On April 26, Chiesi Group announced its latest financial results for 2023, Chiesi Group is an Italian international pharmaceutical group based on R&D, headquartered in Parma, Italy, with business covering 31 countries and regions around the world. Chiesi Group's new operating model, embraced shared values, sustainability and ethical standards, delivered exceptional performance in 2023 to deliver tangible action for the benefit of patients, people and the planet.
The business has grown significantly to meet the needs of patients
In 2023, Chiesi Group's turnover exceeded 3 billion euros, up 10 percent on the previous year (12 percent at constant exchange rates) and earnings before interest, taxes, depreciation and amortization (EBIDTA) approached 30 percent for the fourth consecutive year.
In 2023, the Chiesi Group will develop further rapidly in all regions and in all business areas. In constant currency terms, Chiesi Group's three business segments: AIR – Respiratory Diseases (Respiratory Diseases), RARE – Rare Diseases (Rare and Ultra-Rare Diseases) and CARE – Specialty Therapies (Specialty Care, Neonatology and Consumer Health) grew by 25 percent in the United States, 22 percent in China and internationally, and 7 percent in Europe.
Chiesi Group has been focusing on innovation while growing, and R&D investment accounted for 24% of the total annual turnover in 2023, which is a strong driving force for internal R&D and accelerating external cooperation.
Key performance in the three business areas
Respiratory Disease (AIR)
The Respiratory Disease segment, which encompasses products and services for the treatment of respiratory diseases, is now the company's largest business area, accounting for more than 56% of turnover, up 6% at constant exchange rates.
In 2023, Chiesi's triple inhalation aerosol for asthma and chronic obstructive pulmonary disease (COPD) grew by 27% at constant exchange rates, and the product officially entered the Chinese market in the same year (note: the current approved indication in China is chronic obstructive pulmonary disease), bringing significant opportunities for business growth and benefiting more patients.
In March 2023, Chiesi Group partnered with Affibody AB to develop and launch innovative therapies for respiratory diseases, further enriching its pipeline in the field of respiratory diseases. In November 2023, Chiesi Group entered into a licensing agreement with Haisco Pharmaceutical to jointly develop, manufacture and commercialize an innovative solution for bronchiectasis therapy.
Rare Disease (RARE)
The newly formed Rare Diseases Division aims to provide advanced treatment solutions for patients with rare or ultra-rare genetic diseases. Driven by organic expansion and the strategic acquisition of Amryt Pharma Plc in April 2023, the division's turnover exceeded 500 million euros. This significant achievement marks a significant milestone for Chiesi Group's investments and M&A in 2023, further expanding the Group's services in the field of rare diseases to meet the needs of more patients.
In February 2023, the U.S. Food and Drug Administration (FDA) approved Chiesi's first-in-class drug therapy for the treatment of non-central nervous system manifestations of α-mannosidosis, an ultra-rare progressive disease with widespread symptoms, in adults and children. Chiesi Group's enzyme replacement therapy was approved in Europe, the United States and the United Kingdom in 2023 for the treatment of adult patients with confirmed Fabry disease. In December 2023, one of the group's topical gels for the treatment of epidermolysis bullosa, already available in Europe and the UK, also received FDA approval.
Specialty Treatment Areas (CARE)
Specialty therapeutic areas, including special care, neonatology and consumer healthcare, continued to grow in all of Chiesi's markets, with turnover up 2 percent at constant exchange rates. Sales of natural lung surfactant for the treatment of neonatal respiratory distress syndrome (RDS) continued to outperform, with a 6% increase in constant currency terms, further reinforcing the drug's prominent position as an effective treatment option for preterm infants. At the end of 2023, Chiesi signed an agreement with Oak Hill Biotech to jointly develop, manufacture and launch an investigational drug specifically for the complications of ultra-preterm birth, underscoring Chiesi's commitment to developing innovative solutions and improving the health of the most vulnerable newborns.
Chiesi accelerated growth in critical care products, up 22 percent at constant exchange rates (particularly in the United States, where two cardiovascular products designed for in-hospital emergency care performed well).
Create the best place to work
Chiesi Group has made a number of significant progress in its commitment to improving the well-being of its employees. For the third time in a row, the Group has participated in ™ the Great Place to Work™ certification, increasing the number of certified national and regional subsidiaries from 8 in 2019 to 27 today. Adhering to the applicable legal framework and the principles of fairness and justice, Chiesi Group's Gender Equality Global Challenge program has achieved remarkable results in ensuring that the global gender pay gap is zero, and it was awarded the Fair Pay Certification in early 2024.
Build a better planet together
Adhering to the consistent goal of achieving "net zero greenhouse gas emissions" by 2035, Chiesi Group actively participated in the "Carbon Disclosure Project" in 2023 and increased its investment in climate change, and received an A- rating in the "Carbon Disclosure Project" climate change questionnaire. In addition, the company is committed to sustainability, achieving Platinum certification in the Ecovadis sustainability assessment. Ecovadis is a global leader in sustainability ratings, which assess companies' performance in environmental, ethical, labour rights and sustainable sourcing standards.
As a Benefit Corporation (covering Italy, the United States and France) and a certified member of the "B Corp", this is a testament to Chiesi's commitment to sustainability, high ethical standards, and transparent and responsible corporate governance.
Commenting on the Group's achievements in 2023, Giuseppe Accogli, CEO of Chiesi Group, said: "The company has undergone an important transformation, adopting a new operating model, reshaping its business areas and regional markets to adapt to changing market trends and improve operational efficiency and effectiveness on a global scale. At the same time, a growing number of senior executives with international and diverse backgrounds join us to contribute to the long-term prosperity of the company. In 2023, we accelerated our growth while also embracing shared values: tackling societal challenges, embracing business opportunities, and building a culture of inclusion, respect, and empowerment. ”
Outlook for 2024
Based on a strong profitability of 30% for four consecutive years, Chiesi Group aims to achieve stable growth in the mid-to-high single digits in 2024. With good cash flow and future investment potential, Chiesi Group is well positioned to drive growth through strategic acquisitions and new R&D investments. In order to strengthen its commitment to patient care, Chiesi Group will broaden its value proposition in the three business areas of Respiratory Diseases, Rare Diseases and Specialty Treatments, while strengthening its new product portfolio.
In addition, Chiesi Group's new Biotech Center of Excellence in Parma, Italy, will soon be opened, marking a major leap forward in biopharmaceutical development and manufacturing capabilities.
As part of its commitment to sustainability, Chiesi plans to set a new net-zero greenhouse gas emissions target in 2024 in line with the Science Based Targets initiative's Net-Zero Standard.
Chiesi Group will continue to support its employees in achieving a better work-life balance and provide them with long-term training and development opportunities to develop future leaders.
At the forefront of the healthcare industry, Chiesi Group will spare no effort to realize its own value, improve the quality of life for patients, and create shared value for the community, the environment and stakeholders.
Source: Yigu Network
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