Core Insights - The company reaffirmed its 2025 Core EBITDA margin guidance of 7% to 9%, aiming for the upper part of the range despite challenging market conditions [1][5][3] - Net Sales for H1 2025 were €412.1 million, reflecting an 8.2% year-on-year decline, primarily due to a €21 million one-off impact in H1 2024 [1][2][6] - EBITDA improved to €5.0 million from a loss of €(1.4) million in H1 2024, while Core EBITDA decreased to €39.5 million with a margin of 9.6% [1][14][16] Financial Performance - H1 2025 Net Sales decreased by 8.2% compared to H1 2024, with a Gross Profit of €76.6 million and a Gross Profit Margin of 18.6% [2][13] - Core EBITDA margin fell from 10.6% in H1 2024 to 9.6% in H1 2025, influenced by various factors including the impact of Buserelin's stock clearance [14][15] - Net Income improved to €(28.5) million from €(34.8) million in H1 2024, with Basic EPS at €(0.30) [2][16] Sales Breakdown - API Solutions' net sales decreased by 9.8% to €299.7 million, while CDMO sales fell by 3.4% to €112.4 million [7][9] - Sales to Sanofi dropped by 24.4% to €123.9 million, while sales to Other Clients increased by 4.3% [11][12] - The decline in Large molecules was significant, down 49.3%, while Biochemistry molecules derived from fermentation saw a 20.7% increase [10][12] Strategic Developments - The company completed the divestment of the Haverhill site, which contributed €14 million in net sales and €3 million in Core EBITDA in H1 2025 [4][24][25] - An agreement with the French government was signed to secure up to €140 million in public aid for the IPCEI Med4Cure project [23] - The FOCUS-27 strategic plan is being executed thoroughly, with a focus on cost control and operational efficiency [1][21][22] Cash Flow and Capital Expenditure - The Net Cash Position at the end of June 2025 was €1.1 million, down from €25.2 million at the end of December 2024 [17][20] - H1 2025 CAPEX reached €(37.8) million, with 60% allocated to growth projects, and full-year CAPEX expected to be between €80 million and €90 million [19][20] - Free Cash Flow before financing activities was €(20.0) million, a decrease from €10 million in H1 2024 [19]

Core Viewpoint - Walgreens has agreed to a settlement of up to $350 million with the U.S. Justice Department to resolve allegations of illegally filling invalid prescriptions for opioids and other controlled substances [1][2]. Group 1: Settlement Details - The settlement includes a base payment of $300 million, with an additional $50 million contingent on the company's sale, merger, or transfer before fiscal year 2032 [2]. - The settlement is part of broader efforts to address the opioid crisis and hold accountable those contributing to it [12]. Group 2: Allegations Against Walgreens - Walgreens was accused of filling millions of invalid prescriptions from August 2012 to March 2023, violating the Controlled Substances Act [5]. - Allegations include filling excessive numbers of opioid prescriptions and doing so significantly earlier than allowed [5]. - The company allegedly pressured pharmacists to fill prescriptions quickly without verifying their legality, and compliance officials ignored evidence of illegal prescriptions being dispensed [9][10]. Group 3: Legal and Regulatory Context - The Attorney General emphasized the legal responsibility of pharmacies to dispense controlled substances safely and professionally, highlighting the commitment to ending the opioid crisis [3]. - The lawsuit and settlement are part of the government's efforts to combat the national opioid epidemic, which has resulted in tens of thousands of deaths annually [10][12].