Financial results
Werfen’s financial health remains strong, and with the acquisition of Immucor, we added two new business lines, strengthening our position as a global leader in Specialized Diagnostics.


Navigating debt for strategic growth
In 2023, after years of preparing for a move like this, Werfen significantly increased its level of debt. The reason? The strategic acquisition of Immucor for an amount of close to USD 2 billion.
Immucor, a Transfusion and Transplant diagnostics leader, was of great interest to us. The acquisition was a bold move that underscored our commitment to broadening our Specialized Diagnostics portfolio and entering new clinical areas.
Despite the acquisition-induced debt, Werfen’s financial health remains strong. The company closed the year with a debt-to-EBITDA ratio of less than 3.6x, a level well within industry norms. This prudent approach ensures that Werfen maintains flexibility while leveraging debt for strategic growth.
Both Standard & Poor’s and Fitch Ratings have acknowledged Werfen’s financial strength by assigning it an Investment Grade rating. This recognition highlights the company’s solid fundamentals, eliminating any concerns about its debt load. Investors, employees, and other stakeholders can take comfort in the fact that these reputable agencies endorse Werfen’s creditworthiness.
This was further shown in June when Werfen issued a €500 million bond. The move garnered an overwhelmingly positive response from the financial community. Bond proceeds were earmarked exclusively for debt reduction, demonstrating our commitment to maintaining a healthy balance sheet.
Werfen management remains steadfast in its commitment to financial prudence. The company’s conservative approach extends beyond the Immucor acquisition. By diligently exploring new revenue streams, optimizing operations, and managing expenses, we aim to further reduce debt diligently.
Werfen’s foray into debt may have surprised some, but it’s a calculated risk in pursuit of strategic growth. With Transfusion and Transplant business lines now part of our company, we are poised to make significant strides in the diagnostics sector. As long as the company maintains its financial discipline, this debt will not be a concern, but a catalyst for future success.
Javier Gómez
Chief Financial Officer
Key financial data
We achieved milestone sales of €2.1 billion, and €500 million EBITDA for 2023. Our core business lines reported solid growth, following the full normalization of COVID-19 impact, with outstanding performances from Acute Care and Autoimmunity.