...March 27, 2024 We forecast Nextpharma will post revenues of 420 million-425 million in 2024, thanks to continuous growth in contract manufacturing services (CMS), coupled with some price increases to offset higher labor costs. For 2023, we estimate revenues will have landed at around 371 million, translating into almost 21% year-on-year growth, mostly from the newly acquired Asker site (closing in March 2023), and around 10% organic growth year-on-year. The CMS segment (81% of total 2023 sales) reported high growth supported by a strong order book above pre-pandemic levels, and despite lingering supply-chain disruptions and some staff absenteeism. While we saw a decline in revenue in product development services (PDS; 6% of revenues) due to a slowdown in biotech funding; this is a global trend affecting contract and development manufacturing organizations (CDMO). For 2024, we estimate Nextpharma will deliver solid growth of around 14%, with more than 65% of orders already confirmed, on...
