Today, Beiersdorf released its financial report of the first nine months of 2024. It delivered robust financial results for the first nine months of 2024, with organic sales growth of 6.5% compared to the same period last year, reaching €7.5 billion.
CEO Vincent Warnery expressed his satisfaction with the company’s performance, particularly in the third quarter of 2024, where several key areas experienced double-digit growth. Warnery pointed to the North American market’s resurgence after a challenging first half of the year, the remarkable performance of Emerging Markets, driven primarily by NIVEA’s success, and the strong results of the company’s Derma brands as key drivers of this growth. He highlighted the recent launch of the anti-aging innovation Epicelline® under the Eucerin brand, which achieved exceptional sales results shortly after its September launch. This product is positioned to become one of the company’s most successful launches, already present in over 30 countries. Warnery praised the entire Beiersdorf team for their efforts and emphasized the company’s strong position heading into the fourth quarter of 2024, expecting to finish the year in line with its full-year guidance.
The Consumer Business Segment, which represents a significant portion of Beiersdorf’s business, saw an impressive 7.3% organic growth, generating €6.3 billion in sales. This growth was bolstered by the resurgence of the North American market, continued success in Emerging Markets, and strong performance in the global Derma business.
The NIVEA brand, one of Beiersdorf’s most iconic products, delivered outstanding performance during the first nine months of the year. Organic sales growth for NIVEA reached 9.4%, with significant contributions from both the Skin Care and Personal Care segments. The brand’s success was broad-based, with key categories such as Body Care, Face Care, Sun Care, and Deodorants all performing exceptionally well. This growth was largely driven by double-digit sales increases in Emerging Markets, with other key regions also contributing to NIVEA’s strong performance.
Beiersdorf’s Derma brands, Eucerin and Aquaphor, also delivered impressive results, with organic sales growth of 8.8% during the first three quarters of 2024. Despite facing a high comparison base from 2023 and unfavorable currency effects in Argentina, these brands managed to achieve double-digit growth on a global level in the third quarter, particularly in North America, which saw a resurgence. The launch of Epicelline® further fueled this growth, positioning Eucerin as a leader in the anti-aging skincare segment.
However, the company’s luxury brand, La Prairie, faced challenges, with organic sales declining by 7.3% in the first three quarters of the year. This decline was primarily driven by the continued weakness in the Greater China region, including Mainland China and Hainan, which negatively impacted the Travel Retail market. Despite these headwinds, La Prairie managed to outperform the market and gain significant market share in this demanding environment, showcasing the brand’s resilience in a challenging sector.
In terms of regions, during the first nine months, the Group’s sales in Europe reached €3.353 billion, a year-on-year increase of 4.4%; sales in the Americas reached €1.969 billion, a year-on-year increase of 3.1%; and sales in the Africa/Asia/Australia region reached €2.228 billion, a year-on-year increase of 4.3%.
In light of these positive developments, Beiersdorf’s overall performance in the first nine months of 2024 is fully in line with the company’s expectations. The company remains confident in its full-year outlook and has confirmed its guidance for 2024. Beiersdorf expects the Consumer Business Segment to achieve organic sales growth in the range of 6-8%, with an EBIT margin (excluding special factors) expected to be 50 basis points higher than the previous year.
