- Record sales for fiscal year 2022 of €22.8 million
- For the first time operating profitability achieved
- Growth strategy secured by long-term financing of up to 30 million euros
- Corporate development updates: Philipp Karbach becomes new CEO, Dr. Konstantin Petropoulos steps down
Warngau, April 11, 2023
AMW GmbH, a specialty pharmaceutical company focused on innovative sustained-release drug delivery systems, today reported financial results for the year ended December 31, 2022. AMW posted a 2022 consolidated record revenue of EUR 22,8 million and achieved operating profitability for the first time in the Company’s history. The Company also announced that Philipp Karbach will take over as Chief Executive Officer (CEO) from June 1, 2023, as Dr. Konstantin Petropoulos has decided to step down as CEO of AMW GmbH, effective May 31, 2023, to pursue new opportunities. Philipp Karbach has been with the Company since 2016, most recently in his role as Chief Operating Officer (COO) and Chief Financial Officer (CFO).
AMW reported a 2022 consolidated record revenue of EUR 22,8 million and achieved operating profitability for the first time in the Company’s history.
The increase in sales was mainly driven by higher sales revenues from AMW’s proprietary implants Goserelin and Leuprorelin as well as an increase in sales from manufacturing activities. Endomedica GmbH, AMW’s wholly owned subsidiary and responsible for marketing leuprorelin under the trade name Leugon® in Germany, also contributed significantly to the company’s sales by setting sales records for the third consecutive year. Operating profitability was achieved for the first time since the company was founded in 2008, underlining the outstanding performance in the reporting year 2022.
In addition to the operational success, the last months were marked by significant progress in long-term financing of the operation. In the first quarter of 2023, the Company’s funding was secured through venture debt and strategic measures, such as sale and lease-back of a company building, amounting to up to EUR 30 million. The funds are mainly being used to expand production capabilities and refinance existing debt.
“Last year’s record revenues and earnings are the truly deserved result of focusing the business on biodegradable implant technology and demonstrate the team’s ability to execute effectively,” said Philipp Karbach, designated CEO of AMW. “Having been able to now also secure significant funding allows us to invest in our long-term growth plans by expanding production capacities with additional clean rooms and machinery as well as upgrade our corporate infrastructure by implementing a state-of-the-art ERP system. I would like to thank our partners IPF Partners and CoRE Solutions, who support us in the endeavor of refinancing.”
Updates on the development of the company
Dr. Konstantin Petropoulos has decided to step down as CEO of AMW GmbH, effective May 31, 2023, to pursue new opportunities. Philipp Karbach, COO and CFO of AMW GmbH, will take over as CEO effective June 1, 2023.
“2022 was the turnaround year for AMW, with record revenue and first-time profitability in the Company’s history. I would like to thank all employees for their tireless efforts and outstanding commitment to realize this success,” commented Dr. Martin Zügel, Chairman of the Board of AMW GmbH. “I would also like to thank Dr. Konstantin Petropoulos, who drove the Company through the turnaround years, together with Philipp Karbach. Konstantin laid the foundation for AMW’s future growth and contributed significantly to its strategic development. I accepted his desire for new challenges and wish him all the best for his future. Philipp Karbach as our new CEO will drive the Company forward to achieve our ambition to build a leading player of smart delivery technology for superior treatments and thus deliver significant value to our stakeholders. Since his start in 2016, he has taken on various positions at AMW and had a decisive role in the Company’s successful development. I am very happy that he has accepted the challenge and I am convinced that he will lead AMW to a successful future.”
“It has been a privilege to be a part of AMW’s success story,” said Dr. Konstantin Petropoulos, CEO of AMW. “I am deeply satisfied to see how we have been able to leverage our outstanding expertise to provide access to value-added medicines and cost-effective therapies to as many patients as possible. The tireless efforts of the whole AMW-team were key to this success, and I would like to express my sincere thanks to all of them for their contribution and support and to our shareholders for their commitment and trust.”
Philipp Karbach, designated CEO of AMW, added: “I am honored to take over as CEO and to continue our growth path by applying our know-how in formulation development and our unique technology platform to provide high-quality drug delivery systems to patients around the world. Having achieved profitability as well as the new financing structure will be a strong foundation for our future growth. I would like to thank Konstantin for his achievements as well as loyal cooperation and wish him all the best for the future.”
Until he takes over the position of CEO in June 2023, Philipp Karbach will hand over his current responsibilities as CFO and COO and expand the management team for this purpose.
AMW GmbH is a specialty pharmaceutical company focused on biodegradable sustained-release drug delivery systems, providing patients and partners access to value-added medicines and cost-effective therapies. Based on its technology platform, the Company builds on a growing own and partnered development pipeline. AMW has two approved products, goserelin and leuprorelin implants, which are distributed worldwide through both local and global pharma partners. In Germany, leuprorelin is marketed as Leugon® by AMW’s wholly owned subsidiary Endomedica GmbH. To support pharma and biotech partners in the development and manufacturing of their products and life-cycle solutions, AMW uses its leading-edge formulation development expertise.
AMW is based in Warngau near Munich, Germany.
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Phone: +49 8024 470999-0