Annual Report 2020: Continued high growth and lower profit margins
In an unusual year, the Abacus Medicine Group achieved 57% revenue growth and completed the acquisition of Pluripharm
The Abacus Medicine Group achieved high organic growth in our core business of parallel distribution and recorded an increase of 57% in combined organic and acquisitive revenue, from EUR 421.4 million in 2019 to EUR 663.5 million in 2020. The most significant event of the year was the acquisition of the medicine wholesaler Pluripharm Group.
CEO Flemming Wagner says: “One business event stands out for us in 2020 and that is the acquisition of Pluripharm. It is our largest single investment to date and it adds multiple important synergies for us to realise. COVID-19 affected us all, so I am pleased with revenue increasing 57% in a difficult year. This would not have been possible without the incredible dedication from all employees.”
The Abacus Medicine Group achieved Adjusted EBITDA of EUR 13.0 million in 2020, against 14.8 million in 2019. Profit for the year was EUR 0.4 million against EUR 0.8 million in 2019.
Continuing the strong growth journey
For 2021, the Abacus Medicine Group expects organic revenue growth in the range of 15-25% and total revenue in the range of EUR 890-990 million. A key strategic objective is continued progress in the turnaround of Pluripharm to return the medicine wholesaler to profitability.
View the full Abacus Medicine Annual Report 2020