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Thermo Fisher Scientific Reports Third Quarter 2014 Results
Third Quarter Highlights
- Grew adjusted earnings per share (EPS) by 32% to $1.71.
- Increased revenue by 31% to $4.17 billion.
- Expanded adjusted operating margin by 250 basis points to 21.9%.
- Generated free cash flow of $0.59 billion in the quarter and $1.42 billion year to date.
- Achieved a breakthrough in ultrahigh performance liquid chromatography (UHPLC) with the launch of the Thermo Scientific Vanquish system, which provides both accuracy and speed in a single platform for food safety, industrial and biopharma applications.
- Showcased expanded capabilities for clinical customers at AACC (American Association for Clinical Chemistry), including specialty diagnostics as well as analytical instruments and software now listed with the FDA as Class 1 medical devices for clinical use.
Third Quarter 2014
For the third quarter of 2014, adjusted EPS grew 32% to $1.71, versus $1.30 in the third quarter of 2013. Revenue for the quarter grew 31% to $4.17 billion in 2014, versus $3.19 billion in 2013. Organic revenue grew 4%, with acquisitions, net of divestitures, increasing revenue by 27% and currency translation having a negligible effect. Adjusted operating income for the third quarter of 2014 increased 48% compared with the year-ago period, and adjusted operating margin expanded to 21.9%, compared with 19.4% in the third quarter of 2013.
Sigma-Aldrich (NASDAQ - SIAL) Reports Q3 2014 Results With Sales Of $690 Million And Adjusted Diluted EPS Of $1.06. Declares $0.23 Per Share Quarterly Dividend.
Q3 2014 Results (all percentage changes are against the same period in 2013)
- Reported sales increased 4% to $690 million. Organic sales growth was also 4%.
- By business unit, organic sales growth was 2% in Research, 10% in Applied and 4% in SAFC Commercial.
- Reported diluted EPS was $0.90 compared to $0.98 in Q3 2013. Excluding costs related to restructuring and mergers and acquisitions, adjusted diluted EPS was $1.06 compared to $1.05 in Q3 2013. Adjusted diluted EPS growth of 1% was led by 7% growth in adjusted operating income, partially offset by a higher tax rate than the same period last year.
- In September, the Company's Board of Directors approved a quarterly cash dividend of $0.23 per share to be paid on December 15, 2014, to shareholders of record on December 1, 2014.
First Nine Months of 2014 Results (all percentage changes are against the same period in 2013)
- Reported sales increased 3% to $2.08 billion. Organic sales growth was also 3%.
- By business unit, organic sales growth was 1% in Research, 8% in Applied and 2% in SAFC Commercial.
- Reported diluted EPS was $3.06 compared to $2.98 in 2013. Excluding costs related to restructuring and mergers and acquisitions, adjusted diluted EPS was $3.23 compared to $3.11 in 2013, an increase of 4%.
- Net cash provided by operating activities was $484 million compared to $486 million in 2013. Free cash flow was $395 million compared to $411 million in 2013.
BioReliance® Introduces Advanced In Vitro ADME and Toxicology Services Designed to Improve Drug Safety and Efficacy
BioReliance® (www.bioreliance.com), Sigma-Aldrich Corporation's (NASDAQ: SIAL) biologics and early-development services business under SAFC® Commercial (www.sigmaaldrich.com/safc), has introduced select in vitro ADME (absorption, distribution, metabolism and excretion) and toxicology testing services for pharmaceutical, chemical and industrial consumer products to its service offering. The broad set of highly predictive assays use a novel suite of genetically modified cell lines created with CompoZr® zinc finger nuclease (ZFN), a Sigma-Aldrich proprietary technology.
"The new in vitro ADME and toxicology testing services complement the existing genetic toxicology testing portfolio at BioReliance, and have been designed to meet the growing demand for more predictive human cell-based assays," said Daniel Aparicio, Executive Director and General Manager of Toxicology at BioReliance. "The services are a valuable evolution from our synergies with Sigma-Aldrich products, and have been designed to decrease risk and total cost of ownership for customers in the discovery phase."
Designed in accordance with guidelines from agencies like the FDA, EMA and ITC, the assays help customers predict outcomes by determining levels of permeability, transport, metabolism and toxicity in a drug product. Each cell line is tested for functionality, which means that customers in discovery phases can more easily isolate any compounds that may affect product development before it can affect the safety or efficacy of a possible drug product.
"A shift in emphasis to testing in earlier phases of drug discovery and development, increasing efforts to reduce cost, stricter regulatory guidance, and a reduction in animal usage is driving the demand for more predictive in vitro ADME and Tox assays and services," said Paul Brooks, Ph.D, Head of Discovery Research Services at Sigma-Aldrich. "Our expanding portfolio of cell lines, available as products and now services is creating the most comprehensive and accessible platform for in vitro ADME and toxicology testing in the market."
Merck to Acquire Sigma-Aldrich to Enhance Position in Attractive Life Science Industry
- Merck to acquire Sigma-Aldrich for $140 per share in cash, valuing company at approx. $17 billion (€13.1 billion)
- Acquisition expands Merck Millipore’s global reach, increasing the company’s presence in North America and adding exposure to fast-growing Asian markets
- Customers benefit from broader offering of complementary products and capabilities and leading e-commerce platform in the industry
- Merck plans to maintain significant presence in St. Louis, MO, and Billerica, MA
- Life Science contribution to Merck earnings more than doubles
- Transaction expected to be immediately accretive to EPS pre and EBITDA margin
Merck to host media conference call today at 8:00 AM EDT / 2:00 PM CET
Merck, a leading company for innovative and top-quality high-tech products in the pharmaceutical, chemical and life science sectors, and Sigma-Aldrich today announced that they have entered into a definitive agreement under which Merck will acquire Sigma-Aldrich for $17.0 billion (€13.1 billion), establishing one of the leading players in the $130 billion global life science industry.
Merck will acquire all of the outstanding shares of Sigma-Aldrich for $140 per share in cash. The agreed price represents a 37% premium to the latest closing price of $102.37 on September 19, 2014, and a 36% premium to the one-month average closing price. The transaction is expected to be immediately accretive to Merck’s EPS pre and EBITDA margin. Merck expects to achieve annual synergies of approximately €260 million (approximately $340 million), which should be fully realized within three years after closing.
“This transaction marks a milestone on our transformation journey aimed at turning our three businesses into sustainable growth platforms”, said Karl-Ludwig Kley, Chairman of Merck’s Executive Board. “For our life science business it’s even more than that: it’s a quantum leap. In one of the world’s key industries two companies that fit perfectly together have found each other to present a much broader product offering to our global customers in research, pharma and biopharma manufacturing and diagnostic and testing labs. As such, the combination of Merck and Sigma-Aldrich will secure stable growth and profitability in an industry that is driven by trends such as the globalization of research and manufacturing. What’s more, the combination gives us the possibility to invest even more in innovation going forward. We are delighted to make this compelling proposition to Sigma-Aldrich’s shareholders, who will obtain full and certain cash value for their shares.”
Rakesh Sachdev, President and Chief Executive Officer of Sigma-Aldrich, said, “We are excited to join forces with Merck, a distinguished industry leader. The combined company will be well-positioned to deliver significant customer benefits, including a broader, complementary range of products and capabilities, greater investment in breakthrough innovations, enhanced customer service, and a leading e-commerce and distribution platform in the industry. This transaction is a clear validation of our success in transforming Sigma-Aldrich into a customer-focused and solutions-oriented global organization. This is a testament to the strength of the Sigma-Aldrich brand and the accomplishments of our 9,000 employees worldwide. We believe this is a very positive outcome for our shareholders, who will receive a significant premium, and our employees, who will benefit from enhanced opportunities as part of a larger, more global organization.”
The combined company will be able to serve life science customers around the world with a highly attractive set of established brands and an efficient supply chain that can support the delivery of more than 300,000 products. In the Laboratory & Academia business, together Merck Millipore and Sigma-Aldrich will offer their customers a complementary range of products across laboratory chemicals, biologics and reagents. In pharma and biopharma production, Sigma-Aldrich will complement Merck Millipore’s existing products and capabilities with additions along the entire value chain of drug production and validation.
The combined life science business will have solid growth potential, strong and sustainable cash flow, and meaningful efficiency potential on an operational level. Based on fiscal year 2013 financials, the business would have had combined sales of €4.7 billion ($6.1 billion), an increase of 79% and combined EBITDA pre (earnings before interest, taxes, depreciation and amortization before one-time items) of €1.5 billion ($2.0 billion), which is an increase of 139%. Merck Group’s sales would have increased by approximately 19%. For the same period, the acquisition would have increased Merck Group’s EBITDA pre by approximately 24% and improved Group EBITDA pre margin from approximately 30% to approximately 33% including expected synergies. The transaction has been unanimously approved by Sigma-Aldrich’s Board of Directors. A merger agreement will be presented to Sigma-Aldrich shareholders for approval at a special meeting of shareholders. The transaction has the full support of Merck’s Executive Board and E. Merck KG including its Board of Partners, and a Merck shareholder vote will not be required. Bridge financing has been secured for the all-cash transaction, and Merck expects the final financing structure will comprise a combination of cash on Merck’s balance sheet, bank loans and bonds. Closing is expected in mid-year 2015, subject to regulatory approvals and other customary closing conditions.
Lonza Half-Year Business Performance Fully on Track
- Business is fully on track with a CORE EBIT growth of 13.1% compared with the first half of 2013 despite currency headwinds
- Revenue grew by 7.0% in constant exchange rates, 3.2% in the reported currency
- Pharma&Biotech made good progress in all three Business Units in the first half of 2014
- Specialty Ingredients had a good performance with an especially strong contribution from Consumer Care and Industrial Solutions
- Ongoing transformational initiatives towards a leaner and more market-driven organization show positive impact, and we have identified further upside potential from all Business Units
- Net debt has been reduced by CHF 300 million compared with the first half of 2013
Lonza’s Specialty Ingredients and Pharma&Biotech segments both delivered a sound performance despite currency headwinds and are fully on track to deliver the growth targets. Compared with the same period in 2013, sales growth of 3.2% to CHF 1.8 billion and CORE EBIT growth of 13.1% to CHF 241 million are coming from the implementation of growth projects and from restructuring activities.