Friday, July 26, 2024

Andersen Global Adds Valuation Capabilities in Bulgaria

 (BUSINESS WIRE) -- Andersen Global reinforces its global valuation capabilities through the addition of collaborating firm Advance Valuations in Bulgaria.


Established in 2005, Advance Valuations is one of the leading valuation firms in Bulgaria, working closely with banks and financial institutions, corporate clients, and government agencies. The firm’s comprehensive valuation services include real estate, business, machinery and equipment, intangible assets, and agricultural land.


Managing partner Tzenka Bojilova said, “As the valuation sector continues to evolve, our professionals remain committed to delivering comprehensive, tailored solutions. Our collaboration with Andersen Global enhances our service capabilities to meet client needs and is a key milestone for our global reach.”


“Advance Valuations has been acknowledged as a leading valuation firm due to their deep-market insights and commitment to client-centric solutions,” said Global Chairman and CEO of Andersen Mark L. Vorsatz. “As demands in the region continue to rise, Tzenka and her team will play a key role in enhancing our coverage to ensure seamless, integrated service globally.”


Andersen Global is an international association of legally separate, independent member firms comprised of tax, legal, and valuation professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 17,000 professionals worldwide and a presence in over 475 locations through its member firms and collaborating firms.


 


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Contacts

Megan Tsuei

Andersen Global

415-764-2700


 

Bureau Veritas Acquires Security Innovation Inc. to Reinforce Its Cybersecurity Expertise in the Software Domain

PARIS - Thursday, 25. July 2024


(BUSINESS WIRE)--Bureau Veritas, a global leader in the Testing, Inspection and Certification (TIC) industry, announces today it has signed an agreement to acquire Security Innovation Inc., a US-based specialized software security firm. This acquisition is aligned with Bureau Veritas LEAP | 28 strategy to accelerate growth in cybersecurity, a fast-growing strategic sector, and to create a new stronghold.


Security Innovation will expand Bureau Veritas's client portfolio and will establish a new cybersecurity hub for its clients in the US with the opportunity to scale it globally. Founded in 2002 and headquartered in Boston with offices in Seattle and Pune (India), Security Innovation Inc. provides state-of-the-art software security consulting and services focused on software testing, Secure Software Development Lifecycle (SDLC) advisory, and training. The company has a proven track record of successfully addressing large private and public organizations’ software security services and is a recognized player in the US market. This acquisition will add a strong network of 95 highly skilled specialists to Bureau Veritas. Security Innovation generated EUR 21 million in revenue in 2023.


“This acquisition reinforces our position in the fast-growing cybersecurity market and is a key addition to our existing portfolio with a focus on North America. It complements our capabilities and will generate synergies to the benefit of our customers. This is a fantastic opportunity to ramp up our existing cybersecurity testing expertise and develop our AI/Large Language Model (LLM) capabilities, positioning Bureau Veritas as the TIC leader of cybersecurity technology innovations. I warmly welcome all new colleagues from Security Innovation to Bureau Veritas.” said Hinda Gharbi, Chief Executive Officer at Bureau Veritas.


“This strategic move will enable our customers to benefit from Bureau Veritas’ extensive expertise in the TIC sector, global presence, and its undisputable reputation as a trusted third party. For Security Innovation teams, this is a unique opportunity to join a globally recognized network of experts and to benefit from professional opportunities and career development on the scale of an international Group such as Bureau Veritas. We look forward to the next steps in our journey together” comments Ed Adams, CEO of Security Innovation Inc.


The closing of this transaction is expected to take place in Q3 2024.


***


About Bureau Veritas

Bureau Veritas is a world leader in inspection, certification, and laboratory testing services with a powerful purpose: to shape a world of trust by ensuring responsible progress.

With a vision to be the preferred partner for its customers’ excellence and sustainability, the company innovates to help them navigate change.

Created in 1828, Bureau Veritas’ 83,000 employees deliver services in 140 countries. The company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability.

Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40 ESG, CAC Next 20, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI.

For more information, visit www.bureauveritas.com, and follow us on Twitter (@bureauveritas) and LinkedIn.


Our information is certified with blockchain technology.

Check that this press release is genuine at www.wiztrust.com.


 


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Contacts

ANALYST/INVESTOR CONTACTS


Laurent Brunelle

+33 (0)1 55 24 76 09

laurent.brunelle@bureauveritas.com


Colin Verbrugghe

+33 (0)1 55 24 77 80

colin.verbrugghe@bureauveritas.com


Karine Ansart

+33 (0)1 55 24 76 19

karine.ansart@bureauveritas.com


MEDIA CONTACTS


Anette Rey

+33 (0)6 69 79 84 88

anette.rey@bureauveritas.com


Martin Bovo

+33 (0) 6 14 46 79 94

martin.bovo@bureauveritas.com

Quectel Unveils Industry-First Quad-Band GNSS Module, Expanding Comprehensive GNSS Solutions Portfolio

 BELGRADE, Serbia - Thursday, 25. July 2024

(BUSINESS WIRE) -- Quectel Wireless Solutions, a global IoT solutions provider, is pleased to announce the LG290P, the first quad-band GNSS module, designed to deliver high performance for the most demanding applications, ensuring exceptional RTK availability and quality even in challenging environments. Providing the instantaneous centimeter-level accuracy needed to ensure the precision required for applications such as precision agriculture, robotic lawn mowers, surveying and personal robots, the module also delivers superior coverage that supports base stations from greater distances, ensuring reliable performance.


The introduction of the LG290P module expands Quectel's range of high-accuracy, RTK-capable GNSS modules. This range includes the dual-band industrial-grade LC29H, the automotive-grade LG69T, and now the quad-band LG290P, providing users with a selection of GNSS modules to cover a wide variety of applications.


Future-proofing applications by supporting all constellations including GPS, GLONASS, Galileo, BDS, NavIC, QZSS, as well as SBAS support (WASS, EGNOS, MSAS, and GAGAN) and advanced satellite-based signals such as PPP-B2b, CLAS (QZSS L6), Galileo HAS E6, the LG290P is a cost-effective industrial-grade module that receives L1, L2, L5 and E6 frequency bands.


In addition, the LG290P is compatible with Quectel triple band RTK Services and ensures superior coverage that supports base stations from greater distances, ensuring stable and reliable performance in the most difficult urban environments, making it exceptionally well suited for sectors such as autonomous lawnmowers, delivery robots, surveying and precision agriculture. The quad-band solution can enhance the RTK fix rate by 50% compared to dual band in extremely challenging environments, such as a garden encircled by trees and walls. Additionally, it can reduce the time to achieve RTK fix to less than five seconds, in contrast to the ten to fifteen seconds required by the dual band solution.


“Introducing the quad-band GNSS Module to the market represents our commitment to advancing technology and providing our customers with the most reliable and accurate navigation solutions available,” said Norbert Muhrer, President and CSO, Quectel Wireless Solutions. “We believe this product will be a game-changer in many fields, enabling new possibilities and improving efficiencies and precise location.”


The module supports an advanced multi-frequency RTK algorithm, ensuring rapid and reliable RTK high-precision positioning results even in challenging conditions such as under dense tree cover, alongside buildings or inside urban canyons. With advanced anti-interference technology, the LG290P incorporates a professional-grade interference signal detection and Narrowband Interference Canceller (NIC), significantly enhancing signal reception performance in complex electromagnetic environments. Moreover, supporting integrity monitoring and authentication information verification, the LG290P aids automatic navigation systems in making control decisions, particularly fitting for critical applications like autonomous vehicles and lawnmowers.


The LG290P excels in terms of security by incorporating on-chip ECC check and Secure Boot for firmware protection. Measuring a compact 12.2 mm × 16.0 mm × 2.6 mm, the LG290P is the smallest quad-band module available, offering greater design flexibility for customers, reducing integration challenges, and enabling compact designs for a wide array of precision products.


Customers are also able to streamline their design process by sourcing the appropriate antenna for this module, ensuring flexibility and compatibility for diverse project requirements.


The LG290P quad band GNSS module is now available to order through the Quectel website and distributors.


About Quectel


Quectel’s passion for a smarter world drives us to accelerate IoT innovation. A highly customer-centric organization, we are a global IoT solutions provider backed by outstanding support and services. Our growing global team of 5,600 professionals sets the pace for innovation in cellular, GNSS, Wi-Fi and Bluetooth modules as well as antennas and services.


With regional offices and support across the globe, our international leadership is devoted to advancing IoT and helping build a smarter world.


For more information, please visit: www.quectel.com, LinkedIn, Facebook, and X.


 


View source version on businesswire.com: https://www.businesswire.com/news/home/20240725061807/en/



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Contacts

Media: media@quectel.com


 

PHASE III ARCADIA 1 and 2 Trial Primary Results Published in The Lancet: Galderma’s Nemolizumab Improves Key Aspects of Atopic Dermatitis – Itch, Skin Lesions and Sleep Disturbance

  ZUG, Switzerland - Thursday, 25. July 2024 AETOSWire 




Detailed results from the phase III ARCADIA 1 and 2 trials evaluating the safety and efficacy of nemolizumab in atopic dermatitis were published for the first time in The Lancet1

Data from this phase III program demonstrate the potential of nemolizumab (in combination with background therapy) to improve key aspects of atopic dermatitis; skin lesions, itch, and sleep disturbance in adolescent and adult patients with moderate-to-severe atopic dermatitis1

In the ARCADIA trials, statistically significant improvements in itch were observed as early as one week after nemolizumab treatment initiation1

Nemolizumab is a first-in-class monoclonal antibody that inhibits the signaling of IL-31, a neuroimmune cytokine known to drive key signs and symptoms of atopic dermatitis2-5

 


(BUSINESS WIRE) -- Galderma today announced that full results from the phase III ARCADIA 1 and 2 clinical trials in atopic dermatitis were published in The Lancet.1The trials evaluated the efficacy and safety of nemolizumab in combination with background topical corticosteroids (TCS), with or without topical calcineurin inhibitors (TCI), versus placebo in combination with TCS, with or without TCI, in adolescent and adult patients with moderate-to-severe atopic dermatitis.1 Results show that the trials met their co-primary and all key secondary endpoints, showing that nemolizumab significantly improved skin lesions, itch and sleep disturbance by Week 16 when compared to placebo, with significant itch relief observed as early as Week 1.1


 


“Publication of the phase III ARCADIA program results for the first time in The Lancet reinforces both the robustness of our trial design and the potential of nemolizumab as an effective treatment option for patients living with atopic dermatitis. We are working closely with regulators in the U.S., Europe, and elsewhere to bring nemolizumab to those in need as soon as possible.”


 


BALDO SCASSELLATI SFORZOLINI, M.D., Ph.D.


GLOBAL HEAD OF R&D


GALDERMA


 


 


The phase III ARCADIA 1 and 2 trials enrolled 1,728 adolescent and adult patients with moderate-to-severe atopic dermatitis.1 Results demonstrated that patients treated with nemolizumab, administered subcutaneously every four weeks in combination with TCS, with or without TCI, showed statistically significant improvements in both co-primary endpoints, when compared to placebo in combination with TCS, with or without TCI, after 16 weeks of treatment:1


36% and 38% of nemolizumab-treated patients in ARCADIA 1 and 2 achieved clear skin, defined by an investigator’s global assessment score of clear (0) or almost-clear (1), when compared to the placebo group (25% and 26%, respectively; p<0.001).


44% and 42% of nemolizumab-treated patients in ARCADIA 1 and 2 achieved at least a 75% improvement in the eczema area and severity index score, when compared to the placebo group (29% and 30%, respectively; p<0.001).


The trials also met all key secondary endpoints confirming rapid responses on itch, and statistically significant improvements in sleep disturbance with nemolizumab in combination with TCS, with or without TCI, when compared to placebo in combination with TCS, with or without TCI:1


Clinically meaningful improvements in itch were observed as early as one week after nemolizumab treatment initiation when compared to placebo.


An itch-free or nearly itch-free state (defined as a score of <2 on the peak pruritus numerical rating scale) was achieved by 16% of patients in both ARCADIA 1 and 2 at Week 4, after just one dose of nemolizumab, when compared to the placebo group (4% and 3%, respectively; p<0.001).


At Week 16, 38% and 34% of nemolizumab-treated patients in ARCADIA 1 and 2 achieved at least a four-point improvement in the sleep disturbance numerical rating scale, when compared to the placebo group (20% and 16%, respectively; p<0.001).


The safety profile was consistent between nemolizumab and placebo groups; most treatment-emergent adverse events were non-serious, and of mild-to-moderate severity.1


Nemolizumab is a first-in-class monoclonal antibody specifically designed to target the interleukin-31 (IL-31) receptor alpha and inhibit IL-31 signaling.2 In atopic dermatitis, IL-31 drives itch and is involved in inflammation and skin barrier disruption.3-5


 


“As a practicing dermatologist, I’m excited about the potential of nemolizumab for atopic dermatitis patients. These phase III data demonstrate that, by blocking the activity of IL-31, nemolizumab could effectively address itch, skin lesions and sleep disturbance. Many patients complain that chronic itch negatively impacts their overall quality of life. Reducing itch within just one week of treatment could significantly ease the burden of disease.”


 


Prof. Jonathan Silverberg


LEAD INVESTIGATOR OF THE ARCADIA CLINICAL PROGRAM,


Professor of Dermatology, George Washington University


School of Medicine and Health Sciences, United States


 


 


Based on the results of the ARCADIA 1 and 2 trials, the U.S. Food and Drug Administration accepted for review Galderma’s Biologics License Application for nemolizumab for the treatment of adolescents and adults with moderate-to-severe atopic dermatitis, with a decision expected by the end of the year.6 Galderma is awaiting decisions from several other regulatory authorities on its filing applications for both atopic dermatitis and prurigo nodularis, including the European Medicines Agency, Health Canada, and the Access Consortium.7 Regulatory submissions to other healthcare authorities around the world are ongoing.


Media can find more information about atopic dermatitis in this media toolkit page.


About atopic dermatitis

Atopic dermatitis a common, chronic, and flaring inflammatory skin disease, characterized by persistent itch and recurrent skin lesions.4,8,9 It affects more than 230 million people worldwide and is the most common inflammatory skin disease, impacting almost four times more people than psoriasis.4,10 While currently available treatments for atopic dermatitis show some improvements of signs and symptoms, not all patients experience itch relief and clear skin to the same degree, and many do not respond optimally to approved therapies.4,11


About nemolizumab

Nemolizumab is a monoclonal antibody developed by Galderma and is the first therapy designed to specifically inhibit interleukin-31 (IL-31) cytokine signaling.2 IL-31 signaling is known to drive the most burdensome symptom for people with atopic dermatitis and prurigo nodularis – itch.3-5


Nemolizumab is under review for both prurigo nodularis and atopic dermatitis by several regulatory authorities worldwide, including the U.S. Food and Drug Administration, European Medicines Agency and in Australia, Singapore, Switzerland, and the United Kingdom via the Access Consortium, with ongoing submissions in additional countries.6,7


Nemolizumab was initially developed by Chugai Pharmaceutical Co., Ltd., and subsequently licensed to Galderma in 2016 worldwide – except Japan and Taiwan. In Japan, nemolizumab is approved for the treatment of pruritus associated with atopic dermatitis and for prurigo nodularis.12,13


About the ARCADIA clinical trial program1,14,15

The ARCADIA program included two identically designed, pivotal phase III clinical trials, which enrolled more than 1,700 patients – ARCADIA 1 and ARCADIA 2.


These global, randomized, multicenter, double-blind, placebo-controlled phase III clinical trials, evaluated the efficacy and safety of nemolizumab administered subcutaneously every four weeks compared to placebo (both administered with background topical corticosteroids with or without topical calcineurin inhibitors).


The trials were conducted in adolescent and adult patients (12 years and over) with moderate-to-severe atopic dermatitis for an initial treatment phase of 16 weeks. Patients who responded to treatment (defined as patients who achieved an investigator’s global assessment score of clear (0) or almost clear (1), or a 75% or greater improvement in the eczema area and severity index score) were then re-randomized to a maintenance treatment phase for up to 48 weeks.


About Galderma

Galderma (SIX: GALD) is the emerging pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ—the skin—meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: www.galderma.com


References:


Silverberg JI, et al. Nemolizumab with concomitant topical therapy in adolescents and adults with moderate-to-severe atopic dermatitis (ARCADIA 1 & 2): results from two replicate, double-blind, randomised controlled phase 3 trials. Lancet. 2024. doi: 10.1016/S0140-6736(24)01203-0


Silverberg JI, et al. Phase 2B randomized study of nemolizumab in adults with moderate-to-severe atopic dermatitis and severe pruritus. J Allergy Clin Immunol. 2020;145(1):173-182. doi:10.1016/j.jaci.2019.08.013


Bağci IS and Ruzicka T. IL-31: A new key player in dermatology and beyond. J Allergy Clin Immunol. 2018;141(3):P858-866. doi: 10.1016/j.jaci.2017.10.045


Langan SM, Irvine AD, Weidinger S. Atopic dermatitis [published correction appears in Lancet. 2020;396(10253):758]. Lancet. 2020;396(10247):345-360. doi: 10.1016/S0140- 6736(20)31286-1


Datsi A, et al. Interleukin-31: The “itchy” cytokine in inflammation and therapy. Allergy. 2021;76:2982-2997. doi: 10.1016/j.jaard.2020.04.183


Galderma. Galderma announces regulatory filing acceptance for nemolizumab in prurigo nodularis and atopic dermatitis in the U.S. and EU. Available online. Last accessed July 2024


Galderma. Galderma receives filing acceptance for nemolizumab in prurigo nodularis and atopic dermatitis in four additional countries. Available online. Last accessed July 2024


Yang G, et al. Skin Barrier Abnormalities and Immune Dysfunction in Atopic Dermatitis. Int J Mol Sci. 2020;21(8): 2867. doi: https://doi.org/10.3390/ijms21082867


Ständer S. Atopic dermatitis. N Engl J Med. 2021;384(12):1136-1143. doi: 10.1056/NEJMra2023911


Raharja A, et al. Psoriasis: a brief overview. Clin Med (Lond). 2021;21(3):170-173. doi: 10.7861/clinmed.2021-0257


Lobefaro F, et al. Atopic dermatitis: Clinical aspects and unmet needs. Biomedicines. 2022;102927. doi: 10.3390/biomedicines10112927


Chugai Pharmaceutical Co., Ltd. Maruho Obtained Regulatory Approval for Mitchga, the first Antibody Targeting IL-31 for Itching Associated with Atopic Dermatitis. Available online. Last accessed July 2024


Chugai Pharmaceutical Co., Ltd. Mitchga Approved for Itching in Pediatric Atopic Dermatitis and Prurigo Nodularis, for its Subcutaneous Injection 30mg Vials. Available online. Last accessed July 2024


ClinicalTrials.Gov. Efficacy & Safety of Nemolizumab in Subjects With Moderate- to-Severe Atopic Dermatitis (NCT03989349). Available online. Last accessed July 2024


ClinicalTrials.Gov. Efficacy & Safety of Nemolizumab in Subjects With Moderate- to-Severe Atopic Dermatitis (NCT03985943). Available online. Last accessed July 2024


 


 


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Contacts

Christian Marcoux, M.Sc.

Chief Communications Officer

christian.marcoux@galderma.com

+41 76 315 26 50


Sébastien Cros

Corporate Communications Director

sebastien.cros@galderma.com

+41 79 529 59 85


Emil Ivanov

Head of Strategy, Investor Relations, and ESG

emil.ivanov@galderma.com

+41 21 642 78 12


Jessica Cohen

Investor Relations and Strategy Director

jessica.cohen@galderma.com

+41 21 642 76 43


 

Global Innovation to Take Center Stage at the First World Technology Games in 2026 – A Competition, Festival & Leadership Summit to Celebrate Human Ingenuity

PARIS, France - Thursday, 25. July 2024

Global Esports Federation, Indy Autonomous Challenge and Other Leading Organizations to Support Flagship Competition

Inaugural Host City Selection and Corporate Partner Development Begins

Assets Linked HERE


(BUSINESS WIRE)--The World Technology Games (WTG), a groundbreaking global competition in innovation, technology and science, announced its inaugural event for Q3 2026. The annual, five-day event will include Competitions, a Festival and a Leadership Summit. The Games will celebrate and elevate advancements across Life, Earth, Data and Industrial Sciences, through unifying themes like sustainability and AI.

“We built the World Technology Games to inspire people around the world to create technological solutions for today’s most formidable challenges,” said Alexander Brown, CEO of the World Technology Games. “Our first-of-its-kind international event will convene brilliant minds from diverse backgrounds to compete, collaborate, and catalyze change at global scale.”

The World Technology Games were showcased by Mr. Brown at the UNESCO “Change the Game” Global Sport Conference as France hosts the 2024 Olympic Games. The WTG underscored its commitment to support key UN Sustainable Development Goals and to UNESCO’s vision of building multilateral collaboration on education, science, culture, communication and information.

The WTG will honor the ambition, competitive spirit and ingenuity that drive today’s greatest technological contributions. An international cohort of scientists, engineers and innovators will unite for two categories of cutting-edge competitions that aim to entertain and empower people through technology, passion and purpose. “Spotlights” are organized in partnership with established leagues, including support from the Indy Autonomous Challenge and the Global Esports Federation. Unique to the Games, “Originals” are characterized by scientific rigor, real-world application and technological acumen, including culinary creativity, sustainable fashion design, robotics and more.

Through the live event and digital content, the WTG targets a global audience of more than 1.6 billion people who consider technology an essential component of their daily lives. With a focus on engaging Gen T – the nearly 700 million individuals globally who are poised to shape the future of technology – the Games will be amplified by a multi-channel approach distributed across social, digital, podcasts, streaming platforms and linear broadcast.

The WTG is led by Alexander Brown. Mr. Brown has a proven track record of building and growing businesses at a global scale including serving as Managing Director of ESPN Asia and ESPN Star Sports, as well as leadership positions with the NBA, Univision and One World Sports. Brown also served as President & CEO of CNBC Asia. Chairman of the Board, Paul J. Foster is CEO & Member of the Board for the Global Esports Federation and focuses on integrating innovative technology with social impact. He brings more than 20 years of experience in the Olympic Movement, an extensive tenure at the International Olympic Committee and global strategic consulting. The WTG is championed by an International Advisory Council of multidisciplinary experts from more than 20 countries who have spearheaded the growth of global companies and organizations across science, technology, diplomacy, entertainment, and finance.

The Games will also feature an immersive festival and thought leadership summit. The World Technology Festival will celebrate the intersection of technology, art and culture through exhibitions, product showcases and workshops. The World Technology Summit will convene industry experts with keynote speeches, debates and expert panels to explore future trends and the transformative potential of technology.

The inaugural host city selection has begun, with cities worldwide encouraged to submit expressions of interest through September 2024. For more information on the World Technology Games please visit: https://worldtechnology.games/.

About the World Technology Games:

The World Technology Games (WTG) is a global, first-of-its-kind competition celebrating human ingenuity in Life, Earth, Data and Industrial sciences. Set to debut in 2026, the annual five-day event will convene scientists, engineers and innovators from around the world for a series of cutting-edge competitions, a festival and a leadership summit that address humanity’s greatest challenges through technology, passion and purpose. Led by an accomplished leadership team of global multidisciplinary experts, the WTG will empower and entertain a worldwide audience by honoring the unheralded, yet brilliant minds behind today’s greatest advancements.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240725287146/en/

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Contacts

Media Inquiries:
Hustle&Co. / JSA+Partners
WorldTechGamesPR@hustleandco.com

Information, Sponsorship, & Host City Inquiries:
World Technology Games Secretariat
mlucic@worldtechnology.games

KAGA FEI Develops EC4L15BA1 Bluetooth Low Energy Module Balancing Low Power Consumption with High Processing Capability

 YOKOHAMA, Japan - Thursday, 25. July 2024


(BUSINESS WIRE)--KAGA FEI Co., Ltd., a global provider of leading short distance wireless modules, announced today the EC4L15BA1 Bluetooth Low Energy module. The module has a built-in antenna and has obtained various certifications. Consequently, it reduces the development time and certification costs for next-generation wireless IoT products such as industrial IoT, medical/healthcare products, and sports/fitness sensors, enabling faster time-to-market.


Furthermore, it supports PSA*1 certification, making it easier to develop IoT devices that meet advanced security requirements. Mass production is scheduled to begin in June 2025. The Company will continue to respond to market needs and expand its product lineup.


Product Features

1. Low Power Consumption

The module is equipped with components for low-power operation, and the power consumption required for communication is significantly reduced. For example, the receive current is about half that of the EC2832AA2 module equipped with nRF52832.


2. High Processing Capability, Advanced Security Level

The module includes a 128MHz Arm Cortex-M33 processor, 1.5MB of non-volatile memory, and 256KB RAM, achieving over twice the processing capability of the EC2832AA2. Moreover, the PSA Level 3 certification ensures that it meets the highest security needs.


3. Multi-Protocol

It supports not only Bluetooth Low Energy, but also Thread and Matter standard*2. Furthermore, it can communicate using a proprietary 4Mbps mode.


4. Built-in Antenna and Pre-Certified

Features a built-in antenna, eliminating the need for antenna design. It has obtained Bluetooth qualification and certifications for Radio Law MIC (Japan), FCC (USA), and ISED (Canada), reducing the time and costs.


Product Availability

Sample : November 2024

Start of mass production : June 2025


About Trademarks

The product names and other proper nouns mentioned herein are trademarks or registered trademarks of their respective companies.


*1. PSA: PSA (Platform Security Architecture) is a certification scheme led by Arm. Level 3 is the highest level of certification for protecting IoT devices from physical and software attacks.


*2. Matter standard: A smart home standard developed by the Connectivity Standards Alliance (CSA) to promote interoperability between smart home devices and IoT platforms from different manufacturers.


KAGA FEI website

https://www.kagafei.com/jp/eng/


Disclaimer

Product specifications, service content, etc. stated in the news release are as of the date of announcement and is subject to change without notice.


 


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Contacts

KAGA FEI Co., Ltd.

Solution Business Headquarters

Module Products Division

Email: ml-module_contact@jp.kagafei.com

Corpay Cross-Border Named the Official World Athletics Foreign Exchange Supplier

TORONTO - Thursday, 25. July 2024


Providing access to currency risk management and cross-border payments solutions


(BUSINESS WIRE)--Corpay, Inc.*, (NYSE: CPAY) a global leader in corporate payments, is pleased to announce that Corpay’s Cross-Border business has entered into an agreement with World Athletics, the international governing body for the sport of athletics, covering track and field, cross country running, road running, race walking, mountain running, and ultra running, to become their Official Foreign Exchange (FX) Supplier.


This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240724239669/en/


Through this partnership, World Athletics, and the broader World Athletics family** Corpay Cross Border’s innovative solutions to help mitigate foreign exchange exposure from their day-to-day business needs. Additionally, Corpay Cross-Border’s award-winning platform will enable them to manage their global payments from a single point of access.


“Corpay Cross-Border is very honoured to join the World Athletics family as their Official Foreign Exchange Supplier,” said Brad Loder, Chief Marketing Officer, Corpay Cross-Border Solutions. “I am confident that World Athletics and the broader World Athletics family, including their federation members and partners will benefit from access to our comprehensive currency risk management and cross-border payments solutions, along with our extensive experience gained within the world of sports.


“We are pleased to welcome Corpay Cross-Border as an Official Supplier to World Athletics,” said World Athletics President Sebastian Coe. “World Athletics receives the majority of its income in USD but makes substantial payments each year in various currencies. Having the expertise of Corpay Cross-Border, with access to currency risk management and cross-border payments solutions, will prove invaluable.”


About Corpay


Corpay, Inc. (NYSE: CPAY) is a global S&P500 corporate payments company that helps businesses and consumers pay expenses in a simple, controlled manner. Corpay’s suite of modern payment solutions help its customers better manage vehicle-related expenses (such as fueling and parking), travel expenses (e.g. hotel bookings) and payables (e.g. paying vendors). This results in our customers saving time and ultimately spending less. Corpay Cross-Border refers to a group of legal entities owned and operated by Corpay, Inc.


Corpay – Payments made easy. To learn more visit www.corpay.com.


*“Corpay” in this document primarily refers to the Cross-Border Division of Corpay, Inc. https://www.corpay.com/cross-border; a full listing of the companies that are part of Corpay Cross-Border is available here: https://www.corpay.com/compliance.


** Subject to credit and compliance approval from the relevant Corpay company.


 


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Contacts

Corpay Contact:

Brad Loder

Chief Marketing Officer

Corpay Cross-Border Solutions

+1 (647) 627-6635

brad.loder@corpay.com

Thursday, July 25, 2024

SLB announces voluntary delisting from Euronext Paris

  (BUSINESS WIRE) -- Regulatory News:

SLB (NYSE: SLB) today announced that it will proceed with a voluntary delisting of its shares (ISIN: AN8068571086) from Euronext Paris.

Consistent with its prior decisions to delist from other exchanges, SLB reviewed the low trading volumes on the Euronext Paris and, given the increasing costs, administrative requirements and managerial time required to maintain a dual listing, has requested a voluntary delisting from the Euronext Paris.

SLB became a public company in 1962 with its orignal listing on the New York Stock Exchange (NYSE), which has been its primary exchange. SLB will maintain its single listing on NYSE under the symbol “SLB”.

The delisting has been approved by the Board of Directors of Euronext Paris and the company’s shares will remain listed on the NYSE under the symbol “SLB”.

The holders of SLB shares traded on Euronext and held through the facilities of Euroclear France (the “SLB Euronext Shares”) will have the following options:

  • keep their SLB Euronext Shares, which they will be able to trade on Euronext Paris until the day before the delisting date and on the NYSE thereafter through the facilities of The Depositary Trust Company (“DTC”), subject to the terms applied by their financial intermediary and their custody arrangements; or

  • participate in a voluntary sales facility (described below) to sell all or part of their SLB Euronext Shares, in accordance with the rules and regulations of Euronext Paris.

For the avoidance of doubt, holders of SLB Euronext Shares will be able to trade on Euronext Paris until August 16, 2024 (the last trading date prior to the delisting).

Procedure of the Voluntary Sales Facility

Shareholders who wish to sell their SLB Euronext Shares utilizing the voluntary sales facility should request that their financial intermediaries deliver their SLB Euronext Shares to Uptevia, acting as centralizing agent, at any time from July 29, 2024, to August 12, 2024 (inclusive).

SLB Euronext Shares delivered to Uptevia will be sold on the NYSE as from August 15, 2024, at the market price prevailing at the time of sale.

Uptevia will calculate the average sales price of SLB Euronext Shares sold during the sales period and transfer the sale proceeds (which will be converted into euros from U.S. dollars by Uptevia) to the participating shareholders once it receives the funds.

The company will pay the fees for the centralization and the brokerage fee related to the sale of SLB Euronext Shares delivered to Uptevia as part of the voluntary sales facility.

This voluntary sales facility procedure is also described in a Euronext notice to be published on July 25, 2024.

Please note that no guarantee can be given by the company or by Uptevia as to the price at which the SLB Euronext Shares tendered pursuant to the voluntary sales facility will actually be sold. This process is being provided solely as an accommodation to holders of SLB Euronext Shares.

Shareholders may decide not to participate in the voluntary sales facility or may decide not to take any action, in which case no guarantee can be given to them on the terms that will be applied by their financial intermediary after the delisting. Shareholders are urged to consult their own investment advisors before making a decision to participate or not in this process.

The calendar of the voluntary sales facility and the delisting of the company described above is summarized as follows (it being specified that the company reserves the right to amend this calendar):

Event

Date

Voluntary Sales Facility

 

Beginning of the voluntary sales facility

July 29, 2024

End of the voluntary sales facility

August 12, 2024

End of the centralization by Uptevia

August 14, 2024 (before 4:00 PM Paris time)

Sale on the NYSE of the shares tendered in the voluntary sales facility

Beginning August 15, 2024

Settlement of the proceeds of the sale to the relevant financial institutions

As soon as possible after receipt of the proceeds of the sale

Delisting

 

Last day of trading of the company’s shares on Euronext Paris

August 16, 2024

Delisting of SLB Euronext Shares on Euronext Paris

August 19, 2024

Shareholders participating in the voluntary sales facility are reminded that they acknowledge and accept the risks related to the change in the share market price and/or applicable foreign exchange rates between the date on which their shares are delivered to Uptevia for participation in the voluntary sales facility and the receipt of the applicable average sale proceeds. All tenders of SLB Euronext Shares under the voluntary sales facility will be irrevocable.

Shareholders who would like additional information about the voluntary sales facility or the delisting procedure may contact their custodian and usual financial intermediary, who has received the details of the delisting or the company by email at investor-relations@slb.com.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

 



Contacts

Media
Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
media@slb.com

Investors
James R. McDonald – SVP of Investor Relations & Industry Affairs
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
investor-relations@slb.com


Galderma Delivers Record Net Sales of 2.2 Billion USD and 10.8% Year-on-Year Growth at Constant Currency for the First Half of 2024

 


Ad hoc announcement pursuant to Art. 53 LR


(BUSINESS WIRE) -- Galderma Group AG, the pure-play dermatology category leader, today announced its financial results for the first half of 2024.


  • Record net sales of 2.2 billion USD in the first half of 2024, with net sales growth of 10.8% on a constant currency basis1, predominantly driven by volume growth complemented by favorable mix
  • Broad-based growth across all product categories, with constant currency year-on-year growth of 13.4% for Injectable Aesthetics, 11.8% for Dermatological Skincare, and 2.2% for Therapeutic Dermatology
  • Growth across geographies, especially in International markets with continued growth momentum, including in China
  • Progress updates on its two biologic candidates with blockbuster potential, with RelabotulinumtoxinA’s (QM-1114) first marketing authorization in Australia under the brand name RelfydessTM and nemolizumab’s launch readiness after filing acceptances
  • Profitability improvement in the first half of 2024, with Core EBITDA2 of 514 million USD, a 23.4% margin, up 30 basis points (up 40 basis points at constant currency) compared to the 2023 full year Core EBITDA margin
  • Leverage3 reduced to 2.6x by end of June 2024 and 100 million USD of debt repaid early post-IPO, resulting in an expected interest cash expense of approximately 120 million USD for the second half of 2024, with interest rate on gross debt down approximately 50 basis points
  • 2024 full year guidance updated on net sales, towards the upper end of the previously communicated growth range of 7-10% at constant currency, while confirming Core EBITDA margin guidance, in line with 2023 at constant currency

 

“Galderma delivered a strong first half of the year with excellent sales, profit and cash generation results, underscoring the benefits of our unique and growth focused integrated business model. Dermatology continues to be an attractive market despite some slowdown in a few segments which we have been able to overcompensate via market share gains and continued global expansion. We are also progressing our late-stage pipeline with two potential blockbusters on track to start contributing to the overall company performance as early as 2025. We remain confident in delivering strong 2024 full year results and are well set up for continued future growth.”

 

FLEMMING ØRNSKOV, M.D., MPHCHIEF EXECUTIVE OFFICERGALDERMA

 

 

Commercial performance

Galderma achieved record net sales of 2.2 billion USD for the first half of 2024, representing 10.8% year-on-year net sales growth on a constant currency basis, predominantly driven by volume complemented by favorable mix.

Performance in the first half of the year was underpinned by continued execution of Galderma’s growth-focused integrated dermatology strategy and its three strategic pillars, including new launches and progress on its two biologic candidates with blockbuster potential, focus on commercial execution, and delivery of market-leading education and services.

Net sales growth was widespread across product categories and geographies. All product categories grew, with notably strong performance in Injectable Aesthetics and Dermatological Skincare. Across International markets, there was continued double-digit growth momentum fueled by strong performance in major markets in Asia, Europe and Latin America. Notably, in China, Galderma maintained a robust double-digit growth trajectory in both Injectable Aesthetics and Dermatological Skincare. The U.S. continued to deliver growth despite a softer market environment.

Injectable Aesthetics

Injectable Aesthetics net sales for the first half of 2024 were 1,139 million USD, with year-on-year growth of 13.4% on a constant currency basis. Growth was rebalanced after the phasing impact of the first quarter of the year, while driving quarter-on-quarter growth.

Both Injectable Aesthetics sub-categories performed strongly. For the first six months of 2024, Neuromodulators net sales were 622 million USD, with year-on-year growth of 16.6% on a constant currency basis, and Fillers and Biostimulators net sales were 517 million USD, with year-on-year growth of 9.8% on a constant currency basis.

Growth was driven by strong brand performance and scaling execution across its Injectable Aesthetics portfolio, along with increasing penetration in terms of geographic reach, portfolio breadth as well as healthcare professional education and training.

Commercial highlights for the past quarter included sales force expansion in China to reach additional cities, broad activation in Thailand with city banners to support the continued strong uptake from its recent Sculptra launch, and celebrating key milestones in the U.S. such as Dysport’s 15-year anniversary, coinciding with the 25th anniversary of Sculptra globally. Galderma also continued to demonstrate its commitment to healthcare professional education and training, with leading presence at major medical congresses, including Vegas Cosmetic Surgery (VCS), and local Galderma Aesthetic Injector Network (GAIN) events, covering market-shaping topics such as the treatment with Restylane and Sculptra for patients experiencing rapid weight loss.

Innovation highlights for the past quarter include launching Restylane VOLYME™ in China, designed for contouring and volumization of the mid-face region, as well as regulatory and manufacturing updates for RelabotulinumtoxinA (QM-1114). Restylane SHAYPE™, launched in Canada in the first quarter, as the first filler with ‘bone-mimicking’ properties using NASHA HD™ technology for temporary augmentation of the chin region, also continues to perform well.

In terms of RelabotulinumtoxinA, Galderma’s next generation neuromodulator, Galderma received its first marketing authorization from Australia’s Therapeutic Goods Administration for the treatment of both frown lines and crow’s feet under the brand name RelfydessTM. Galderma expects first launches in its International markets could take place in the first half of 2025 subject to additional regulatory approvals to gain relevant production scale. Galderma’s Uppsala site already received license updates from the Swedish Medical Products Agency authorizing the future manufacture of the first and only ready-to-use liquid neuromodulator created with Galderma’s proprietary PEARL™ Technology, which provides sustained results for six months and fast onset of action as early as day one. Results from the phase III READY-1 study were recently published in the Aesthetic Surgery Journal4.

Dermatological Skincare

Dermatological Skincare net sales for the first half of 2024 were 675 million USD, with year-on-year growth of 11.8% on a constant currency basis. Growth in the U.S. was rebalanced after the first quarter phasing impact in Cetaphil.

Cetaphil in International markets and Alastin both grew double-digits, more than offsetting the skincare market softness in the U.S.. Galderma continued to drive tailored strategies in key markets to deliver growth, such as Brazil, Canada, China, India, the Philippines, and the U.K. & Ireland.

Growth was based on focused execution behind science-based flagship brands, with an emphasis on detailing, sampling, as well as notable digital and e-commerce activation, all underpinned by targeted innovation and scientific engagement.

Commercial highlights for the past quarter included increasing Cetaphil digital- and influencer-first efforts to activate viral campaigns and drive e-commerce growth. Building on the first quarter success of its ‘Face of Cetaphil’ and ‘Game Time Glow’ campaigns in the U.S., Cetaphil recently went viral in India, for example, and became one of the top trending topics in the country by capitalizing on local trends with men’s skincare. E-commerce remained Cetaphil’s fastest-growing channel, whether in the U.S. with continued growth momentum at Amazon or in China with growth boosted by the recent ‘618’ shopping event performance. Leveraging the science behind the brand, Galderma continued to engage consumers and healthcare professionals through sales force detailing, healthcare professional education, and its Galderma Sensitive Skincare Faculty (GSSF). Alastin momentum also remained strong in the U.S. while continuing to expand internationally.

Innovation highlights for the past quarter ensured a consistent flow of targeted new Cetaphil launches designed for sensitive skin, particularly supporting our face range and relevant line expansions globally. Recent launches for Cetaphil included two high potency face serums in the U.S. and its Baby line expansion in Asia, including a tailored product specifically designed for China. Meanwhile, the recently launched Alastin C-Radical Defense Antioxidant Serum continued its robust market uptake, based on strong clinical differentiation and external recognition, with awards as a top performing Vitamin C serum.

Therapeutic Dermatology

Therapeutic Dermatology net sales for the first half of 2024 were 388 million USD, with year-on-year growth of 2.2% on a constant currency basis. The growth was mainly driven by International markets, more than offsetting anticipated lower volumes and ongoing market genericization in the U.S.

The main highlight is the progress on launch preparations for nemolizumab in prurigo nodularis and atopic dermatitis. In addition to the filing acceptances announced for the U.S., including priority review for prurigo nodularis, Europe, Australia, the U.K., Singapore and Switzerland, filing acceptance has also been received for Canada. Focus in relevant markets has been on launch readiness, first and foremost in the U.S., where the required infrastructure is in place, including commercial, medical and market access teams with extensive biologic launch expertise. In key International markets, launch teams are also in place, including experienced market access and medical affairs teams. Galderma remains focused on disease education for prurigo nodularis and atopic dermatitis at medical congresses. In terms of data dissemination, detailed results from the phase III ARCADIA 1 and 2 trials evaluating the safety and efficacy of nemolizumab in atopic dermatitis were just published for the first time in The Lancet. Data from this robust phase III program demonstrate the potential of nemolizumab (in combination with background therapy) to improve skin lesions, itch, and sleep disturbance in adolescent and adult patients with moderate-to-severe atopic dermatitis.

Meanwhile, a phase II proof-of-concept dose-finding study for the reduction of itch intensity in adult patients with advanced chronic kidney disease associated pruritus (CKD-aP) reinforced the potential for nemolizumab in other indications to be explored. The study demonstrated rapid onset of action in itch as well as a favorable safety and tolerability profile, aligned with previous phase III clinical trial results in prurigo nodularis and atopic dermatitis, with no safety signals identified. Given the multiple potential indications for nemolizumab, along with the existing CKD-aP treatment landscape, Galderma has decided to deprioritize the CKD-aP program and explore additional dermatological indications with significant unmet treatment needs to have the greatest impact for patients.

Financial scorecard

Galderma delivered 514 million USD in Core EBITDA for the first half of 2024, representing a 17.7% year-on-year growth at constant currency and a 23.4% Core EBITDA margin. Core EBITDA margin at constant currency was 23.4%, an increase of 30 basis points (an increase of 40 basis points at constant currency) compared to a 23.1% Core EBITDA margin for the full year 2023.

Core EBITDA growth was driven by sales growth and benefits from a scalable platform driving operating leverage, along with positive phasing impact from nemolizumab costs which are expected to ramp-up in the second half of 2024. Beyond an increase in underlying profitability in the first six months of 2024, spend for nemolizumab was of 95 million USD, representing 38% of the expected spend for the year.

Galderma also progressed on its deleveraging trajectory, with leverage reduced to 2.6x by end of June 2024. Net debt was reduced to 2,589 million USD, including early debt repayment of 100 million USD behind confidence in cash generation. Debt repayment after the IPO was possible despite 108 million USD payments in the first half of 2024 for two out of the three expected milestones and earn-out payments planned for the year. For the full year, leverage is expected to be towards the lower end of the previously communicated 2.25-2.50x range. In addition, the second half of the year will benefit from an improvement of approximately 50 basis points in the interest run-rate expense on gross debt, resulting in an expected interest cash expense of approximately 120 million USD for the second half of the year.

Galderma also continues to advance its ESG agenda, having published its 2023 Environmental, Social and Governance (ESG) update, developed based on the Task Force on Climate-Related Financial Disclosures (TCFD) framework. Galderma remains committed to advancing its ESG agenda and progressively increasing the disclosed ESG metrics which are already tracked internally and linked to the compensation of its senior leaders.

Full year guidance

Based on a strong first half year, Galderma is updating its 2024 full year guidance on net sales, towards the upper end of the previously communicated growth range of 7-10% at constant currency, and is confirming guidance on Core EBITDA margin, in line with 2023 at constant currency. With better visibility following the IPO, Galderma also updated select modeling metrics for the year, with details available in the Appendix.

Webcast details

Galderma will host its financial results call today at 12:30 CEST to discuss first half 2024 results and respond to questions from financial analysts. Investors and the public may access the webcast by registering on the Galderma Investor Relations website at https://investors.galderma.com/events-presentations.

Appendix

Net sales by product category and geography



First half net sales

Year-on-year growth

In million USD

2023

2024

Constant
currency

Reported

Group total

2,003

2,202

10.8%

9.9%

By product category





Injectable Aesthetics

1,014

1,139

13.4%

12.2%

Neuromodulators

536

622

16.6%

16.0%

Fillers & Biostimulators

479

517

9.8%

8.0%

Dermatological Skincare

608

675

11.8%

11.1%

Therapeutic Dermatology

381

388

2.2%

1.8%

By geography





International

1,119

1,277

15.7%

14.1%

U.S.

884

925

4.7%

4.7%

Reconciliation of H1 2024 P&L from IFRS to Core reporting

In million USD

IFRS - as
reported

Exceptional &
transformation
related items

Amortization

Depreciation

Core
reporting

% Net Sales
based on Core
reporting

Net Sales

2,202

-

-

-

2,202


Other revenue

14

-

-

-

14


Cost of goods sold

(667)

-

89

9

(569)


Gross profit

1,549

-

89

9

1,647

74.8%

Research and development

(135)

-

-

1

(134)

6.1%

Sales and marketing

(701)

-

-

5

(695)

31.6%

General and administrative

(287)

57

22

15

(194)

8.8%

Medical and regulatory

(45)

-

-

-

(45)

2.0%

Distribution

(65)

-

-

1

(65)

2.9%

Other income / (expenses)

(2)

2

-

-

-

-

Operating profit as reported

313






Total adjustments


59

112

30



Core EBITDA





514

23.4%

Reconciliation of H1 2024 of Core EBITDA to IFRS Net Income

In million USD

H1 2023

H1 2024

Core EBITDA

450

514

% margin

22.5%

23.4%

Exceptional and transformation related adjustments

(23)

(57)

Other income / (expenses)

(18)

(2)

Total EBITDA adjustments5

(40)

(59)

EBITDA

410

455

% margin

20.5%

20.7%

Depreciation

(25)

(30)

Amortization

(107)

(112)

Operating profit

278

313

Net interest expenses incl. VCB revaluation

(278)

(206)

Foreign exchange loss on financing activities

(18)

(30)

Income / (loss) before tax

(17)

77

Income taxes

21

(30)

Net income

4

47

Reconciliation of H1 2024 from IFRS Net Income to Core Net Income6

In million USD

H1 2023

H1 2024

Net income

4

47

Total EBITDA adjustments5

40

59

VCB financing revaluation

(19)

(28)

Amortization

107

112

Foreign exchange loss on financing activities

18

30

Income taxes on above items

(18)

(10)

Core Net Income

131

210

H1 2024 Total Net Indebtedness

In million USD

Dec 31 2023

June 30 2024

Total Indebtedness7

5,001

2,974

Cash and Cash Equivalents

(368)

(385)

Total Net Indebtedness

4,633

2,589

Latest additional modeling metrics for full year 2024


Modelling metrics at IPO

Latest modelling metrics

Transformation costs8

~30 million USD

Slightly below 30 million USD

Milestone and earnouts9

~175 million USD

~175 million USD

Core CAPEX10

3-4% of net sales

3-4% of net sales

Effective tax rate

~27%

~30%, with the 2024 tax rate impacted by one-off IPO items

Leverage

2.25 – 2.50x11

Towards the lower end of 2.25 – 2.50x11

Interest
(post IPO expected Run Rate)

~8.5%12 average interest rate;
~250 M USD interest expense

~120 M USD in interest cash expenses in H2,
corresponding to ~50 bps improvement of the
yearly interest run-rate13 on gross debt as of H2

Notes and references


  1. Constant currency year-on-year growth is defined as the annual growth rate of net sales excluding the impact of exchange rates movements and excluding hyperinflation economies. The impact of changes in foreign exchange rates are excluded by translating all reported revenues during the two periods at average exchange rates in effect during the previous year.
  2. Core EBITDA is defined as EBITDA excluding the following items that are deemed exceptional, including acquisition and disposal, integration and carve-out related income and expenses, onerous contracts, business disposal gains and losses, restructuring and reorganization related items, litigation related items, impairment of PPE and software, IPO related incentive plans as well as other income and expense items that management deems exceptional and that are expected to accumulate within the year to be over 1 M USD threshold. These include transformation, carve-out and build-up related project costs as well as post-acquisition related accounting impacts
  3. Leverage is defined as Total Net Indebtedness divided by Core EBITDA on a twelve-months rolling basis
  4. https://academic.oup.com/asj/advance-article/doi/10.1093/asj/sjae131/7697878?utm_source=advanceaccess&utm_campaign=asj&utm_medium=email&login=true
  5. 2023 EBITDA adjustments include 13 million USD for platform transformation costs, 10 million USD for VCB bonus, 11 million USD litigation and onerous items, 3 million USD for IPO, 1 million USD for operating FX, 3 million USD on Restructuring and Others. 2024 adjustments include 48 million USD for IPO related incentive plans, 5 million USD for platform transformation costs, 4 million USD for VCB bonus, 2 million USD for IPO
  6. Core Net Income is defined as net income / (loss) from continuing operations adjusted for the same items that are treated as exceptional for purposes of defining Core EBITDA, as well as amortization of intangible assets, foreign exchange gains and losses on financing activities. Taxes on the adjustments between IFRS net income and Core Net Income take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact
  7. Indebtedness includes financial debt and lease liabilities
  8. In addition, assuming ~20 M 'other income & expenses', e.g., litigation and onerous items, excluding 48 M USD costs in relation to the ‘IPO Incentive Plans’ and the ‘IPO Cash Bonus’ described in the Offering prospectus, recognized at fair value, 38 M of which were settled non-cash, in restricted existing shares funded and delivered by the Selling Shareholders upon completion of the offering. The ‘IPO Incentive Plans’ were inversely related to the final offer price, i.e., the higher the final offer price, the lower the amount of the awards under the ‘IPO Incentive Plans’. The purpose of the ‘IPO Incentive Plans’ was to align the interests of the members of the Board of Directors and the Executive Committee, management and selected employees of the Group with the interests of the new shareholders at the time of the offering by limiting the impact of the final offer price on the amount of the awards payable to the Board of Directors and the Executive Committee, management and selected employees of the Group as a result of the completion of the offering
  9. Year-end metric, relates to nemolizumab, Alastin and other products
  10. Core CAPEX is defined as the capital expenditures (Property, plant and equipment as well as Intangible assets) excluding transformation related investments and acquisitions of IP and operating rights
  11. Based on 2024 expected Core EBITDA. Includes ~175 M USD milestones and earnouts
  12. Based on 3M SOFR + 2.75% subject to hedging strategy
  13. Based on 3M SOFR + 2.25% subject to hedging strategy


Forward-looking statements


Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/ aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma’s markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof.


About Galderma


Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. Galderma’s portfolio of flagship brands includes Restylane, Dysport, Azzalure, Alluzience and Sculptra in Injectable Aesthetics; Cetaphil and Alastin in Dermatological Skincare; and Soolantra, Epiduo, Differin, Aklief, Epsolay, Twyneo, Oracea, Metvix, Benzac and Loceryl in Therapeutic Dermatology. For more information: www.galderma.com.


 


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Contacts

For further information:


Media

Christian Marcoux, M.Sc.

Chief Communications Officer

christian.marcoux@galderma.com

+41 76 315 26 50


Sébastien Cros

Corporate Communications Director

sebastien.cros@galderma.com

+41 79 529 59 85


Investors

Emil Ivanov

Head of Strategy, Investor Relations and ESG

emil.ivanov@galderma.com

+41 21 642 78 12


Jessica Cohen

Investor Relations and Strategy Director

jessica.cohen@galderma.com

+41 21 642 76 43