The Angelini Holding Shareholders’ meeting approves the 2023 financial statements of Angelini Industries: record revenues at 2.1 billion euros (+7.6%), EBITDA at 303.7 million euros (+19.2%) and net income at 98.3 million euros (+22.8%)

• Sergio Marullo di Condojanni (CEO): “Investments in innovation and research have been fundamental, acquisitions in Pharma and Industrial Technology, strategic. Further focus on future growth”.
• The Group’s Net Financial Position (NFP) shows a positive balance of 689 million euros and has increased by 8.3% compared to the previous year, further consolidating a position of strong solvency and financial stability. The NFP includes 395 million euros in financial receivables from the parent company Angelini Finanziaria S.p.A. derived from cash pooling.

Rome, 18th July 2024 – The Shareholders’ Meeting of Angelini Holding, at the meeting on 28 June 2024 in Rome, approved the consolidated financial statements for FY 2023, which closed with a considerable growth compared to the end of 2022. Angelini Holding is the parent company of Angelini Industries, the Italian industrial group active in 21 countries with approximately 5,800 employees* in the Health, Industrial Technology and Consumer Goods sectors. 

Angelini Industries is now present with its own legal entities in 21 countries around the world: Italy, Austria, Bulgaria, China, France, Germany, Greece, the Netherlands, Poland, Portugal, the United Kingdom, the Czech Republic, the Slovak Republic, Romania, Russia, Spain, the United States, Sweden, Switzerland, Turkey, and Hungary.

The operating companies that form the Group are as follows: for the Health sector, Angelini Pharma and Angelini Ventures; for Industrial Technology, Angelini Technologies - Fameccanica; for Consumer Goods, Fater, a 50-50 joint venture with P&G, Angelini Beauty, and Angelini Wines & Estates.

Consolidated results in 2023

For the first time in the Group’s history, revenues amounted to 2,149.6 million euros, an increase of over 7% compared to 2022 (1,998.0 million euros). This result is part of a process of constant growth that characterized the last four years of Angelini Industries.

EBITDA reached 303.7 million euros (+19.2% vs 2022), EBIT 91.2 million euros (+132.1%), while the net result of financial management was 44.9 million euros; pretax income was 136.1 million euros (48.4%) and net income 98.3 million euros (+22.8%).

Sergio Marullo di Condojanni, CEO of Angelini Industries: “2023 has produced the Group’s best financial statements ever: the constant growth is the result of the strategic process launched in 2020, which led to an increase in revenue of over 25% in the last 4 years, thanks to investments for over 800 million euros.

I believe that the foundations for an even more significant evolution of the Group have been laid: we want to continue this process of growth with determination, consolidating our position starting with the pharmaceutical sector, where we have solid brands that guarantee high visibility for our capacity to generate cash and a promising development pipeline”.

Revenue composition

A breakdown of the business segments in which Angelini Industries is present shows that revenues in 2023 increased across the board, composed as follows: 57% by the Health sector, 33% by Consumer Goods, and 10% by Industrial Technology.

55% of revenue is generated in Italy, 37% in Europe, and 8% in the rest of the world. The majority of production is concentrated in Italy, where 6 of the Group’s total 12 production plants and approximately 4,000 of its 5,800* employees are located.

 Performance of operating results

The operating results of all Group companies, which were decisive factors in ensuring the growth recorded throughout FY 2023, stand as a testament to the ability of Angelini Industries to neutralize the growing costs of raw materials following the marked inflation seen on the markets for the entire year.

Focus on subsidiaries in the Health sector

Angelini Pharma, the Group’s main operating company, consolidated revenues of 1,220.9 million euros (+3.5% vs 2022), of which 49% generated on markets outside of Italy, with an EBITDA of 243.8 million euros (+12.2% vs 2022) and an EBITDA margin of 20% (18.4% in 2022).

In 2023, the company generated an operating cash flow, net of cash pooling operations with the parent company Angelini Holding, of 135.6 million euros. 

In 2023, it completed the launch in the main European countries of cenobamate – the innovative anti-epilepsy molecule, for which it obtained an exclusive marketing license in 2021 for the European Union and other countries of the European Economic Area (Switzerland and the United Kingdom). The molecule joined the Angelini Pharma portfolio thanks to the acquisition of Arvelle Therapeutics, for approximately 470 million euros in 2021, marking the company’s entry into the therapeutic area of epilepsy. Thanks to this investment – the largest ever made by the Group in its history – Angelini Pharma now offers therapeutic solutions for three of the biggest central nervous system (CNS) disorders: epilepsy, schizophrenia and depression. The CNS is an area of strategic development for the company, thanks to a potential market estimated at approximately 150-170 billion euros, and an average growth of 6-8% per year over the next 5 years (source: IQVIA). The CNS area of Angelini Pharma grew by 27.2% in 2023, accounting for 14.5% of the revenues, and could continue to grow more than the market in the next 5 years. With the aim of further strengthening its commitment to this area, and to patients affected by epilepsy especially, Angelini Pharma also signed an exclusive agreement in 2023 with Japanese company JCR Pharmaceuticals to develop new organic therapies that penetrate the blood-brain barrier, with an investment of up to 505.5 million dollars based on the milestones achieved. The other main business units of the company, Specialty & Primary Care and Consumer Health Care, which contributed 40.9% and 34.5% to the total revenues respectively, recorded an overall increase of 3.0%, by leveraging established global and local brands with great success, particularly in the area of pain therapy and flu symptoms. The sales of these products grant visibility to the Angelini Pharma revenues, having demonstrated their steadfastness over time even after the natural expiry of patents. The remaining 10.1% of the revenues were generated by the business units of Raw Materials and Consumer Goods products, typically in large-scale retail channels.

In 2023, Angelini Pharma invested 55.9 million euros in Research and Development, with a particular focus on early research, mental health with various preclinical and clinical activities in support of cenobamate (epilepsy) and trazodone (depression), as well as the development of new personalized therapeutic solutions.

Angelini Ventures – the international venture capital company of Angelini Industries created in 2022 with capital up to 300 million euros – has allocated 80 million euros, of which 52.9 million euros already disbursed in 2023 in BioTech, Medtech and Digital Health solutions with a high impact on people’s health. In particular, the company has invested in 14 innovative businesses that are developing, for example, a neuromodulation therapy for the treatment of drug-resistant epilepsy in children and adults, and new biotechnologies for female fertility.

Governance and strategy

The 2023 results stem from a new vision, adopted back in 2020, which has been expressed through a structured governance system, an organization designed to support development, and a targeted investment strategy for growth in the Health and Industrial Technology sectors.

In addition to the CEO and Vice Chairman, Sergio Marullo di Condojanni, and Executive Vice Chairman, Thea Paola Angelini, the current Board of Directors of Angelini Holding is formed of 5 independent members with an outstanding professional profile.

Financial investments

The Group, through Angelini Investments, has a number of financial investments, which represent diversification from the industrial business, primarily the one in Tamburi Investment Partners S.p.A., as well as some club deals and private equity funds.

The future strategy sees a progressive rebalancing and a diversification of the portfolio, even after the exit from the capital of Prysmian, Unicredit and Mediobanca initiated in 2023 and completed in 2024.

Read the Annual Report 2023 Extract - Consolidated Financial Statements

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* The number of employees is considered by counting 100% of those attributable to Fater, a 50-50 joint venture between Angelini Industries and P&G.

** The figures of the consolidated financial statements of Angelini Industries and Angelini Pharma have been reported according to national accounting standards (Italian GAAP).

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Angelini Industries is a multinational industrial group founded in Ancona, Italy in 1919 by Francesco Angelini. Today, it is a solid and well-structured industrial business with around 5,800 employees operating in 21 countries worldwide, with revenues of 2.1 billion euros generated in the health, industrial technology and consumer goods sectors. A targeted investment strategy for growth, constant commitment to research and development and a deep knowledge of its markets and business sectors make Angelini Industries one of the foremost Italian companies in its sectors of operation.  The Group is committed to lowering its environmental impact and finding increasingly more cutting-edge solutions from the perspective of circular economy. It adopts the most advanced standards on worker health and safety and the most rigorous processes to ensure maximum quality by checking the entire supply chain: from supplier certification to control of raw materials, from the production process to the finished product and packaging, all the way to spot checks in stores.  For over 100 years, the Angelini family has guided the evolution of Angelini Industries with an entrepreneurial style that is typical of Italian family capitalism. 

Media contacts

Angelini Industries

Alessandra Favilli – Group Chief Communication Officer

alessandra.favilli@angeliniholding.com – press@angeliniindustries.com

SEC Newgate Italy

Daniele Pinosa – daniele.pinosa@secnewgate.it – tel. +39 3357233872

Daniele Murgia – daniele.murgia@secnewgate.it – tel. +39 3384330031

Fausta Tagliarini – fausta.tagliarini@secnewgate.it – tel. +39 3476474513

Giulia Cominotti – giulia.cominotti@secnewgate.it – tel. +39 3391499949