Cash flow Laboratorio Farmaceutico Erfo S.p.A.

Stocks

ERFO

IT0005497885

Pharmaceuticals

Market Closed - Borsa Italiana 09:15:00 23/09/2026 pm IST			5-day change	1st Jan Change
1.085 ^EUR	-0.46%		-1.81%	-26.19%

31/08	Milan in the pink at the open, oil stocks lead the MIB	AN
31/08	Futures weak; Brent higher after US-Iran attacks	AN

da61b09162.KYC18TjgbMfKBn4RiStbN7UAhk3r-32UQ0howaoRwBc.QOvdsGGqCbXzYh18uxgKTfZs3CrTyUvaFzEH98Qoj38d5oymZ5UEtoNIOw

Published financial data: LABORATORIO FARMACEUTICO ERFO S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenues	46.71L	46.24L	57.37L	58.28L	94.95L
Other Revenues, Total	3L	95.07T	2L	2L	2L
Total Revenues	49.86L	47.19L	59.32L	60.32L	97.32L
Cost of Goods Sold, Total	22.33L	22.7L	33.31L	34.95L	60.36L
Gross Profit	27.53L	24.5L	26.01L	25.38L	36.95L
Selling General & Admin Expenses, Total	8L	10.35L	12.39L	14.87L	18.23L
Provision for Bad Debts	15.13T	13.29T	28.1T	8.1T	41.33T
Depreciation & Amortization - (IS)	3L	3L	4L	3L	3L
Amortization of Goodwill and Intangible Assets - (IS)	2L	3L	4L	4L	7L
Other Operating Expenses	-82.77T	-2L	-2L	-2L	-1L
Other Operating Expenses, Total	11.84L	14.63L	17.64L	20.14L	26.29L
Operating Income	15.69L	10L	8L	5L	10.66L
Interest Expense, Total	-16.98T	-38.65T	-29.76T	-27.89T	-61.22T
Net Interest Expenses	-16.98T	-38.65T	-29.76T	-27.89T	-61.22T
Currency Exchange Gains (Loss)	-	-	904	-689	-187
Other Non Operating Income (Expenses)	4.76T	120	7.27T	30.98T	37.44T
EBT, Excl. Unusual Items	15.57L	9L	8L	5L	10.42L
Gain (Loss) On Sale Of Investments	-12T	-	-	-	-
EBT, Incl. Unusual Items	15.45L	9L	8L	5L	10.42L
Income Tax Expense	4L	2L	2L	2L	3L
Earnings From Continuing Operations	11.58L	7L	6L	4L	7L
Net Income to Company	11.58L	7L	6L	4L	7L
Net Income - (IS)	11.58L	7L	6L	4L	7L
Net Income to Common Incl Extra Items	11.58L	7L	6L	4L	7L
Net Income to Common Excl. Extra Items	11.58L	7L	6L	4L	7L
Per Share Items
Net EPS - Basic	0.77	0.08	0.07	0.04	0.09
Basic EPS - Continuing Operations	0.77	0.08	0.07	0.04	0.09
Basic Weighted Average Shares Outstanding	15L	90L	86L	85.78L	85.2L
Net EPS - Diluted	0.77	0.08	0.07	0.04	0.09
Diluted EPS - Continuing Operations	0.77	0.08	0.07	0.04	0.09
Diluted Weighted Average Shares Outstanding	15L	90L	86L	85.78L	85.2L
Normalized Basic EPS	0.65	0.07	0.06	0.04	0.08
Normalized Diluted EPS	0.65	0.07	0.06	0.04	0.08
Dividend Per Share	-	-	0.06	-	-
Payout Ratio	185.74	76.78	28.11	157.01	-
Supplemental Items
EBITDA	20.07L	14.74L	14.23L	10.65L	18.32L
EBITA	17.26L	11.49L	10.72L	8L	15.8L
EBIT	15.69L	10L	8L	5L	10.66L
EBITDAR	21.26L	16.19L	16.25L	12.92L	21.39L
Total Revenues (As Reported)	51.04L	50.28L	62.64L	63.39L	1Cr
Effective Tax Rate - (Ratio)	25.07	24.51	27.58	32.96	29.3
Total Current Taxes	4L	2L	2L	2L	3L
Total Deferred Taxes	-	-14.29T	1.6T	-12.59T	-4.51T
Normalized Net Income	10L	6L	5L	3L	7L
Interest on Long-Term Debt	-	-	-	27.89T	61.22T
Supplemental Operating Expense Items
Marketing Expenses	-	1L	-	-	-
Research And Development Expense From Footnotes	-	4T	4T	16.8T	17.6T
Net Rental Expense, Total	1L	1L	2L	2L	3L
Imputed Operating Lease Interest Expense	21.41T	67.72T	92.17T	1L	2L
Imputed Operating Lease Depreciation	97.76T	77.18T	1L	1L	1L

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Cash And Equivalents	3L	14.71L	8L	4L	10.54L
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	3L	14.71L	8L	4L	10.54L
Accounts Receivable, Total	4L	4L	6L	5L	11.19L
Other Receivables	4L	10.96L	6L	3L	6L
Total Receivables	8L	15L	11.89L	9L	16.9L
Inventory	6L	9L	10L	10.07L	14.56L
Deferred Tax Assets Current	16.81T	37.75T	36.15T	48.74T	17.1T
Other Current Assets, Total	-	-	-1	-	-
Total Current Assets	17.84L	39.5L	30.65L	22.89L	42.16L
Gross Property Plant And Equipment	30.73L	34.56L	37.71L	38.38L	39.09L
Accumulated Depreciation	-10.07L	-12.68L	-16.21L	-19.32L	-21.87L
Net Property Plant And Equipment	20.65L	21.88L	21.5L	19.06L	17.22L
Long-term Investments	7L	3L	9L	12L	45.4T
Goodwill	4.28T	3.97T	3.66T	3.36T	22.86L
Other Intangibles, Total	23.68L	22.78L	31.76L	33.31L	30.27L
Deferred Charges Long-Term	631	5L	4L	3L	2L
Other Long-Term Assets, Total	2L	13.21L	4L	7L	6L
Total Assets	71L	1.05Cr	1.01Cr	96.96L	1.2Cr
Liabilities
Accounts Payable, Total	3L	7L	6L	6L	7L
Accrued Expenses, Total	47.12T	56.61T	71.94T	82.11T	89.96T
Current Portion of Long-Term Debt	2L	1L	1L	1L	4L
Current Income Taxes Payable	1L	54.31T	72.69T	51.07T	2L
Other Current Liabilities	8L	5L	2L	3L	7L
Total Current Liabilities	14.49L	13.88L	11.16L	11.99L	21.07L
Long-Term Debt	6L	4L	3L	2L	10L
Unearned Revenue Non Current	2L	7L	6L	4L	3L
Pension & Other Post Retirement Benefits	2L	2L	2L	3L	3L
Other Non Current Liabilities	-	1	2.45T	822	32.52T
Total Liabilities	23.71L	27.01L	22.65L	21.37L	36.65L
Common Stock, Total	15L	17.5L	17.5L	17.5L	17.5L
Additional Paid In Capital	-	27.5L	27.5L	27.5L	27.5L
Retained Earnings	12.65L	14.31L	19.85L	17.98L	21.14L
Treasury Stock	-	-	-4L	-6L	-5L
Comprehensive Income and Other	19.64L	19.02L	18.17L	18.17L	18.87L
Total Common Equity	47.29L	78.33L	78.6L	75.52L	79.6L
Minority Interest	-	-	21.09T	6.93T	4L
Total Equity	47.29L	78.33L	78.81L	75.59L	83.81L
Total Liabilities And Equity	71L	1.05Cr	1.01Cr	96.96L	1.2Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	15L	90L	86L	85.78L	85.2L
ECS Total Common Shares Outstanding	15L	90L	86L	85.78L	85.2L
Book Value / Share	3.15	0.87	0.91	0.88	0.93
Tangible Book Value	23.57L	55.51L	46.81L	42.18L	26.47L
Tangible Book Value Per Share	1.57	0.62	0.54	0.49	0.31
Total Debt	7L	6L	5L	4L	13.49L
Net Debt	4L	-9L	-4L	5.77T	3L
Debt Equivalent Oper. Leases	10L	11.59L	16.2L	18.16L	24.56L
Minority Interest, Total (Incl. Fin. Div)	-	-	21.09T	6.93T	4L
Equity Method Investments, Total	-	-	-	-	4.9T
Account Code - Inventory Valuation	8	8	8	3	6
Inventories - Raw Materials, Total	85.65T	2L	2L	2L	2L
Inventories - Finished Goods, Total	5L	7L	8L	8L	11.57L
Inventories - Others	33.39T	30.12T	37.14T	69.25T	77.45T
Land - (BS)	15.58L	15.58L	15.73L	15.86L	15.97L
Machinery, Total	12.12L	16.52L	19.29L	19.79L	20.28L
Full Time Employees	23	29	33	41	50

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	11.58L	7L	6L	4L	7L
Depreciation & Amortization - CF	3L	3L	4L	3L	3L
Amortization of Goodwill and Intangible Assets - (CF)	2L	2L	2L	2L	5L
Depreciation & Amortization, Total	4L	5L	6L	5L	8L
Amortization of Deferred Charges, Total - (CF)	631	1L	1L	1L	1L
Asset Writedown & Restructuring Costs	12T	-	-	-	-
Other Operating Activities, Total	-28.06T	-32.17T	47.46T	35.56T	2L
Change In Accounts Receivable	-24.65T	-42.92T	-2L	78.5T	-6L
Change In Inventories	-12.54T	-3L	-54.98T	-10.57T	-4L
Change In Accounts Payable	1L	3L	-62.65T	32.15T	4L
Change in Other Net Operating Assets	6L	-5L	2L	64.54T	-2L
Cash from Operations	22.39L	8L	12.97L	12.41L	9L
Capital Expenditure	-2L	-5L	-3L	-66.82T	-68.56T
Sale of Property, Plant, and Equipment	-	13.97T	-	-	-
Sale (Purchase) of Intangible assets	-44.3T	-7L	-11.32L	-5L	-24.96L
Investment in Marketable and Equity Securities, Total	-4L	-7L	3L	-4L	12.71L
Other Investing Activities, Total	-	-	-1	-	1
Cash from Investing	-6L	-18.79L	-11L	-10L	-12.93L
Short Term Debt Issued, Total	14.9T	-	171	5.04T	2L
Long-Term Debt Issued, Total	-	-	-	-	10.75L
Total Debt Issued	14.9T	-	171	5.04T	13.13L
Short Term Debt Repaid, Total	-42.55T	-32.27T	-	-	-
Long-Term Debt Repaid, Total	-	-1L	-1L	-88.15T	-3L
Total Debt Repaid	-42.55T	-2L	-1L	-88.15T	-3L
Issuance of Common Stock	-	30L	-	-	20.43T
Repurchase of Common Stock	-	-	-4L	-1L	-
Common Dividends Paid	-21.5L	-5L	-2L	-6L	-
Common & Preferred Stock Dividends Paid	-21.5L	-5L	-2L	-6L	-
Other Financing Activities, Total	-	-70.38T	-1L	-35	64.24T
Cash from Financing	-21.78L	22.19L	-8L	-8L	10.52L
Miscellaneous Cash Flow Adjustments	-	-	1	-	-
Net Change in Cash	-5L	11.02L	-6L	-5L	7L
Supplemental Items
Cash Income Tax Paid (Refund)	4L	3L	2L	2L	2L
Levered Free Cash Flow	17.51L	-12.48L	-2L	9L	-16.02L
Unlevered Free Cash Flow	17.62L	-12.24L	-2L	9L	-15.63L
Change In Net Working Capital	-6L	12.84L	13.71T	-4L	6L
Net Debt Issued / Repaid	-27.65T	-2L	-1L	-83.1T	10L

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	13.54	6.98	5.06	3.3	6.13
Return on Total Capital	16.4	8.88	6.24	4.02	7.54
Return On Equity %	22.15	11.39	7.51	4.57	9.25
Return on Common Equity	22.15	11.39	7.52	4.58	9.5
Margin Analysis
Gross Profit Margin %	55.22	51.91	43.84	42.07	37.97
SG&A Margin	16.31	21.94	20.88	24.65	18.73
EBITDA Margin %	40.25	31.23	23.98	17.66	18.82
EBITA Margin %	34.62	24.35	18.06	12.5	16.23
EBIT Margin %	31.47	20.91	14.11	8.68	10.96
Income From Continuing Operations Margin %	23.22	15.17	9.95	5.85	7.57
Net Income Margin %	23.22	15.17	9.95	5.85	7.57
Net Avail. For Common Margin %	23.22	15.17	9.95	5.85	7.57
Normalized Net Income Margin	19.52	12.56	8.59	5.45	6.69
Levered Free Cash Flow Margin	35.13	-26.44	-3.97	14.35	-16.46
Unlevered Free Cash Flow Margin	35.34	-25.93	-3.65	14.64	-16.06
Asset Turnover
Asset Turnover	0.69	0.53	0.57	0.61	0.9
Fixed Assets Turnover	2.35	2.22	2.74	2.97	5.37
Receivables Turnover (Average Receivables)	13.07	12.07	11.55	10.6	11.65
Inventory Turnover (Average Inventory)	3.49	2.86	3.44	3.49	4.9
Short Term Liquidity
Current Ratio	1.23	2.85	2.75	1.91	2
Quick Ratio	0.77	2.14	1.82	1.03	1.3
Operating Cash Flow to Current Liabilities	1.55	0.55	1.16	1.04	0.44
Days Sales Outstanding (Average Receivables)	27.92	30.23	31.61	34.54	31.33
Days Outstanding Inventory (Average Inventory)	104.7	127.7	106.16	104.9	74.45
Average Days Payable Outstanding	49.55	69.07	67.22	63.28	38.61
Cash Conversion Cycle (Average Days)	83.06	88.86	70.55	76.16	67.17
Long Term Solvency
Total Debt/Equity	15.69	7.42	5.9	5.05	16.1
Total Debt / Total Capital	13.56	6.91	5.57	4.81	13.86
LT Debt/Equity	12.16	5.7	4.19	3.2	11.6
Long-Term Debt / Total Capital	10.51	5.31	3.96	3.05	9.99
Total Liabilities / Total Assets	33.39	25.64	22.32	22.04	30.43
EBIT / Interest Expense	92.44	25.54	28.12	18.79	17.42
EBITDA / Interest Expense	118.22	38.13	47.81	38.2	29.92
(EBITDA - Capex) / Interest Expense	107.82	26.22	37.28	35.81	28.8
Total Debt / EBITDA	0.37	0.39	0.33	0.36	0.74
Net Debt / EBITDA	0.2	-0.6	-0.27	0.01	0.16
Total Debt / (EBITDA - Capex)	0.41	0.57	0.42	0.38	0.77
Net Debt / (EBITDA - Capex)	0.22	-0.88	-0.34	0.01	0.17
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	23.57	-5.74	25.7	1.69	61.32
Gross Profit, 1 Yr. Growth %	17.33	-11.47	6.17	-2.43	45.62
EBITDA, 1 Yr. Growth %	12.81	-27.14	-11.51	-31.54	51.16
EBITA, 1 Yr. Growth %	16.03	-34.02	-16.49	-37.42	75.39
EBIT, 1 Yr. Growth %	5.49	-37.53	-15.23	-37.39	103.56
Earnings From Cont. Operations, 1 Yr. Growth %	1.54	-38.59	-17.56	-40.23	108.88
Net Income, 1 Yr. Growth %	1.54	-38.59	-17.56	-40.23	108.88
Normalized Net Income, 1 Yr. Growth %	4.44	-39.5	-14.06	-35.44	98.08
Diluted EPS Before Extra, 1 Yr. Growth %	-	-89.76	-13.72	-40.08	110.31
Accounts Receivable, 1 Yr. Growth %	2.07	11.87	45.68	-13.32	119.1
Inventory, 1 Yr. Growth %	1.98	45.54	5.84	1.06	44.56
Net Property, Plant and Equip., 1 Yr. Growth %	-4.8	5.89	-1.72	-11.37	-9.64
Total Assets, 1 Yr. Growth %	-3.87	47.72	-3.68	-4.44	24.24
Tangible Book Value, 1 Yr. Growth %	-27.18	134.69	-15.68	-9.89	-37.24
Common Equity, 1 Yr. Growth %	-17.35	65.35	0.34	-3.92	5.39
Cash From Operations, 1 Yr. Growth %	61.79	-66.49	70.25	-4.32	-25.97
Capital Expenditures, 1 Yr. Growth %	150.38	159.9	-31.89	-78.68	2.59
Levered Free Cash Flow, 1 Yr. Growth %	535.86	-163.89	-81.14	-467.92	-284.95
Unlevered Free Cash Flow, 1 Yr. Growth %	530.17	-162.32	-82.29	-507.53	-276.97
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.45	8.15	8.85	13.06	28.08
Gross Profit, 2 Yr. CAGR %	-0.63	2.17	-3.05	1.78	19.2
EBITDA, 2 Yr. CAGR %	-0.57	-8.98	-16.13	-18.6	8.5
EBITA, 2 Yr. CAGR %	-2.29	-12.1	-21.56	-23.34	14.5
EBIT, 2 Yr. CAGR %	-6.84	-18.54	-27.23	-27.15	12.89
Earnings From Cont. Operations, 2 Yr. CAGR %	-6	-20.74	-28.85	-29.81	11.73
Net Income, 2 Yr. CAGR %	-6	-20.74	-28.85	-29.81	11.73
Normalized Net Income, 2 Yr. CAGR %	-6.84	-20.24	-27.89	-25.51	13.08
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-70.28	-28.1	12.26
Accounts Receivable, 2 Yr. CAGR %	-9.95	6.95	27.66	12.37	37.81
Inventory, 2 Yr. CAGR %	-6.53	21.83	24.11	3.42	20.87
Net Property, Plant and Equip., 2 Yr. CAGR %	-9.96	0.42	2.02	-6.67	-10.5
Total Assets, 2 Yr. CAGR %	23.62	19.42	19.28	-4.06	8.96
Tangible Book Value, 2 Yr. CAGR %	0.2	30.96	40.68	-12.83	-24.8
Common Equity, 2 Yr. CAGR %	40.66	17.01	28.81	-1.81	0.63
Cash From Operations, 2 Yr. CAGR %	-	-25.81	-24.47	27.63	-15.84
Capital Expenditures, 2 Yr. CAGR %	-	155.5	33.05	-61.89	-53.23
Levered Free Cash Flow, 2 Yr. CAGR %	-	112.85	-65.29	-16.7	160.86
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	109.2	-66.78	-15.04	168.55
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.69	1.08	13.71	6.41	27.28
Gross Profit, 3 Yr. CAGR %	2.21	-4.22	3.49	-2.84	14.69
EBITDA, 3 Yr. CAGR %	4.05	-10.12	-7.18	-19.24	4.45
EBITA, 3 Yr. CAGR %	1.71	-14.02	-10.36	-24.35	7.17
EBIT, 3 Yr. CAGR %	-1.47	-18.27	-17.45	-30.79	2.61
Earnings From Cont. Operations, 3 Yr. CAGR %	-0.32	-18.24	-19.7	-32.86	0.96
Net Income, 3 Yr. CAGR %	-0.32	-18.24	-19.7	-32.86	0.96
Normalized Net Income, 3 Yr. CAGR %	-1.46	-19.14	-18.23	-30.5	3.2
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-62.46	2.83
Accounts Receivable, 3 Yr. CAGR %	-11.31	-3.14	18.56	12.2	40.38
Inventory, 3 Yr. CAGR %	6.63	8.34	16.25	15.9	15.64
Net Property, Plant and Equip., 3 Yr. CAGR %	-1.79	-4.95	-0.3	-2.66	-7.67
Total Assets, 3 Yr. CAGR %	22.05	31.37	11.16	10.78	4.57
Tangible Book Value, 3 Yr. CAGR %	7.02	33.23	13.09	21.26	-21.88
Common Equity, 3 Yr. CAGR %	34.35	48.54	11.17	16.82	0.53
Cash From Operations, 3 Yr. CAGR %	-	-	-2.14	-18.28	6.44
Capital Expenditures, 3 Yr. CAGR %	-	-	64.43	-27.73	-46.99
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-5.11	-23.75	8.67
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-8.14	-23.38	8.5
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	7.63	5.71	19.25
Gross Profit, 5 Yr. CAGR %	-	-	0.18	-1.86	9.51
EBITDA, 5 Yr. CAGR %	-	-	-4.4	-12.1	0.59
EBITA, 5 Yr. CAGR %	-	-	-8.17	-16.04	1.21
EBIT, 5 Yr. CAGR %	-	-	-12.6	-21.94	-6.44
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-12.77	-23.08	-8.35
Net Income, 5 Yr. CAGR %	-	-	-12.77	-23.08	-8.35
Normalized Net Income, 5 Yr. CAGR %	-	-	-12.91	-21.75	-6.91
Accounts Receivable, 5 Yr. CAGR %	-	-	2.64	2.79	25.91
Inventory, 5 Yr. CAGR %	-	-	13.31	6.34	18.07
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-0.28	-5.64	-4.52
Total Assets, 5 Yr. CAGR %	-	-	21.04	15.85	10.28
Tangible Book Value, 5 Yr. CAGR %	-	-	19.47	12.43	-3.94
Common Equity, 5 Yr. CAGR %	-	-	32.15	25.87	6.83
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	-7.87
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-0.56
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	42.2
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	41.09