May 17, 2020

Nib net profit up 3% to $67.6mln in the year to June 30

The health insurer
the introduction of income testing
2 min
Nib net profit up 3% to $67.6mln in the year to June 30
The health insurer Nib has reported a 3% rise in the net profit of $67.6 million in the year to June 30, from $65.5 million in the previous year. The c...

The health insurer Nib has reported a 3% rise in the net profit of $67.6 million in the year to June 30, from $65.5 million in the previous year.

The company’s preferred measure of performance and its underwriting profit stood at $70.7 million. That was up 1.6% from the previous year on a like-for-like basis, said the company’s Managing Director Mark Fitzgibbon.

Dr. Fitzgibbon also said, “Despite the expected impact of the introduction of income testing of the federal government health insurance rebate, the market would keep growing.  He also said, “Increasingly, people don’t want to risk having to rely on the public health system.”

Dr Fitzgibbon stated, “We still see as our core strength our attraction in the under 40s market but we are very determined to grow the market share in the over 55s and corporate segments.” Further he added, “We also expect our international operations more and more important to our future earnings.”

Meanwhile, Dr. Fitzgibbon also stated, “The Company expects to make an underwriting profit in the range of $70 million to $75 million in the 2012-13 financial year.”

The health insurance company declared a fully-franked final dividend of 5 cents a share.

Nib is Australia’s fastest growing health fund that provides affordable health cover to more than 800,000 people nationwide. The company has recently become the first Australian health fund to demutualise and list on the Australian Securities Exchange.

Share article

Jun 22, 2021

Bachem turns 50 - a timeline

3 min
As Bachem turns 50, we take a look at the company's history

Bachem, a supplier to pharmaceutical and biotechnology companies worldwide, is celebrating its 50th anniversary this month. We take a look at the Swiss company's history.  

1971 - beginnings

Bachem is founded by entrepreneur Peter Grogg in Liestal, a small town near Basel in Switzerland. Grogg started the firm with just two employees, and with a focus on peptide synthesis - peptides are composed of amino acids that have a variety of functions treating health conditions such as cancer and diabetes. 

1977 - 1981 - early growth

Bachem moves its headquarters to the Swiss town of Bubendorf, with eight employees. In 1978 the company produces peptides for use in medicines for the first time. In 1981 production capacity triples and the workforce grows to 150. 

 1987 - 1996 - worldwide expansion

The company expands into the US with Bachem Bioscience, Inc. in Philadelphia. To strengthen its presence in Europe, Bachem opens sales and marketing centres in Germany in 1988. 

Further sales centres open in France in 1993. By 1995 the company employs 190 people. In 1996 it acquires the second largest manufacturer of peptides in the world and forms Bachem California with a site in Torrance. 

 1998 - 2003 - Bachem goes public

Bachem company goes public and lists shares on the Swiss Stock Exchange. Further acquisitions include Peninsula Laboratories, Inc, based in California, and  Sochinaz SA, a Swiss-based manufacturer of active pharmaceutical ingredients.  By 2001, the company has 500 employees and sales reach 141 million CHF.

In 2003 the organisation is given a new legal holding structure to support its continued growth, which remains in place to this day. 

2007 - 2013 - acquisitions

Bachem acquires a brand by Merck Biosciences for ready-to-use clinical trial materials and related services. 

In 2013, together with GlyTech, Inc. Bachem announces the development of a new amino acid that can help to treat multiple sclerosis, with a world market of more than $4 billion. 

In 2015 it acquires the American Peptide Company (APC), which becomes integrated into Bachem Americas. 

2016 - 2019 - a global leader

In 2016 the group opens a new building dedicated to R&D projects and small series production in Bubendorf. With a total of 1,022 employees, the workforce exceeds the 1,000 mark for the first time in the company’s history. Sales are over the 200 million mark for the first time at 236.5 million CHF.
Bachem expands into Asia with the establishment of a new company in Tokyo called Bachem Japan K.K. 

By 2019 Bachem has a growing oligonucleotide portfolio - these are DNA molecules used in genetic testing, research, and forensics. It is hoped this will become a significant product range in the future. 

2020 - COVID-19

Despite the COVID-19 pandemic, Bachem secures its supply of active ingredients, and even increases it in critical areas. Sales exceed the 400 million Swiss franc mark for the first time, and  272 new employees are hired.  

2021 - a milestone anniversary

Bachem celebrates its 50th anniversary and position as a global leader in the manufacture of peptides. While it  remains headquartered in Bubendorf, the company employs 1,500 people at six locations worldwide. In the next five years there are  plans to continue expanding. 

Commemorating the company's anniversary, Kuno Sommer, Chairman of the Board of Directors, said: "Bachem's exceptional success story from a small laboratory to a global market leader is closely linked to Peter Grogg's values, and has been shaped by innovation, consistent quality and cost awareness, as well as by entrepreneurial vision."

Share article