Annual Report 2012 - Acino

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ACINO | PERFORMANCE REPORT
Segment revenue 2012
(in EUR million)
BtC 100.4 n.m.
BtB 87.2 –4%
TM 67.6 +68%
Prod* 1.9 n.m.
Group 257.1 91%
* Sales to third parties
Group revenue by segment
26%
34%
39%
■ BtC ■ BtB ■ TM
BtC has emerged as the strongest revenue contributor of the Group
2012 sales of the Operating Segment BtC amounted to EUR 100.4 million (2011: EUR 1.0
million) with the acquired businesses in emerging markets consolidated since mid February
2012.
Sales in the largest countries of the key MENA region – Iraq, Saudi Arabia and United Arab
Emirates – developed particularly well. The existing local organizations have swiftly pushed
ahead with the launch and promotion of products from Acino. In Africa, the market development
in many countries has been uncared for over a prolonged period of time during
the frequent change of ownership of the business in recent times. This made it necessary
to substantially step up professional marketing efforts, to reestablish the product brands
in the private market and to emphasize the focus on the tender and hospital businesses.
For these purposes, the creation of a well-trained and motivated field force was of paramount
importance. In Asia, distributors have been appointed for all regions and countries
targeted. First sales have already been achieved in Hong Kong, Macau, China, Malaysia,
Singapore and Myanmar.
BtB with slightly regressing full-year revenues but good growth of flagship product
Revenue of the Operating Segment BtB declined by 4% to EUR 87.2 million (2011: EUR 90.9
million). The first three quarters with good growth rates and high order volumes were followed
by a drop in sales in the last months of 2012. This transient but marked stagnation
was attributable to postponed product deliveries due to customer destocking and inventory
optimization towards year-end.
The top-selling BtB product oxycodone benefitted from a robust growth year-on-year.
Amidst severe price pressure, revenue of the key product metoprolol reached last year’s
level thanks to higher volumes sold. The newer products from own development – hydromorphone
in an oral formulation and the patches fentanyl and buprenorphine – showed
a very satisfactory sales performance. Demand for buprenorphine was particularly high
with customers preparing for launch in several additional countries.
Technology Marketing top-line boosted by high contract manufacturing volumes
The steep rise of sales of the Operating Segment Technology Marketing (TM) to EUR 67.6
million (+68%; 2011: EUR 40.3 million) is primarily attributable to large – but lower margin
– orders from Teva/Mepha who continue to source products from Acino at cost plus a small
mark-up (as agreed in the acquisition agreement). As a consequence, the new location in
Aesch (previously Mepha) turned out high volumes of contract manufactured products
and enjoyed a very good capacity utilization which could not be translated into higher profits.
The top-selling customer product of this Operating Segment, the transdermal product
fentanyl, was in high demand and strongly contributed to sales (and profit) despite mounting
price pressure under difficult market conditions.