2024 Guidance Suspended: API Production Paused in Brindisi, Italy
EuroAPI today announces that its Italian subsidiary, EuroAPI Italy S.R.L., is suspending the production of all APIs (active pharmaceutical ingredients) in Brindisi.
An internal audit at EuroAPI has uncovered potential misconduct leading to quality control issues. Production is on hold pending further investigation. Health authorities have been notified and a forensic audit is underway. Customers will be updated as more information becomes available.
The Brindisi site, which primarily produces anti-infective APIs, generated sales of 63 million euros in 2023, with 43% related to Sanofi. However, due to full impairment of its non-current assets in the 2023 accounts, the Group’s performance is expected to be impacted. As a result, the 2024 guidance is suspended, with a revised outlook to be provided in Q2 2024. This will coincide with updates on the FOCUS-27 project announced on February 28th, 2024.
