to 11.6%.

• Adjusted net profit grew by 47.6% in 3Q 2024 and 27.0% for 1-3Q 2024 year-over-year.

• Viking Global invested USD 50m for a 23% stake in Humaneva Inc., with an option for another USD 50m.

• Maintained leadership in customer satisfaction and market share in independent pharmacy segment.

Financial highlights

• Group sales revenues reached PLN 2.97bn in 3Q 2024 and PLN 9.39bn for 1-3Q 2024.

• Gross profit on sales was PLN 369.5m in 3Q 2024 and PLN 1,087.8m for 1-3Q 2024.

• EBITDA for 1-3Q 2024 reached PLN 315.8m, up 13.5% year-over-year.

• Net profit for 1-3Q 2024 was PLN 147.0m (+16.1% y/y); adjusted net profit at PLN 146.2m (+27% y/y).

• Dividend of PLN 14.50 per share paid in June 2024, totaling PLN 64.8m.

Outlook and guidance

• Stable profitability expected, supported by strong market position and diversified business segments.

• Focus on expanding non-distribution segments: pharmaceuticals manufacturing, clinical trials, patient services, and insurance.

• Strategic goal to strengthen position in US and APAC clinical trials markets.