...December 20, 2024 Robust operating performance enabled generic drug company Zentiva to post strong results in line with our estimates for 2023. Revenue was 1.49 billion, up 13% compared with 2022. Zentiva grew particularly strongly in Central and Eastern Europe, and reported robust performance across the rest of Europe. New product launches reinforced the group's resilient portfolio and positive pricing helped it outperform in over-the-counter (OTC) lines, strengthening growth further. S&P Global Ratings-adjusted EBITDA margins grew to 22.7%, backed by the launch of higher-margin products and initiatives to mitigate inflation. As a result, leverage, tapered to 6.2x in 2023 from 7.4x 2022. Adjusted free operating cash flow (FOCF) rose to 82 million (from 22 million in 2022) because of robust adjusted EBITDA generation and lower capital expenditure. Zentiva's robust organic growth is supported by its solid launch pipeline and excellent execution, which we expect will enhance profitability...
