EUROAPI is a leading player in the API* market, with industrial capacity available all across Europe and a  wide range of advanced technologies, well positioned to capture the growth of this market.

The Group, born from the industrial heritage of Sanofi, develops, manufactures, markets and distributes APIs and intermediates used in the formulation of medicines for human and veterinary use, both from originators and generics, through its API Solutions business and CDMO activities.

EUROAPI’s broad portfolio covers a large part of the API market: complex chemical synthesis molecules, biochemistry molecules, highly potent molecules and large molecules (such as peptides and oligonucleotides).

Through its API Solutions business and its CDMO activities, the Group offers its customers a range of high value-added products and services to meet their commercial and regulatory needs. These customers include most of the major pharmaceutical companies, generic drug and animal health product manufacturers, consumer health and nutrition products companies, biotechnology companies and distribution companies.

With approximately 3,350 employees and 150 years of experience in the growing API market, EUROAPI has six production sites all located in Europe and offers around 200 APIs to over 530 customers in more than 80 countries.

For the year ended December 31, 2021, EUROAPI generated a restated revenue of €902 million (consolidated revenue of about €893 million), while restated Core EBITDA amounted to about €111 million (€72 million in a consolidated basis).

*APIs provide the therapeutic effect of drugs and, together with excipients, are one of the two key components of their composition. The Group is active in the non-captive API market, which is the development and production of APIs for sale to third parties.

The Group's activities

The Group's key API families

The Group’s portfolio of products comprises 11 families of APIs divided into four categories:

Complex chemical synthesis molecules including alkaloids, sartans and steroids, molecules used in the treatment of hyperphosphatemia, antihistamines and antipyretics;

Biochemistry molecules derived from fermentation including anti-infectives, vitamin B12 and its salt derivatives;

Highly potent molecules including prostaglandins and hormones;

Large molecules including peptides and oligonucleotides.

The Group owns, controls and integrates almost all of the main chemical technologies used for the manufacturing of APIs, spread over its six production sites. These sites are specialized in differentiated and complementary technologies in chemistry and biofermentation, which enable the Group to industrialize new molecules for its customers.

Key figures

years of experience in the API market
€902 m
of restated revenue in 2021
customers in 80+ countries
employees in its R&D team dedicated to industrial process development
employees (approximately)

Group’s positioning¹

worldwide in small molecule manufacturing (complex chemical synthesis molecules, biochemistry molecules derived from fermentation and highly potent molecules)
worldwide in API manufacturing (including small and large molecules)
in the global CDMO market in 2020
¹ Source: Company’s estimate based on third-party market research conducted using the annual reports published by the main industrial players in the APIs sector, public databases (including Capital IQ and Orbis) as well as interviews with market experts.

Background and key milestones

EUROAPI has more than 150 years of experience in the API market.

Creation of the Hoechst site
in Frankfurt, Germany


Creation of the site
in Vertolaye, France


Creation of the site in
Saint-Aubin-lès-Elbeuf, France


Start of the recombination
of companies within the Sanofi group


Aminova creation of
the site in Brindisi, Italy


Start of peptide production by
the Hoechst group site in Frankfurt, Germany


Creation of the Haverhill site
in the United Kingdom


Sanofi acquisition of control of Chinoin,
which held the site located in Ujpest, Hungary


Acquisition of Aventis, the result of the merger of Hoechst and the Rhône-Poulenc Rorer group, by the Sanofi group, resulting in the contribution of the Vertolaye, Frankfurt and Brindisi sites Launch of the peptide synthesis unit at the Frankfurt site


Installation of the oligonucleotide
synthesis unit at the Frankfurt site


Acquisition of Genzyme by the Sanofi group
resulting in the contribution of the Haverhill site


Sanofi announcement of the project to create a European
leader dedicated to the production of APIs
and the sale of those ingredients to third parties


Completion of the process to carve out a portion of the development, manufacture, marketing and distribution of APIs of the Sanofi group and the regrouping of these operations within the Group and/or its subsidiaries. Announcement of the appointment of Karl Rotthier as the future Chief Executive Officer of the Group and Viviane Monges as the future Chair of the Board of Directors

Growth strategy

EUROAPI is a leading player in the API market and considers to be well positioned to capture the growth of this market. The Group's strategy is based on 4 pillars:

Environmental, Social and Governance (ESG) Strategy

EUROAPI places Environment, Social and Governance (ESG) ambitions and goals at the center of its development strategy and its company culture.

In order to pursue a concrete and ambitious ESG strategy, EUROAPI conducted a survey that collected over 1,200 responses from customers, suppliers, employees and subcontractors, but also from scientific and financial partners and representatives of civil society.

This strategy is based on three key components:

  • Creating sustainable working conditions and methods to allow commercial and operational excellence;
  • Collaborating with the Group’s stakeholders in order to respect compliant and equitable practices;
  • Offer innovatively and sustainably designed processes and services by design.


This strategy and its three commitments are expressed in clear and quantified ESG objectives.

EUROAPI's environmental objectives

EUROAPI's social and governance objectives

Financial profile

1. Long-term growth driven by increased profitability

EUROAPI has delivered a strong performance in a challenging COVID-19 environment.



EUROAPI recorded a consolidated revenue of approximately €893 million in 2021, approximately €945 million in 2020 and €916 million in 2019, of which sales to customers other than Sanofi amounted to approximately €486 million in 2021, approximately €491 million in 2020 and approximately €468 million in 2019.

EUROAPI’s restated² revenue grew by approximately +1% on a 19-21 CAGR basis, amounting to €902 million in 2021, in an API market that saw a slowdown in its growth to 2% per year between 2019 and 2021, due to the COVID-19 pandemic.

The key growth engines of the Company’s restated revenue have started to deliver, on a restated basis, as the Group continued its carve-out from Sanofi while setting its standalone strategy. In terms of restated sales, this resulted in:

  • an increase by approximately €70 million of the CDMO activity reaching €226 million in 2021 versus €156 million in 2019, i.e., a +20% CAGR ;
  • an increase by approximately €30 million of sales to customers other than Sanofi amounting to €459 million in 2021 versus €429 million in 2019, i.e., a +3% CAGR.

The year 2020 saw a 7% increase in restated revenues, mainly due to the security inventory build-up by pharmaceutical companies responding to the uncertainties linked to the COVID-19 pandemic, whereas 2021 sales were impacted by lower demand for some APIs following the postponement of non-essential surgeries and low prevalence of certain diseases subsequent to stringent sanitary measures in many countries.

In 2021, the Group has pursued its strategic ambitions aiming at (i) increasing its exposure to customers other than Sanofi (already generating approximately 51% of its restated revenue) and (ii) building strong momentum within the CDMO activity, with approximately 25% of restated net sales versus 22% in 2020 and 17% in 2019, notably by additional sales in large molecules (primarily peptides and oligonucleotides).

Since the implementation of the CDMO commercial organization, the Group has been able to generate at the end of January 2022, 26 new projects covering its 4 core technologies, spanning from 10 projects in pre-clinical/phase 1, 6 projects in phase 2, 4 projects in phase 3 and 6 projects at commercial stage.

The Group’s profitability has significantly improved over the past 3 years with a restated Core EBITDA³ increasing from approximately €80 million (9% margin) in 2019 to approximately €111 million (12% margin) in 2021, in an unfavourable macroeconomic environment linked to the 2021 COVID-19 pandemic. This 330 bps increase over the period is mainly due to the positive mix effect of the increased CDMO activity and the implementation of an industrial performance plan at sites level, comprising approximately 100 initiatives. Since 2019, the Group has recorded a compound average annual growth of +17% in its restated Core EBITDA, illustrating the Group’s strong momentum in continuously improving its profitability on a restated basis.


2. EUROAPI’s outlook and financial objectives  

Based on organic growth with no contribution from external opportunities or repatriation initiatives, EUROAPI has the following short and mid-term objectives:

Objectives for 2022

  • Achieve a consolidated revenue of approximately €1 billion in 2022 of which 25% to 30% in the CDMO activity.
  • Improve the Group’s Core EBITDA margin equal to or greater than 14%
  • Reach a ratio of capital expenditures to revenue of around 12% in 2022, to support the Group’s development plan.


Outlook for 2025

  • Reduce the relative weight of Sanofi in the Group’s total revenue with the goal of reducing it to approximately 30% to 35% of its consolidated revenues by 2025.
  • Achieve an average annual growth rate in revenue, based on restated revenue for the financial year 2021, of between 6% and 7% for the period 2021-2025. 
  • Generate around 35% of its revenue via CDMO activities by 2025 thanks to higher than market growth in this business until 2025.
  • A Core EBITDA margin of over 20% by 2025. 
  • A capital expenditure to revenue ratio of around 10% in 2025.
  • A core Free Cash Flow⁴ conversion ratio of between 50% and 53%.


EUROAPI intends to focus, in the short and medium term, on reinvesting the cash flows generated by its business to support its growth strategy. As a result, the Company does not expect to distribute dividends before 2025 for the year ending December 31, 2024.

Subject to potential acquisitions and/or strategic investments intended to support its growth strategy, the Company intends to adopt a progressive dividend policy in the longer term with the objective of a dividend pay-out rate within the range of the rates of its main European peers currently operating in the CDMO segment.


² Restated performance indicators reflect the new EUROAPI business model resulting from the carve-out and transfer to EUROAPI and/or its subsidiaries of a portion of the activities of the development, manufacture, marketing, distribution and sales of active pharmaceutical ingredients (APIs) and intermediates of the Sanofi group completed between March 2021 and January 2022.
³ Non-GAAP indicator. Core EBITDA corresponds to EBITDA restated for restructuring and similar costs (excluding depreciation and amortization), allocations net of reversals of unutilized provisions for environmental risks, and other items not representative of the Group’s current operating performance or related to the effects of acquisitions or disposals. EBITDA corresponds to operating income (loss) restated for depreciation and amortization and net impairment of intangible assets and property, plant and equipment.
⁴ Non-GAAP indicator. Core FCF conversion corresponds to the ratio between, on the one hand, (i) cash flow generated by operating activities less the “acquisitions of property, plant and equipment and intangible assets” items, and restated for the “net change in other current assets and other current liabilities”, “current taxes” and cash inflows and outflows relating to Core EBITDA restatements, and on the other hand (ii) Core EBITDA.

Shareholding structure

Before the listing, Sanofi holds, indirectly through a subsidiary, 100% of EUROAPI’s shares. Following the listing, Sanofi expects to continue to hold approximately 30% of the capital and voting rights of EUROAPI, and the French State, through the fund French Tech Souveraineté, would hold 12% of EUROAPI’s capital and become a long-term reference shareholder of EUROAPI.

Executive Committee

EUROAPI has an experienced management team with a proven track record in the industry
Karl Rotthier
Chief Executive Officer
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Antoine Delcour
Chief Financial Officer
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Laurent Alexandre
Chief Commercial Officer
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Cécile Maupas
Chief CDMO officer
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Eric Berger
Chief Operating Officer
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Kai Rossen
Chief Scientific Officer
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Vincent Touraille
Chief Strategy and M&A Officer
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James DeYonker
Chief Legal, Compliance, and IP Officer
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Bruno Laforge
Chief Human Resources and Corporate Affairs Officer
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Frédéric Lelievre
Chief Quality Officer
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Emmanuel Mazeaud
Chief Digital Officer
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Executive Committee permanent invitees

Géraldine Gorgol
Head of Corporate Affairs
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Guillaume Rosso
Head of Investor Relations
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