On April 1, 2022 Ferring reported its latest Annual Report which shows the company reported revenues of €2,162 million, +11% at AER, +14% at CER and a record level of Net Income at €290 million up +91% AER (Press release, Ferring, APR 1, 2022, View Source [SID1234611339]). These results reflect the company’s strong and leading position in the field of reproductive medicine and maternal health (RMMH), and its growing presence in other specialty areas of medicine. Ferring sales rebounded strongly following the various impacts of COVID-19 during 2020, most particularly within the RMMH franchise in the United States.
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Sales within RMMH grew at 27% CER and achieved a CAGR over the last 2 years of 11% per year driven by our flagship product Menopur, used in ovarian stimulation for women undergoing assisted reproductive technologies. Sales growth within our other specialty franchises in gastroenterology and urology was more muted with some strong individual product performances somewhat offset by product discontinuations and divestments.
Through sustained focus and initiatives on operational efficiency in recent years, increase in operating expenses was constrained to 2% CER benefiting from increased focus and disciplined allocation of resources. Throughout the year important investments were made in protecting our manufacturing infrastructure and the wider supply chain from the volatility caused by COVID-19.
In line with our strategic ambitions, Ferring continued to prioritise investment in progressing our late-stage opportunities and our mid-term growth opportunities which are critical to our future success and achieved many key regulatory milestones during the year.
The combination of strong sales growth and constrained increase in the cost base resulted a significant increase in operating profit growth of 70% CER to reach €358 million. This improved operating profit drove an increase in net cash flow from operations of 38% AER to reach €450 million, and the company maintains its solid financial base from which to realise its strategic agenda over the next years.
"Despite many challenges, 2021 proved to be a year of remarkable progress for Ferring, and we ended the year in a stronger financial position than ever before", said Dominic Moorhead, Chief Financial Officer at Ferring.
The President of Ferring, Per Falk, also commented "2021 was a record year for the company and we are well poised to deliver on the next phase of our growth agenda as we aim to help people live better lives".
CER – Constant Exchange Rates, which exclude any foreign-exchange impact by recalculating the performance for the relevant period by applying the exchange rates used for the prior period
AER – Actual Exchange Rates
CAGR – Compound Annual Growth Rate