THERABEL LUCIEN PHARMA : revenue, balance sheet and financial ratios

In 2024, THERABEL LUCIEN PHARMA achieves revenue of 36.9 M€. Activity remains stable over the period (CAGR: -3.1%). Slight decline of -5% vs 2023. After deducting consumption (23.0 M€), gross margin stands at 13.8 M€, i.e. a rate of 38%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 5.3 M€, representing 14.5% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3.7 M€, i.e. 10.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 12%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 57%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 268.74. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 0.2x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 72 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 81 days. Favorable situation: supplier credit is longer than customer credit by 9 days. Inventory turnover is 76 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 185 days of revenue, i.e. 18.9 M€ to permanently finance.

Based on 124 transactions of similar company sales (all years), the value of THERABEL LUCIEN PHARMA is estimated at 4 843 343 € (range 2 397 011€ - 16 197 242€). With an EBITDA of 5 329 505€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.