Unwavering Care

2022 for Angelini Industries: a record year

Letter from the CEO

The year 2022 was a turning point for Angelini Industries. It was a year when the investment strategy began to shape the Group’s profile in the near future: a robust presence in the health sector, with a strong focus on the central nervous system and an organic portfolio in consumer healthcare, even greater expansion into industrial technology, where Italy expresses its absolute excellence at world level, and important coverage of the sector of consumer goods to bestow solidity upon the Group.

In an environment characterized by enormous uncertainty, with the outbreak of the war in Ukraine, the increase in the costs of commodities and energy and a particularly concerning inflationary dynamic, Angelini Industries not only demonstrated its resilience, but notably increased its ability to create value through its core activities.

A closer look at the 2022 milestones

As a matter of fact, in 2022, the EBITDA recorded an increase of over 30%, reaching 254 million euros, despite the considerable increase in production costs. Double-digit growth was also seen for overall revenues, which for the first time in the Group’s history surpassed 2 billion euros.

Net profit stood at around 80 million euros, compared to 97 in the previous year. This figure can be explained, however, by the lower contribution of income deriving from financial management, which in 2021 had recorded extraordinary performance.

Beyond extremely positive numbers, 2022 was also characterized by the achievement of several fundamental milestones on the Group’s path towards growth.

The first significant event was the creation of Angelini Ventures, the venture capital vehicle of Angelini Industries. The company will be capitalised up to 300 million euros, with over 70 million already committed, to invest in the coming years in start-ups that develop innovative solutions and ideas in biotechnology, life science and digital healthcare, focused in particular on the central nervous system, mental health and the market segments aimed at women, children, and the elderly.

The venture capital activities, with their long-term perspective, are profoundly in tune with the entrepreneurial vision of our Group and complementary to the historic presence of Angelini Industries in the pharmaceutical sector through Angelini Pharma. In 2022, the Angelini Pharma drove the Group’s performance with particularly positive results while continuing its commitment to marketing cenobamate in Europe, a highly effective antiepileptic molecule, representing the largest investment ever made to date by Angelini Industries.

In the Industrial Technology sector, Fater — the 50/50 joint venture between Angelini Industries and Procter & Gamble — finalised the acquisition of 100% of the capital of Fameccanica. The aim is to make full use of Fameccanica's potential, on one hand, by strengthening its leadership in the converting sector and, on the other, by leveraging its expertise and ability to growth in the areas of robotics, automation and machinery for sustainable packaging production. To this end, Angelini Technologies was created, the first step in the construction of a genuine ecosystem within the Group of companies dedicated to designing and developing technologies, products and services aimed at improving industrial processes.

In Consumer Goods, 2022 marked the celebration of 30 years of the aforementioned partnership with Procter & Gamble at Fater. This is an important anniversary for a one-of-a-kind joint venture in the industry due to its longevity and success and symbolises the ability of Angelini Industries to create valuable collaborations. The new agreements signed during the year also confirm this, especially in the area of perfumes, which consolidate the appeal of Angelini Industries and its predisposition as a reliable and successful partner for sector operators.

Ad maiora: towards an increasingly competitive 2023

On the subject of the future, I would like to conclude with a brief nod to another investment that, albeit not intended to generate revenues and profits in the short term, represents the best of the Angelini Industries vision: building a better future for all. In November 2022, together with Luiss Guido Carli University, the Group launched the Angelini Industries professorship in Strategic Innovation, led by Professor Giovanni Valentini. The end goal of this initiative is to constantly generate new ideas and knowledge, which will not only help grow our industry, but the economy, society and people as well, since people are the greatest wealth and the most important asset of any business.

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