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S&P ups Pharmanovia
S&P said it raised its ratings for Pharmanovia Bidco Ltd. and its senior secured debt to B from B-. The recovery rating on the debt remains 3 (50%-70%; rounded estimate: 55%).
“Our rating action reflects a positive step change in leverage and free cash flow as profits from new assets ramp up, despite some integration costs. With reported sales of about £244.8 million, adjusted EBITDA of £97.3 million, and adjusted debt to EBITDA of 6.3x in fiscal 2022, Pharmanovia's results were in line with our expectations. We anticipate that adjusted debt to EBITDA should remain close to 6x in the next 12 months, including drawing for the Rocaltrol China acquisition, reducing to 5x-6x thereafter, demonstrating a consistent track record of debt to EBITDA close to 6x,” S&P said in a press release.
The agency said it estimates Pharmanovia will deliver adjusted EBITDA of about £115 million-£120 million in fiscal 2023 and fiscal 2024.
The outlook is stable.
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