Annual report 2023

Overview of 2023

2023 represented a year of progress and innovation, marked by our market segments’ resilience and growth during 2023. At a group level we grew our revenues despite a persisting volatile environment. We are proud of the performance of our teams in reaching the critical milestones for the year, moving us forward towards our mission, to provide innovative solutions that help millions of people live healthier and more confident lives.

Building for the future

We successfully launched and finalized the creation of our new European production hub for the Industry segment in Valencia, Spain. Working round the clock and within the time frame of less than a year, our teams have delivered this crucial project in record time. The facility with a size of over 14,000m2 and more than 200 employees is now fully geared to deliver high-quality products for the Adhesives & Sealant Industries. During the year we also commenced the buildup of our new manufacturing facility for Healthcare business area near Atlanta, USA. We aim to start serving our Surgery customers from this new facility from mid-2024, strengthening our presence in the world’s largest Healthcare market.

Making strides in inorganic growth

Reflecting our strong M&A track record, 2023 also witnessed our successful integration of the majority stake in Qiaoyi, a Chinese beauty manufacturing business, bringing to life our local-for-local strategy for this key market. With nearly 400 new employees joining the medmix team from this integration, we continue to strengthen our workforce.

Furthermore, our Drug Delivery market segment entered a strategic alliance with AARDEX, the leading global player in digital medication adherence in clinical trials, by acquiring a minority stake in the company. With medication adherence monitoring fast becoming a priority for Pharma and Biotech, this investment partnership gives us the advantage of increased proximity to pharma customers from an early stage.

In another positive development, we successfully sold our legal entity in Wroclaw, Poland, and have been removed from the Polish list of sanctioned entities.

Changes to Board of Directors and Executive Committee

Further strengthening our management team, Xavier Schops was appointed to the Executive Committee in November. At the Annual General Meeting in April, Rob ten Hoedt was appointed Chairman of medmix’ Board of Directors, taking over from Greg Poux-Guillaume. In addition, David Metzger became a new member of the Nomination & Remuneration Committee. With these changes, the Board of Directors continues to be well prepared for the future.

We are confident that planned operational measures, combined with the dedication of our Executive Committee, the Board of Directors as well as our employees will position us for sustained growth and success in the long term.

Ongoing support of shareholders is invaluable to us and as always, we are committed to transparency and open communication with our stakeholders. As to this, in the following you will find our Compensation Report for financial year 2023.