Have you consolidated the 2nd half 2020 with 1st half 2021 for trailing 12 months for those numbers?
The Vifor accounts are messy, so many 'this and that's' - other income, one off royalties, asset sales, impairments, R&D impairments, one off tax gains, non controlling interests, currency gains etc etc....
Example: 2020 EBIT
The FY20 EBIT was CHF 291.4m, yet 96.4m of revenue was other income. Of that 31.1m was a gain on an asset sale, 56.1m was royalties and of that 14.4m won't recur. FY19 had 37m in other income. I assume there will be some more 'other income' in FY21, HY21 already at 20.4m, but the core EBIT for the actual products appears to me closer to CHF 200m in FY20.
Anyway, I did not have a good enough sleep last night to be reading more of Vifor's annoyingly complex accounts.
Great post though, and you've highlighted that Vifor is subscale/ripe for synergies in a larger group. The gross margin is very high.
Capital Raising, page-13
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