Doesn't make for pretty reading. The sales growth is off a lower base, so if you annualise it from 2019 pre-Covid it's around 5% yoy. It's not clear from the results how much of it is related to amgen replacements, but I think that's something to look out for. With regards to the margins, well -12% to 53% is pretty poor. In the annual report they had -11% to 62% due to freight. Extrapolating that out, it's a further -9% due to product and geographic mix.
It will be important to determine how much of this is temporary due to Covid vs how much is permanent due to the product/geographic mix. If margin compression is occurring faster than sales growth, then that's something for investors to worry about - at this stage, that doesn't seem certain to me.
Ann: Trading Update, page-4
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