Eurofins Scientific: Q1 turnover stood at 1,760 ME

Posted 21 April, 2022

Eurofins reports organic revenue growth in Q1 2022 in line with its recently revised upward target of 6.5% per year. Revenue for Q1 2022 was thus €1,760 million, up 9.1%, despite a significant drop in revenue. Organic growth in total revenue in Q1 2022 was +1.1% compared to Q1 2021, impacted by the reduction in revenue (more than 300 ME in Q1 2022 compared to 400 ME in Q1 2021).

Core business (excluding COVID-19 related clinical tests and reagents revenue) generated organic revenue growth of 6.5% compared to Q1 2021, in line with the recently upgraded growth plans announced on February 22, 2022.
The performance should be put in perspective with the disruptions of the Omicron wave of Covid-19 in terms of confinement restrictions and the absence of employees, in a number of geographies during this period.

Despite a significant slowdown in March, the 2022 COVID revenue target of 300 ME announced on February 22, 2022, has already been exceeded in the first quarter. The full-year COVID revenue target is thus revised upwards to 400 ME, an increase of "only" 100 million euros (33%), taking into account the decisions taken by governments in many countries where the Covid crisis is considered to be over. In the event of a major new wave or another more pathogenic variant of Covid-19, for example in the fall, the group could still have to review this objective.

Finally, it should be noted that direct revenues from Russia and Ukraine for Eurofins entities were less than 3 million euros in 2021.

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