2025-05-15-Jefferies-Dermapharm（DMP）_初步观点第一季度表现因艰难的同比比较而放缓；指引得到确认_7页_106kb

Dermapharm (DMP GR) Equity Research Summary

• First View: Q1 2025 results show slower growth (+1% YoY revenue) due to tough comparables; management confirmed FY2025 guidance.
• Performance: Revenue of €303m (+1% YoY), adjusted EBITDA of €81.3m (-8% YoY), margin compression to 26.9%.
• Breakdown: Branded Pharmaceuticals (+6% YoY ex-vac, 45.3% margin); Other Healthcare Products (-3% YoY, 18.1% margin); Parallel Import (+7% YoY, negative margin).
• Guidance: Management confirmed achievability amid sales outlook (-2% to +2%) and expects margin improvement from product mix shift and workforce reductions.
• Ratings:
  • Jefferies: BUY recommendation, target price €49.00, up 26% from €38.90.
  • Current consensus: 60.74% BUY, 34.89% HOLD.

Key Considerations

• Higher-margin products are transitioning, aiding long-term prospects.
• Risks include regulatory changes in pharmaceuticals and sustained weakness in Parallel Import.