Within the framework of its API Solutions business, the Group offers its customers a diversified portfolio of approximately 165 APIs including complex chemical synthesis molecules, biochemistry molecules derived from fermentation and highly potent molecules. The intellectual property rights to the APIs of the Group’s API Solutions business, and to manufacture the ingredients, are held by the Group or licensed by the Group and/or covered by a distribution contract.
The Group offers services to specific customers, that cover upstream development (pre-clinical phase/clinical phase 1) and downstream development and production of the API (clinical phase 2/clinical phase 3) as well as the commercial phase. In its CDMO activities, it manufactures approximately 35 APIs or intermediates of APIs. The intellectual property rights to the APIs or intermediate of APIs developed and/or manufactured by the Group as part of its CDMO activities are held by the Group’s customer.
The Group has already achieved promising results and is working, by the end of January 2022, on a portfolio of 26 projects covering all phases of the drug development cycle (from pre-clinical to commercial phases).
As part of its API Solutions business and CDMO activities, the Group offers its clients a range of high value-added services to meet their commercial and regulatory needs. These services include regulatory support, quality support and technical and commercial support.
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.
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
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:
This strategy and its three commitments are expressed in clear and quantified ESG objectives.
Through its programs to outsource the production of renewable energy, to limit water consumption, to limit waste production and to reuse solvents
By continuing to reduce its environmental footprint through responsible industrial engagement using green chemistry principles. To achieve this, EUROAPI’s ambition is to :
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:
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.
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
Outlook for 2025
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.
Karl Rotthier is CEO of EUROAPI. With nearly three decades spent in senior management positions, he also brings to his role strong API (Active Pharmaceutical Ingredients) business experience.
Karl has a strong track record in carve-out and spin-off operations. At EUROAPI, he’s put together a committed management team that reflects the DNA of an efficient company: agility, and the ability to unlock its growth potential.
His international career has included positions in Europe and further afield, such as in Singapore. Karl started his career as a lawyer in Belgium and worked for BASF in Belgium and Germany leading, amongst others, the Performance Chemicals business unit of BASF in Ludwigshafen. He then joined DSM and became CEO of DSM Sinochem Pharmaceuticals. More recently, he was CEO of Centrient Pharmaceuticals.
Karl holds master’s degrees in Law from the University of Antwerp (Belgium) and the University of Southampton (UK), and an MBA from Vlerick Business School (Belgium).
Antoine Delcour is the Chief Financial Officer at EUROAPI.
Previously, Antoine was CFO in charge of Mergers & Acquisitions, Alliances and Partnerships at Sanofi worldwide for three and a half years. Antoine has been with the Sanofi Group since 2014, and has led many strategic projects (industrial JV, acquisitions, divestments, licenses) while developing his leadership, negotiation and strategic skills.
He started his career in 2001 at Unilever as a Manufacturing Controller. He then served as Marketing Controller for the personal care segment in France.
In 2006, he moved to Schlumberger, where he held various positions in finance. He became CFO of one of the company’s American plants and development centers before moving to Vietnam to serve as country CFO. He later moved back to Europe to work as the European tax manager in Paris.
Antoine graduated from the ESSEC Business School and holds a post-graduate degree in Food Industry Management. He also has a master’s degree in Applied Biology and Industrial Processes.
Laurent Alexandre is Chief Commercial Officer at EUROAPI.
He is tasked with developing and leading the company’s API portfolio strategy, as well as contributing to the listing. He has been with the group since 2021 and brings with him extensive international experience.
He began his career in 2001 as Sales Manager at IMCD and Axyntis, a position he held until 2007. He then joined PCAS as Sales Manager for the U.S. market, becoming Sales Director and a member of the Executive Committee in 2010.
From 2012 to 2019, Laurent served as PCAS General Manager in the U.S. He was head of the generic API business line until 2019, when the company was acquired. More recently, he worked in the healthcare sector, where he served as Global Commercial Director at Johnson Matthey.
Laurent graduated with a master’s degree in Biochemistry from Paris VI University in 1999 and a DESS degree in Science & Management in 2000.
Cécile Maupas, with her long experience in Contract Development and Manufacturing Organization (CDMO) for the pharmaceutical industry, joined Sanofi in 2020 as Head of CDMO and Business Scouting for Sanofi Active Ingredient Solutions.
Cécile is an expert in the management of new and transforming organizations. She is also skilled in business development, customer-centricity, and sales team management.
She started her career as Sales Manager at GE Healthcare Life Sciences, promoting innovative biotechnology solutions. She went on to become Strategic Account Manager for pharma and biopharma customers, a position she held for 10 years.
She then spent eight years at Novasep, where she developed the CDMO biopharma business. There, she led its European and Asian Business Development team as the CDMO Biopharma Sales Director. Before joining Sanofi, she also contributed to the growth of Pierre Fabre’s CDMO Injectables and Biotech business worldwide.
Cécile graduated from the University of Paris, and she holds a master’s degree in Biochemistry applied to biological and medical engineering.
Eric Berger is Chief Operating Officer of EUROAPI managing industrial operations, development and Innovation and the procurement function at local and central level.
He began his career in Canada in Biotech Process Development before joining Roussel Uclaf. After three years as leader of Synkem, Eric joined Aventis as head of the Vertolaye site, before moving to Neuville-sur-Saone where he led the project to create a new vaccines campus for Sanofi Pasteur.
In 2011, Eric moved to the U.S. to manage company integration and manufacturing for Genzyme as Vice President of Biologics Industrial Operations. He then returned to Sanofi Pasteur in 2013 to serve as a Regional Vice President of Industrial Operations, leading the six American sites.
For the past three years, he has worked as Head of Global Industrial Affairs Manufacturing Excellence at Sanofi.
Eric holds a bachelor/master’s degree in chemical engineering, biotechnology, biochemical engineering, and cell culture and fermentation from Polytechnique Montréal. He participated in INSEAD’s General Management program in 2002.
Kai Rossen is Chief Scientific Officer of EUROAPI. His mission consists to ensure that EUROAPI is further strengthening its level of scientific and technical competence, drive increased innovation and project these capabilities to the outside
Kai began his career at Bayer. From 1990, he spent 10 years in the U.S. working for Merck in Rahway (New Jersey) in the Process Research Department, where he was involved in catalyst development and in the synthesis of several currently marketed drugs.
In 2000, he joined the Fine Chemicals Division of Degussa (now Evonik) before returning to the pharmaceutical industry at Sanofi in 2006. Then, he served as Vice President of Process Chemistry at Lundbeck in Copenhagen from 2017-2020.
Kai holds a Master of Science from the University of North Carolina at Chapel Hill (U.S.), the Diplomchemiker degree from the University of Düsseldorf. He also holds a Ph.D. from Cornell University (U.S.).
Since 2015, Kai has been the Editor-in-Chief of the journal Organic Process Research & Development, which is issued by the American Chemical Society.
Vincent Touraille was appointed Chief Strategy and M&A Officer at EUROAPI in 2020. His tasks include corporate strategy but also the team management for platforms, products strategy and partnerships.
Vincent has worked in the pharmaceutical industry for more than 20 years, developing his expertise in management and strategy. He started at Shell in 1989 and hold different growing positions. From 2009 to 2019, he served as Chief Executive Officer of PCAS, a French stock market listed CDMO acquired by Novacap in 2018.
In 2019, as Deputy Chief Executive Officer at M2i Lifesciences, he reorganized the company and led its evolution into a medium-sized international group.
Since October 2020, Vincent has been Head of Strategy at Sanofi Active Ingredient Solutions, where he has prepared the launch of EUROAPI as a standalone company.
He graduated from ENSCP (National Graduate School of Chemistry, Paris) in 1986 and ESSEC in 1989.
Vincent is Board member of France Chimie, the French chemical Society and the President of SICOS Biochimie, the representative body for manufacturers of fine chemicals located in France. He is also Board Member of European Fine Chemical Group, its European equivalent.
James DeYonker is the Chief Legal, Compliance, and IP Officer for EUROAPI.
He has been with the company since October 2021, when he was brought on board to prepare the company for the listing process and to help drive the transformation to the new business model. He brings with him extensive international experience, having worked on the ground in Europe, US, China, India, Japan, and Mexico, in a wide array of pharmaceutical legal matters.
James began his career as Global Intellectual Property Counsel and Head of IP for API and CDMO companies such as Ranbaxy-Sun Pharmaceuticals and Polpharma. James also has experience in private practice as a Corporate Law Associate at Linklaters LLP.
He became Head of Legal EU and Global Respiratory for Cipla Pharmaceuticals in 2012, then Global Senior IP Counsel at Mondelez International in 2014. In 2016, he became Chief Legal and Compliance Officer & Head of Intellectual Property and Innovation at Centrient Pharmaceuticals.
James holds a bachelor’s degree in Molecular Biology and Microbiology from Emory University (Georgia) and a Juris Doctorate from the Rutgers University School of Law (New Jersey). James is also a registered US Patent Attorney.
Bruno Laforge is Chief Human Resources and Corporate Affairs Officer.
He has been with the Sanofi Group since 2011, joining with the group in Research & Development as Head of Global HR. There, he worked in the vaccines Global Business Unit from 2015 to 2017 as Senior Vice President HR and became Head of HR for Europe and France in August 2017. He also served in the meantime as Business Partner HR for Sanofi Business Transformation.
Bruno’s career began in early 90’s in various industries and became HR Director at Johnson & Johnson, for France and Benelux in 1999. In 2001, he took over Human Resources at Guilbert, and then became Head of Human Resources for Europe at Office Depot. In 2007; He became Vice President of HR at Geoservices (Oil & Gas LBO with a venture capital), where he also served as head of Mergers & Acquisitions until 2010.
Bruno holds master’s degrees in Economics and History, a Higher Diploma in Human Resources from Sciences Po, and an MBA from HEC.
Frédéric Lelievre is EUROAPI’s Chief Quality Officer.
He joined Sanofi’s Corporate Quality Division in 2014 and led the Quality division of the 12 chemical sites. In this position, he has ensured that GMP products and systems have met regulatory requirements and those of the company’s Quality Management System. In parallel, he has applied his expertise in the deployment of new regulations, and in performance and innovation initiatives.
Frédéric started his career in 1997 as the Quality Control Manager of the Vertolaye chemistry site (then owned by Roussel Uclaf), and then served as the Site Quality Manager from 2001 to 2005.
He became Site Quality Manager at Sanofi Aramon in 2006, with a specific focus on chemistry and biotechnology. From 2011 to 2014, he worked at Sanofi Compiègne, where he focused on the production of Drug Products Solid Dosage Forms.
Frédéric holds a degree in Physics and Chemistry from ESPCI Paris engineer school, and a Ph.D. with Highest Honors in Analytical Chemistry from ENSCP (Paris) and Stanford University (U.S.).
Emmanuel Mazeaud has worked for Sanofi since 2017, when he started as Program Manager of the Athena for Vaccines program.
For over four years, he has led the ITS Industrial Affairs organization for all pharma and chemistry sites worldwide. His business acumen and comprehensive experience span a wide range of IT and Functional Shared Services roles, with a solid background in driving transformation (IT and non-IT) through Shared Services implementation, reorganization, and M&A.
Emmanuel held several executive IT management positions in various countries to begin his career. Prior to joining Sanofi, he was CEO of Holcim East Asia Business Services in the Philippines, and Head of IT and Business Services for the APAC region.
He was instrumental in the merger of Lafarge and Holcim in the region, managing the SAP integration and the migration of all countries to Regional Business Shared Services. He also played key roles in divestments, business development and digital transformation.
He graduated from ENSIEG (National School of Electrical Engineers of Grenoble) in 1988.
Géraldine Gorgol is Head of Corporate Affairs for EUROAPI, which includes Communications, Public Affairs, Environment Social and Governance (ESG), and Risk Management.
She has spent 25 years in the Sanofi Group. For the three years prior to her current role, she was Head of Marketing, Business Intelligence and Communications at Sanofi Active Ingredient Solutions.
Géraldine began her career at Sanofi as part of the Marketing and Sales team, where she managed web projects, customer experience initiatives and Key Opinion Leaders.
Later, she managed several brands’ strategies at different stages of the product lifecycle, from launch to generic competition, taking on increasing marketing responsibilities.
Géraldine then joined the Corporate Communications team in 2008 to lead Digital Communications. She later held global positions in Procurement and Shared Business Services as a Communications Business Partner.
She graduated from the University of Nancy, where she studied Marketing and Sports Management.
Guillaume Rosso is Head of Investor Relations for EUROAPI. In this role he implements and oversees strategies for financial communications and the target shareholding structure. He engages with external stakeholders and is the primary contact for EUROAPI shareholders.
Guillaume joined the Sanofi Group in 2017, working on key M&A projects before being appointed Listing M&A Manager in 2020. In this role, he led the Pluton project, heading up the preparation and execution of the EUROAPI listing process.
Guillaume brings over 13 years of experience in the pharmaceutical industry to this position. His career began at PwC, where he was first an auditor and later the Transaction Services Manager.
He is a graduate of EM LYON business school, where he holds a degree in Finance – Management.
