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Pharmanutra
Interim / Quarterly Report • Sep 9, 2024
4324_10-q_2024-09-09_79942bf0-e567-451f-b036-d6765731c866.pdf
Interim / Quarterly Report
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| Informazione Regolamentata n. 20106-40-2024 |
Data/Ora Inizio Diffusione 9 Settembre 2024 17:38:30 |
Euronext Star Milan | ||
|---|---|---|---|---|
| Societa' | : | PHARMANUTRA | ||
| Identificativo Informazione Regolamentata |
: | 195332 | ||
| Utenza - Referente | : | PHARMANUTRAN04 - Roberto Lacorte | ||
| Tipologia | : | 1.2 | ||
| Data/Ora Ricezione | : | 9 Settembre 2024 17:38:30 | ||
| Data/Ora Inizio Diffusione | : | 9 Settembre 2024 17:38:30 | ||
| Oggetto | : | Pharmanutra_BoD approved the First Half Financial Report as at 30 June 2024 |
||
| Testo del comunicato |
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PHARMANUTRA S.P.A.: BOD APPROVED THE FIRST HALF FINANCIAL REPORT AS AT 30 JUNE 2024
Solid organic growth of the Group with the second quarter 2024 showing significant growth in revenues and margins
- Sales revenue €56.1 M (+13% compared to 30/06/2023)
- Gross Operating Margin €16.2 M (+15.3% compared to 30/06/2023)
- Net result for the period €8.9 M (+23% compared to 30/06/2023)
- Net Financial Position € -4.5 M (1.9 million euro compared to 31/12/2023)
Pisa, 09 September 2024 – The Board of Directors of PharmaNutra S.p.A. (MTA; Ticker PHN), a company specialising in mineral-based nutritional supplements and medical devices for muscles and joints, today has approved the First Half Financial Report as at 30 June 2024 (subject to limited audit).
Roberto Lacorte, Vice Chairman of PharmaNutra S.p.A., stated: " The Board of Directors of PharmaNutra S.p.A. is extremely proud and delighted to present the results of this First half financial report, which more than compensate for a first quarter conditioned by cyclical and non-structural components of the company. The figures of the second quarter of the year are clearly positive and bring the company back into the range of its usual growth rates that have always characterised its development, thus recovering all that was not achieved in the first quarter in just three months, and at the same time providing extremely interesting insights that leave much confidence and positivity for a 2024 in line with the history of PharmaNutra S.p.A..
This is a significant and particularly robust increase, which is part of a continuity on all the company's growth drivers that represent real game changers for the future, in a context of very important profitability and financial solidity, as evidenced by this First half financial report".
ANALYSIS OF CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2024
| ECONOMIC DATA | 2024 | % | 2023 | % | Change |
|---|---|---|---|---|---|
| REVENUES | 57,0 | 100,0% | 50,2 | 100,0% | 13,4% |
| SALES REVENUES | 56,1 | 98,4% | 49,6 | 98,8% | 13,0% |
| EBITDA | 16,2 | 28,4% | 14,1 | 28,0% | 15,3% |
| NET RESULT | 8,9 | 15,6% | 7,2 | 14,4% | 23,0% |
| Earning per Share(Euro) | 0,93 | 0,75 | 23,7% | ||
| BALANCE SHEET & EQUITY | 2024 | 2023 | Change | ||
| NET INVESTED CAPITAL | 59,3 | 57,0 | 2,3 | ||
| NET FINANCIAL POSITION | (4,5) | (2,6) | (1,9) | ||
The first half of 2024 shows robust organic growth for the Group, with sales revenue increasing by 13% compared to the same period of the previous year, and EBITDA of approximately 28.4%. In the second quarter of 2024, sales revenue and EBITDA increased by approximately 36.3% and 127%, respectively, compared to the previous quarter.
EQUITY (54,8) (54,4) 0,4
The process of setting up the business activities of the subsidiaries PharmaNutra España, PharmaNutra USA and the Cetilar® Nutrition line is continuing as expected, resulting in a slight reduction in margins due to the costs incurred. From the financial point of view, a temporary absorption of liquidity related to the distribution of dividends resulted in a moderate reduction of the net financial position.
Revenues from sales
Consolidated sales revenue in the first half of 2024 increased by 13% compared to the corresponding period of the previous year and amounted to Euro 56.1 million (Euro 49.6 million as at 30 June 2023). The revenue contribution of the new initiatives (United States, Spain and Cetilar® Nutrition) is still marginal.
Revenues - Italy
Revenues from sales on the Italian market increased by about 6% to Euro 37.5 million (Euro 35.5 million as at 30 June 2023).
PharmaNutra S.p.A. Registered office Via Campodavela, 1 - 56122 Pisa, Italy | +39 050 7846500 pharmanutra.it | [email protected] | [email protected] Tax ID no. / VAT / Companies Reg. 01679440501 - SDI Code SUBM70N Sh. Cap. 1,123,097.70 € fully paid in | REA Economic and Administrative Index 146259
Revenues - Foreign markets
The revenues from foreign sales amounted to Euro 18.6 million, an increase of 31% compared to the first half of the previous year (Euro 14.2 million), and accounted for 33% of total revenues compared to 28.5% in the first half of the previous year. The result achieved is higher than expected and is due to the time dynamics characterising the acquisition of orders by distributors. The Group already has orders in hand for the whole of the third and fourth quarters.
TURNOVER BY PRODUCT LINE
The analysis of revenues by product line as at 30 June 2024 highlights an increase in revenues from all the main product lines, and in particular of Apportal® thanks to its characteristics as an energising tonic.
IQVIA data for the period January-June 2024, referring to 12,000 points of sale, confirm the continued growth of PharmaNutra S.p.A.'s entire range (+8.3%) against the nutraceutical market (+1.0%), compared to the same period last year.
In the first half of 2024, New Line's market research reports both Apportal®, in the tonics market, with a 44% increase over the same month of the previous year, and Cetilar®, in the anti-traumatic market, with a 17% increase, in the top 10 best-performing brands in pharmacy in January 2024. In May 2024, Apportal® continued to be in the same ranking with an increase of about 25%.
These results steadily improved PharmaNutra S.p.A.'s position within the market, taking it from the eighth position in 2021 to the sixth position in 2022, and to the fifth position in 2023 within the ranking of the top 10 of the more than 700 companies that make up the Italian nutraceutical market.
| Revenueus by product line | Incidence | ||||
|---|---|---|---|---|---|
| €/1000 | 2024 | 2023 | Δ% | 2024 | 2023 |
| Sideral | 39.054 | 34.814 | 12,2% | 69,6% | 70,1% |
| Cetilar | 5.466 | 4.897 | 11,6% | 9,7% | 9,9% |
| Apportal | 5.164 | 4.058 | 27,3% | 9,2% | 8,2% |
| Ultramag | 672 | 580 | 15,8% | 1,2% | 1,2% |
| Other | 1.352 | 1.355 | -0,2% | 2,4% | 2,7% |
| Medical instruments | 2.767 | 2.691 | 2,8% | 4,9% | 5,4% |
| Raw materials and S.F. products | 1.597 | 1.237 | 29,1% | 2,8% | 2,5% |
| Totale | 56.073 | 49.632 | 13,0% | 100% | 100% |
SiderAL® line, the market leader in iron-based supplements, shows a growth of 12.2% compared to 30 June 2023, reaching a value market share of 52.7%1 in its reference market.
The sales of Cetilar® line show an increase of about 11.6% compared to the first half of 2023, thus reaching a value market share of 4.5%2 .
Apportal® continues its growth trend with an increase in revenue of 27.3% compared to the same period last year and a value share of 5.4%3 of the tonics market.
Operating expenses for the first half of 2024 increased in proportion to revenue and amounted to Euro 40.8 million, an increase of 12.7% compared to 30 June 2023 (Euro 36.2 million).
PharmaNutra Group's EBITDA for the half year closed at 30 June 2024 was 16.2 million Euro (14.1 million Euro in the first half of 2023), corresponding to a 28.4% margin on revenues, and an approximate increase of 15.3% compared to the same period of the previous year. Excluding the operating start-up costs of new initiatives (approximately Euro 2.8 million), the EBITDA margin would be higher than in the previous year.
The Net result for the period for the first half of 2024 amounted to Euro 8.9 million (Euro 7.2 million as at 30 June 2023).
3 Source: New Line market researches
1 Source: Iqvia data updated to the latest 2024 rework
2 Source: IQVIA data updated to the latest 2024 rework
The Net result per share for the first half of 2024 was Euro 0.93 compared to Euro 0.75 as at 30 June 2023.
The Net Financial Position as at 30 June 2024 showed a negative balance of Euro 4.5 million compared to the negative balance of Euro 2.6 million as at 31 December 2023, after paying dividends of Euro 8.2 million and purchasing treasury shares for Euro 0.3 million; capital expenditures in the half year amounted to about Euro 1,6 million.
Cash generated from operations in the period amounted to 7.8 million Euro, confirming the Group's large cash-generating capacity.
SIGNIFICANT EVENTS IN THE FIRST HALF OF 2024
Having exceeded the market capitalisation threshold of Euro 500 million for three consecutive years, at the beginning of the financial year PharmaNutra no longer qualified as a "Small and Medium Enterprise" ("SME") pursuant to article 1, paragraph 1, letter w-quater.1 of Italian Legislative Decree No. 58/1998 (the Consolidated Law on Finance - "TUF"). Following the entry into force of Italian Law No. 21 of 05 March 2024 ("Capital Law"), which raised the relevant capitalisation threshold for qualifying as a "Small and Medium Enterprise" ("SME"), as from the date of entry into force of such Capital Law (i.e. 27 March 2024), Pharmanutra regained the "SME" status.
On 4 March 2024, the Board of Directors of the Parent Company resolved to establish a new company, named Athletica Cetilar S.r.l. (Performance Centre). The company has a capital of Euro 100,000 and is 70% owned by PharmaNutra. The project envisages the creation of a sports medical centre aimed at optimising the performance of professional and amateur athletes, treating and resolving medical and physical problems, and developing the applications of the products of the Cetilar® lines.
On 15 April 2024, the Board of Directors of the Parent Company approved the plan to merge by incorporation the subsidiaries Junia Pharma and Alesco into PharmaNutra, pursuant to art. 2505 of Italian Civil Code and art. 17.2 of its Articles of Association.
In June, an important new scientific study on SiderAL® was published in an international journal following the peer-review method in a direct comparison with other competing oral iron-based products. This is a spontaneous retrospective observational clinical study conducted by Dr. Manoj A. Suva of the Pharmacology Unit of the University of Rajkot (India) involving 260 patients who had mild to moderate iron deficiency anaemia (haemoglobin values between 7 and 10 g/dL) and randomised into 4 different treatment groups.
The first group was treated with ascorbate iron (equal to 100 mg of elemental iron), the second with fumarate iron (equal to 50 mg of elemental iron), the third group with bisglycinate iron (30 mg of elemental iron) and the last with Sucrosomial® iron (30 mg of elemental iron). The study was aimed at assessing the efficacy and tolerability of the iron supplement treatments examined by analysing the haematochemical parameters at baseline (T0) and after 3 months of treatment (T1). The results showed that haemoglobin values after 3 months of supplementation improved significantly in the group treated with SiderAL® compared to the other conventional iron salts. These important results about SiderAL®'s superiority over the other products in the study were obtained by using a lower dosage of Sucrosomial® Iron (30 mg) than ascorbate iron and fumarate iron (100 mg and 50 mg, respectively), thus proving to be more effective even at low doses.
In the same month, the distribution of three products from the SiderAL® line on the Mexican market began under the agreement signed in November 2022 with the partner SMS Pharma, and the treasury share buyback programme was started in execution of the resolution passed at the Ordinary Shareholders' Meeting of 17 April 2024.
During the half year, 7,071 treasury shares were bought back. The purpose of the program is to enable the Company to take advantage of the opportunity to make a profitable investment, in cases where the market price trend of PHN shares, including for factors external to the Company, is not able to adequately express the value of the same, and thus to provide the Company with a useful capital expenditures
opportunity for any purpose permitted by current regulations. As at 30 June 2024, PharmaNutra holds 73,056 treasury shares equal to 0.75% of the share capital.
SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE FIRST HALF OF 2024
On 4 July the merger by incorporation of the subsidiaries Junia Pharma and Alesco into PharmaNutra was completed on schedule. The accounting and tax effects of the merger will be backdated to 1 January 2024.
The project for the organisational reorganisation of the PHN Group, aimed at pursuing greater management efficiency of the Group was concluded within the planned time frame, thus allowing for the development of significant IT, logistics, commercial, corporate and administrative synergies, also with a view to optimising business processes as well as allowing for the containment of the overall costs of the corporate structure. The organisational reorganisation will make it possible to unify and integrate operational processes and achieve greater flexibility and efficiency in the use of resources.
FORESEEABLE BUSINESS OUTLOOK
The solid organic growth that characterised the first half of 2024, in a highly challenging environment, is expected to continue in the second half of the year, allowing the company to achieve its targets for the current year.
In September, two products of the Sideral® line, SiderAL® Forte 30mg (in stick format) and SiderAL® 14mg (in stick format) will start being marketed in the German market. This is the first tangible result of the exclusive distribution agreement for Germany signed in June 2021 with Fresenius Kabi, a global healthcare company with which PharmaNutra has had a strong partnership for the distribution of its products in Austria and Hungary since 2015.
The fourth quarter will be marked by the launch of the orosoluble sucrosomial vitamin D3 and B12, for which studies have shown rapid and effective absorption compared to conventional formulations.
The development of the new projects launched in 2023 (Cetilar® Nutrition, PharmaNutra USA and PharmaNutra España) will continue, with a moderate reduction in margins for the current and next financial year.
The current international tensions and unpredictable developments in the scenarios linked to the current geopolitical situation generate widespread macroeconomic uncertainty that could affect the achievement of the company objectives.
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The First half financial report as at 30 June 2024, which has been subject to a limited audit, will be made available to the public in the manner and within the time frame provided for by applicable regulations.
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STATEMENT OF THE MANAGER RESPONSIBLE FOR PREPARING THE FINANCIAL REPORTS
The manager responsible for preparing the company's financial reports, Mr. Francesco Sarti, declares, pursuant to paragraph 2 of article 154-bis of the Italian Legislative Decree no. 58/1998, that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.
FINANCIAL STATEMENTS (subject to limited audit)
- Annex 1 Consolidated Balance Sheet
- Annex 2 Consolidated Income Statement and Consolidated Comprehensive Income Statement
- Annex 3 Statement of changes in Consolidated Shareholders' Equity
- Annex 4 Consolidated Cash Flow Statement (indirect method)
CONSOLIDATED BALANCE SHEET
| €/1000 | 30/06/2024 | 31/12/2023 |
|---|---|---|
| NON CURRENT ASSETS | 52.196 | 53.761 |
| Buildings, plant and equipment | 25.393 | 26.352 |
| Intangible assets | 23.245 | 22.542 |
| Investments | 142 | 4 |
| Non current financial assets | 296 | 293 |
| Other non current assets | 1.788 | 3.046 |
| Deferred tax assets | 1.332 | 1.524 |
| CURRENT ASSETS | 59.649 | 58.682 |
| Inventories | 7.573 | 8.166 |
| Cash and cash equivalents | 15.535 | 18.925 |
| Current financial assets | 6.271 | 6.193 |
| Trade receivables | 23.795 | 19.219 |
| Other current assets | 5.866 | 5.066 |
| Tax receivables | 609 | 1.113 |
| TOTAL ASSETS | 111.845 | 112.443 |
| NET EQUITY | 54.807 | 54.409 |
| Share Capital | 1.123 | 1.123 |
| Statutory Reserve | 225 | 225 |
| Treasury shares | (4.341) | (4.013) |
| Other reserves | 48.774 | 44.125 |
| IAS 19 Reserve | 256 | 199 |
| Fair value OCI reserve | (144) | (89) |
| FTA Reserve | 12 | 12 |
| Currency conversion Reserve | 5 | (7) |
| Result of the period | 8.897 | 12.834 |
| Group Equity | 54.807 | 54.409 |
| TOTAL LIABILITIES & EQUITY | 111.845 | 112.443 |
|---|---|---|
| Tax payables | 2.718 | 3.112 |
| Other current liabilities | 3.632 | 3.842 |
| Trade payables | 16.097 | 16.107 |
| Current financial liabilities | 5.879 | 4.585 |
| CURRENT LIABILITIES | 28.326 | 27.646 |
| Provision for employees and directors benefit | 3.222 | 2.500 |
| Provision for non current risks and charges | 4.319 | 4.458 |
| Non current financial liabilities | 21.171 | 23.430 |
| NON CURRENT LIABILITIES | 28.712 | 30.388 |
| Third parties equity |
PharmaNutra S.p.A.
Registered office Via Campodavela, 1 - 56122 Pisa, Italy | +39 050 7846500 pharmanutra.it | [email protected] | [email protected] Tax ID no. / VAT / Companies Reg. 01679440501 - SDI Code SUBM70N Sh. Cap. 1,123,097.70 € fully paid in | REA Economic and Administrative Index 146259
CONSOLIDATED INCOME STATEMENT
| €/1000 | 2024 | 2023 |
|---|---|---|
| TOTAL REVENUES | 56.996 | 50.247 |
| Net revenues | 56.073 | 49.632 |
| Other revenues | 923 | 615 |
| OPERATING EXPENSES | 40.797 | 36.193 |
| Purchases of raw material, cons. and supplies | 2.675 | 3.213 |
| Change in inventories | 829 | (1.925) |
| Expense for services | 32.745 | 31.144 |
| Employee expenses | 3.928 | 3.296 |
| Other operating expenses | 620 | 465 |
| EBITDA | 16.199 | 14.054 |
| Amortization, depreciation and write offs | 1.707 | 854 |
| EBIT | 14.492 | 13.200 |
| FINANCIAL INCOME/(EXPENSES) BALANCE | (244) | 7 |
| Financial income | 566 | 362 |
| Financial expenses | (810) | (355) |
| PRE TAX RESULT | 14.248 | 13.207 |
| Income taxes | (5.351) | (5.975) |
| Third parties result |
| Net result of the Group | 8.897 | 7.232 |
|---|---|---|
| Net income per share (Euro) | 0,93 | 0,75 |
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
| €/1000 | 2024 | 2023 |
|---|---|---|
| Result for the period | 8.897 | 7.232 |
| Gains (losses) from IAS adoption which will reversed to P&L | ||
| Gains (losses) from IAS adoption which will not be reversed to P&L | 2 | (126) |
| Comprehensive result of the period | 8.899 | 7.106 |
PharmaNutra S.p.A. Registered office Via Campodavela, 1 - 56122 Pisa, Italy | +39 050 7846500 pharmanutra.it | [email protected] | [email protected] Tax ID no. / VAT / Companies Reg. 01679440501 - SDI Code SUBM70N Sh. Cap. 1,123,097.70 € fully paid in | REA Economic and Administrative Index 146259
STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY
| €/1000 | Share Capital | Treasury Shares |
Legal reserve Other reserves FTA Reserve | OCI Fair value reserve |
IAS 19 Reserve |
Currency conversion Reserve |
Result of the period |
Total | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1/1 | 1.123 | (4.013) | 225 | 44.125 | 12 | (89) | 199 | (7) | 12.834 | 54.409 |
| Other changes | (328) | - | (55) | 57 | (326) | |||||
| Dividends paid | (8.173) | (8.173) | ||||||||
| Allocation of result | 12.834 | (12.834) | - | |||||||
| Result of the period | 8.897 | 8.897 | ||||||||
| Exchange differences | - | (12) | 12 | - | ||||||
| Balance as at 30/6 | 1.123 | (4.341) | 225 | 48.774 | 12 | (144) | 256 | 5 | 8.897 | 54.807 |
| €/1000 | Share capital | Treasury Shares | Legal reserve | Other reserves | FTA reserve | OCI Fair value reserve |
IAS 19 Reserve | Result of the period |
Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1/1/n-1 | 1.123 | (2.362) | 225 | 36.791 | 12 | (115) | 226 | 15.048 | 50.948 |
| Other changes | - | (1.621) | - | (127) | 1 | (1.747) | |||
| Dividends paid | (7.714) | (7.714) | |||||||
| Allocation of the result | 15.048 | (15.048) | - | ||||||
| Result of the period | 7.232 | 7.232 | |||||||
| 0 | - | (7) | (7) | ||||||
| Balance as at 30/06/n-1 | 1.123 | (3.983) | 225 | 44.118 | 12 | (242) | 227 | 7.232 | 48.712 |
Registered office Via Campodavela, 1 - 56122 Pisa, Italy | +39 050 7846500 pharmanutra.it | [email protected] | [email protected] Tax ID no. / VAT / Companies Reg. 01679440501 - SDI Code SUBM70N Sh. Cap. 1,123,097.70 € fully paid in | REA Economic and Administrative Index 146259
CONSOLIDATED CASH FLOW STATEMENT (INDIRECT METHOD)
| €/1000 | 2024 | 2023 |
|---|---|---|
| Net result before minority interests | 8.897 | 7.232 |
| NON MONETARY COST/REVENUES | ||
| Depreciation and write offs | 1.707 | 854 |
| Allowance to provisions for employee and director benefits | 472 | 410 |
| CHANGES IN OPERTAING ASSETS AND LIABILITIES | ||
| Change in provision for non current risk and charges | (139) | 1.927 |
| Change in provision for employee and director benefit | 250 | (2.666) |
| Change in inventories | 593 | (2.077) |
| Change in trade receivables | (4.757) | (3.126) |
| Change in other current assets | (800) | (3.378) |
| Change in tax receivables | 504 | 1.377 |
| Change in other current liabilities | (210) | (243) |
| Change in trade payables | 1.711 | (616) |
| Change in tax payables | (394) | 496 |
| CASH FLOW FROM OPERATIONS | 7.834 | 190 |
| Investments in intangible, property, plant and equipment | (1.560) | (9.761) |
| Disposal of intangibles, property, plant and equipment | 294 | 211 |
| Net investments in financial assets | (138) | 0 |
| Change in other assets | 1.258 | (855) |
| Change in deferred tax assets | 192 | 274 |
| CASH FLOW FROM INVESTMENTS | 46 | (10.131) |
| Other increase/(decrease) in equity | 14 | (133) |
| Treasury shares purchases | (328) | (1.621) |
| Dividends distribution | (8.173) | (7.714) |
| Financial assets increase | (1.008) | (423) |
| Financial assets decrease | 932 | 113 |
| Financial liabilities increase | 12 | 12.280 |
| Financial liabilities decrease | (2.338) | (4.919) |
| Financial ROU liabilities increase | 52 | 808 |
| Financial ROU liabilities decrease | (433) | (188) |
| CASH FLOW FROM FINANCING | (11.270) | (1.797) |
| TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | (3.390) | (11.738) |
| Cash and cash equivalents at the beginning of the period | 18.925 | 22.051 |
| Cash and cash equivalents at the end of the period | 15.535 | 10.313 |
| CHANGE IN CASH AND CASHH EQUIVALENTS | (3.390) | (11.738) |
PharmaNutra S.p.A. Registered office Via Campodavela, 1 - 56122 Pisa, Italy | +39 050 7846500 pharmanutra.it | [email protected] | [email protected] Tax ID no. / VAT / Companies Reg. 01679440501 - SDI Code SUBM70N Sh. Cap. 1,123,097.70 € fully paid in | REA Economic and Administrative Index 146259
PharmaNutra S.p.A.
Founded and led by the President Andrea Lacorte and Vice President Roberto Lacorte, PharmaNutra was established in 2003. It develops unique nutritional supplements and innovative nutritional devices, handling the entire production process, from proprietary raw materials to finished product. PharmaNutra is a leader in the production of iron-based nutritional supplements with the SiderAL® brand, where it can claim important Sucrosomial® Technology patents, and is considered one of the top players in the sector of medical devices dedicated to the restoration of joint capacity thanks to the Cetilar® brand, now on the market also with Cetilar® Nutrition, a line of supplements designed for those who practice sport constantly. Over the years the Group - present abroad in over 80 countries - has developed precise strategy for the management and production of intellectual property, founded on the integrated management of all the various elements: proprietary raw materials, patents, brands and clinical evidence. PharmaNutra.it
For further details
Via Campodavela, 1 - 56122 Pisa, Italy Tel. +39 050 7846500 [email protected]
Internal Press Office [email protected]
PharmaNutra S.p.A. Press Office - Spriano Communication & Partners
Via Santa Radegonda, 16 - 20121 Milan, Italy Tel. +39 02 83635708
Matteo Russo [email protected] Cristina Tronconi [email protected]
PharmaNutra S.p.A.
Registered office Via Campodavela, 1 - 56122 Pisa, Italy | +39 050 7846500 pharmanutra.it | [email protected] | [email protected] Tax ID no. / VAT / Companies Reg. 01679440501 - SDI Code SUBM70N Sh. Cap. 1,123,097.70 € fully paid in | REA Economic and Administrative Index 146259
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