Q1 2024 revenue
Quarterly activity• Revenue: €194.3m, up 8.8% at CER1
• Growth remains particularly strong in Asia (+26.8% at CER) and the Americas(+20.1% at CER); the EMEA region (-6.2% at CER) was temporarily impacted by
the reform of the supply of contrast products in France

Annual targets confirmed• Revenue: expected growth of over 8% like-for-like and at CER• Profitability: restated EBITDA margin rate2 higher than in 2021 (14.4%)

Villepinte, 25 April 2024, 5.45 pm: Guerbet (FR0000032526 GBT), a global specialist in contrast agentsand solutions for medical imaging, is publishing its revenue for the first fiscal quarter. At 31 March 2024,
the Group’s sales totalled €194.3m, up 7.6% compared with the same period in 2023. Given an
unfavourable foreign exchange effect of €2.2m, largely linked to Asian currencies, revenue at CER 1 wasup 8.8% over the period.
Geographical breakdown of consolidated Group revenue (IFRS)In millions of euros,
at 31 March 2024

Q1 2023*

Q1 2024% change

Q1 2024
At CER1% change

Sales in EMEA

89.0

83.9

-5.8%83.6-6.2%

Sales in the Americas

47.5

57.4+21%57.0+20.1%

Sales in Asia

44.1

52.9+20%55.9+26.8%

Total

180.6

194.3

+7.6%

196.5+8.8%*Revenue for Q1 2023 has been restated to include Intrasense, which has been consolidated since 1 January 2023.

1

Constant exchange rates: the exchange rate impact was eliminated by recalculating sales for the period on the basis of theexchange rates used for the previous financial year.
2Restated EBITDA margin rate : excluding non-recurring costs related to the optimisation of the operating plan and changes inthe sales model.

Contacts:Guerbet
Jérôme Estampes, Chief Financial Officer +33 1 45 91 50 00 / jerome.estampes@guerbet.com
Christine Allard, Head of Communications +33 6 30 11 57 82 / christine.allard@guerbet.com
ActifinMarianne Py, Financial Communications +33 1 80 48 25 31 / marianne.py@seitosei-actifin.com
Jennifer Jullia, Press +33.1.56.88.11.19 / jennifer.jullia@seitosei-actifin.com

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In the EMEA region, the Group generated revenue of €83.9m in the first quarter, down 5.8% (-6.2% atCER) mainly owing to the dip in sales volumes in France. This trend stems directly from the implementationon 1 March 2024 of the reform of the supply circuit for contrast products, which caused difficulties in orderintakes with radiologists. The Group expects to largely catch up on the resulting delays in sales in thesecond quarter of 2024.
In the Americas, sales totalled €57.4m, up 21.0% over the period (+20.1% at CER). Sales caught upstrongly for the second consecutive quarter following the return to historic production levels at the Raleighsite in North Carolina.
Group revenue in Asia was €52.9m, with continued strong growth momentum (+20%) driven by theperformances of China, South Korea and Japan. The total includes a negative currency effect (-€3.0m)
linked in particular to the further depreciation of the yen. At CER, sales in Asia rose 26.8% in first-quarter
2024, confirming the Group’s ambitions in this region.
Breakdown of consolidated Group revenue (IFRS) by activity
In millions of euros,
at 31 March 2024
Diagnostic Imaging

Q1 2023*

Q1 2024% change

Q1 2024
At CER1% change

160.8173.6

+7.9%

175.5

+9.1%

MRI

60.7

58.2

-4.1%

58.4

-3.7%

X-ray

100.2

115.4

+15.2%

117.1+16.9%

Interventional Imaging

19.8

20.7

+4.4%

21.0

+6.1%

Total

180.6

194.3

+7.6%

196.5

+8.8%

1

Constant exchange rates: the exchange rate impact was eliminated by recalculating sales for the period on the basis of the exchange
rates used for the previous financial year.
*Revenue for Q1 2023 has been restated to include Intrasense, which has been consolidated since 1 January 2023.

Diagnostic Imaging revenue increased 7.9% in Q1 2024 (+9.1% at CER) to €173.6m.
o

MRI activity was down 3.7% at CER. This decline resulted from the postponement of several
substantial orders in the MRI franchise (Dotarem ® / EluciremTM) in France, all of which will bebooked in the second quarter of 2024.

o

X-ray revenue increased 16.9% at CER over the period, a remarkable increase driven by all thedivision’s products, particularly Xenetix ®.

In Interventional Imaging, revenue rose 6.1% at CER in Q1 2024 on continued favourable momentumfor Lipiodol®, fuelled by volumes and prices alike.

All financial targets confirmed for 2024
The highly positive trend overall at the start of the year boosts Guerbet’s confidence for the full year. In abuoyant contrast products market, Group business will be bolstered by the ramp-up of the MRI franchise,
growth in Optiray® sales, and continued favourable momentum for Lipiodol ®. At the same time, operating
Contacts:
GuerbetJérôme Estampes, Chief Financial Officer +33 1 45 91 50 00 / jerome.estampes@guerbet.com
Christine Allard, Head of Communications +33 6 30 11 57 82 / christine.allard@guerbet.com
ActifinMarianne Py, Financial Communications +33 1 80 48 25 31 / marianne.py@seitosei-actifin.com
Jennifer Jullia, Press +33.1.56.88.11.19 / jennifer.jullia@seitosei-actifin.com

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profitability will benefit from the change in the product mix and the continued rise in prices, while cash
generation will improve considerably, particularly as inventory levels return to normal.
Given these circumstances, Guerbet is confirming its forecast of sales growth of over 8% in 2024 like-forlike and at CER and expects its adjusted EBITDA margin rate to exceed that of 2021 (14.4%). Free cash
flow is expected to be in positive territory for the full year.

Next events :Annual Shareholders' Meeting for fiscal year 2023
24 May 2024
Publication of 1st half 2024 revenue
25 July 2024 after market close
About Guerbet
At Guerbet, we build lasting relationships so that we enable people to live better. That is our purpose. We are aleader in medical imaging worldwide, offering a comprehensive range of pharmaceutical products, medical devices,and digital and AI solutions for diagnostic and interventional imaging. A pioneer in contrast media for 97 years, withmore than 2,920 employees worldwide, we continuously innovate and devote 10% of our sales to research anddevelopment in four centres in France, the United States and Israel. Guerbet (GBT) is listed on Euronext Paris(segment B – mid caps) and generated €786 million in revenue in 2023.

Forward-looking statements
Certain information contained in this press release does not reflect historical data but constitutes forward-lookingstatements. These forward-looking statements are based on estimates, forecasts, and assumptions, including but
not limited to assumptions about the current and future strategy of the Group and the economic environment in which
the Group operates. They involve known and unknown risks, uncertainties, and other factors that may result in asignificant difference between the Group’s actual performance and results and those presented explicitly or implicitly
by these forward-looking statements.
These forward-looking statements are valid only as of the date of this press release, and the Group expressly
disclaims any obligation or commitment to publish an update or revision of the forward-looking statements containedin this press release to reflect changes in their underlying assumptions, events, conditions, or circumstances. The
forward-looking statements contained in this press release are for illustrative purposes only. Forward-looking
statements and information are not guarantees of future performance and are subject to risks and uncertainties thatare difficult to predict and are generally beyond the Group’s control.

These risks and uncertainties include but are not limited to the uncertainties inherent in research and development,
future clinical data and analyses (including after a marketing authorization is granted), decisions by regulatory
authorities (such as the US Food and Drug Administration or the European Medicines Agency) regarding whetherand when to approve any application for a drug, process, or biological product filed for any such product candidates,
and their decisions regarding labeling and other factors that may affect the availability or commercial potential ofsuch product candidates. A detailed description of the risks and uncertainties related to the Group’s activities can beContacts:
GuerbetJérôme Estampes, Chief Financial Officer +33 1 45 91 50 00 / jerome.estampes@guerbet.com
Christine Allard, Head of Communications +33 6 30 11 57 82 / christine.allard@guerbet.com
ActifinMarianne Py, Financial Communications +33 1 80 48 25 31 / marianne.py@seitosei-actifin.com
Jennifer Jullia, Press +33.1.56.88.11.19 / jennifer.jullia@seitosei-actifin.com

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found in Chapter 4.9 “Risk factors” of the Group’s Universal Registration Document filed with the AMF (French
financial markets authority) under number D.24-0224 on April 3, 2024, available on the Group’s website(www.guerbet.com).

Contacts:Guerbet
Jérôme Estampes, Chief Financial Officer +33 1 45 91 50 00 / jerome.estampes@guerbet.com
Christine Allard, Head of Communications +33 6 30 11 57 82 / christine.allard@guerbet.com
ActifinMarianne Py, Financial Communications +33 1 80 48 25 31 / marianne.py@seitosei-actifin.com
Jennifer Jullia, Press +33.1.56.88.11.19 / jennifer.jullia@seitosei-actifin.com

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