- Ferring reported annual revenues of €2.2 billion, an increase of +1% at constant exchange rates, supported by robust sales performance in core franchise and legacy products
- Launches of Rebyota® and Adstiladrin® in United States provide major mid- to -long-term opportunities for the company to diversify into new therapeutic areas
- Significant changes to senior management, headed by new Chairman, Jean-Frédéric Paulsen, ensure Ferring is well-placed to maximise these opportunities
- #ProjectFamily Safe Birth to reduce maternal deaths wins recognition for Ferring in Fortune’s ‘Change the World’ list of companies with the greatest social impact
SAINT-PREX, Switzerland -- (BUSINESS WIRE) --
Ferring today published its 2023 Annual Report showing the company’s annual revenues were €2.2 billion, a decrease of -4% on the previous year at actual exchange rates (AER), but an increase of +1% at constant exchange rates (CER). EBITDA increased by +€43 million (+12% at AER) to reach €406 million and operating profit for the year reached €139 million.
The year marked a major turning-point for Ferring with the launch of two innovative first-in-class medicines in the United States. Rebyota® (fecal microbiota, live – jslm) is the first microbiome-based live therapeutic ever approved by the US Food and Drug Administration, while Adstiladrin® (nadofaragene firadenovec-vncg) represents a new form of gene therapy with the potential to transform the treatment of certain urological cancers. The commercial potential of Adstiladrin was recognised by a US$500 million royalty financing agreement with Royalty Pharma, a leading funder of innovation in the biopharmaceutical sector.
Ferring is evolving to make the most of these opportunities, and there were a number of significant changes to the senior leadership. In July 2023, Jean-Frédéric Paulsen became Chairman of the company founded by his grandfather Dr. Frederik Paulsen and Eva Paulsen in 1950. Lars Rebien Sørensen, who has held the post of Chairman since 2021, remains on the Board as Vice-Chairman, ensuring continuity of leadership. Jeffrey Hobbs stood down as Vice Chairman and Executive Director following several decades of outstanding contribution to the Ferring Group. Hélène Ploix and Alexandra, Countess of Frederiksborg, also stood down from the Board of Directors after many years of invaluable service.
Two new members joined the Board of Directors – Viviane Monges, who took over as Chair of the Audit and Finance Committee, and Henrik Normann, member of the Board of Directors, who was previously President and CEO of Nordic Investment Bank. In April 2024, Per Falk stood down as President, a position he held since 2019. Ferring’s Executive Committee was strengthened by the appointment in January 2023 of Pierre-Yves Berclaz as Chief Medical Officer, and in January 2024 Cyril Grandchamp-Desraux as Chief Commercial Officer.
Jean-Frédéric Paulsen, Chairman of the Board of Directors, said: “The launch of two groundbreaking medicines in the US, along with the other important changes in 2023, mark the start of an exciting new phase of growth for Ferring. As we look forward to another year filled with enormous potential, I am confident in the qualities of our senior executive team and the thousands of colleagues worldwide whose dedication and expertise will help to ensure that we succeed in our mission of building families and helping people live better lives.”
Ferring has also maintained its environmental, social and governance (ESG) progress and, in 2023, embarked on a programme to embed sustainability into its activities worldwide. In a major milestone, we marked the tenth anniversary of #ProjectFamily Safe Birth, a public-private partnership which aims to address postpartum haemorrhage (PPH), the leading cause of maternal mortality worldwide.1 In 2023, we provided one million doses of Carbetocin Ferring, our heat-stable medicine for the prevention of PPH, at a not-for-profit, affordable price to public and not-for-profit health facilities in low and lower-middle income countries. Ferring’s contribution was recognised with inclusion in Fortune’s ‘Change the World’ List of companies that have had the greatest impact in addressing society’s unmet needs.
About Ferring Pharmaceuticals
Ferring Pharmaceuticals is a privately owned, research-driven, specialty biopharmaceutical group committed to building families and helping people live better lives. We are leaders in reproductive medicine and maternal health, and in areas of gastroenterology and urology. We are at the forefront of innovation in microbiome-based therapeutics and uro-oncology intravesical gene therapy. Ferring was founded in 1950 and employs more than 7,000 people worldwide. The company is headquartered in Saint-Prex, Switzerland, and has operating subsidiaries in more than 50 countries which markets its medicines in over 100 countries.
