CiToxLAB Group Increases Revenue by 25 Per Cent over Full Year of 2012
News Feb 21, 2013
CiToxLAB announces that the group’s consolidated revenue for 2012 reached EUR 78.4 million (USD 102 million approximately). This represents a 25 per cent increase compared with 2011.
In Europe, revenues reached EUR 54.9 million (USD 71 million approx). The four European CiToxLAB centers increased their revenues by 16 per cent (France), 15 per cent (Hungary), 10 per cent (Denmark) and 4 per cent (AtlanBio, France) respectively.
CiToxLAB North America, headquartered in Montreal, achieved revenue of CAD 30.5 million (EUR 23.5 million). These are the highest revenues since the facility (previously LAB-Research) was founded (plus 68 per cent compared with 2011).
All the centers significantly increased EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization). CiToxLAB Group now employs more than 850 people.
According to the 2012 CRO Industry Update from equity research company William Blair, the market for outsourced preclinical development activities grew by only 7 per cent in 2012. Within preclinical services market, the toxicology segment grew by an even more modest increase. One reason for the 25 per cent growth obtained by the CiToxLAB Group is that clients’ projects can now be carried out both in Europe and North America. CiToxLAB Group saw increased revenues in all market segments: big and medium pharma, biotech companies, chemical and agro industries. In geographical terms, Europe was as active as North America. Asia, where CiToxLAB operates through representatives in Japan and South Korea, represented a limited but increasing market share. CiToxLAB works today for more than 400 customers including nine of the top twenty pharmaceutical companies.
“We are very pleased with the positive trend of our company’s performance in 2012, which took place in a difficult economic environment,” said Dr Jean-Francois Le Bigot, chairman and CEO of CiToxLAB Group. “CiToxLAB is now recognized as a global company. This is a major advantage for many of our clients. We can provide tailored solutions to our clients, in order to meet their requirements for the international development of their products.”
Dr Le Bigot attributed part of the group’s success to the retention, quality and stability of the scientific staff, especially at the senior level. Most of the senior scientific staff has been working with the company for over ten years and often more. He also indicated that the five CiToxLAB sites have been inspected by the competent regulatory authorities in 2012 and were given renewal of their full GLP, ISO or GMP compliance.
In 2013, the company anticipates an increased demand in the field of highly innovative therapeutics, in particular for the development of biologics. This includes prophylactic or therapeutic vaccines, antibodies and other types of large molecules, in which CiToxLAB is recognized as having relevant know-how and strong experience. The company has provided safety testing in Non-Human Primates (NHPs) for several decades and more recently has validated models for the assessment of reproductive toxicity in NHPs. CiToxLAB, through its centre in Denmark, historically known as Scantox, is the world leader in the field of toxicity, reproductive toxicity and juvenile studies in minipigs. In France, CiToxLAB now also provides reprotoxicity studies in rabbits specifically designed for the evaluation of new vaccines, as defined in the FDA Guidelines, to which Paul Barrow, senior scientist and director of projects, contributed.
“We view ourselves as a science-driven CRO. We continuously invest as much as possible in the development and validation of new techniques in order to provide innovative tools to meet the needs of our clients in an ever-more challenging biomedical environment,” said Dr Le Bigot. “In particular, we offer preclinical and clinical biomarkers using a range of technologies such as mass spectrometry, ligand binding assays, flow cytometry, microarray analysis and qPCR.”
“Finally, we continue to reinforce our organization and have recently hired Olivier Foulon Pharm D, PhD and ERT, as director of toxicology and operations of our French centre. Prior to joining CiToxLAB, Olivier was director of experimental toxicology at Pierre Fabre Laboratories. Olivier also acts as deputy managing director of CiToxLAB-France. It is important that our company can attract such talented senior scientists as Dr Olivier Foulon,” concluded Jean-Francois Le Bigot.