Fintech PR
Euroclear delivers strong performance in 2023
BRUSSELS, Feb. 1, 2024 /PRNewswire/ — Results for the year ending 31 December 2023
Financial highlights
Euroclear continues to separate Russian sanction-related earnings from the underlying financial results and retain these profits until further guidance is provided on the distribution or management of such profits.
- Underlying business income reached a record EUR 1,658 million, an increase of 3% year-on-year.
- Underlying net profit increased by 63% to almost EUR 1 billion, driven by a robust business performance and a high interest rates environment.
- Underlying operating expenses increased by 14% to EUR 1,290 million, on higher inflation and increased investments in line with our strategic ambition to develop digital capabilities and IT infrastructure. The impact of inflation on the group’s workforce and non-payroll related costs accounted for an increase of around 5% compared to 2022.
- Net interest earnings amounted to EUR 5.5 billion, of which EUR 4.4 billion relate to interests linked to Russian sanctions.
- The Russian sanctions and countermeasures resulted in direct costs of EUR 62 million and a loss of business income of EUR 24 million.
- Group impairments were recorded in 2023 totalling EUR 125 million, principally related to the impairment of part of the goodwill of our Swedish CSD. The harsher economic conditions and reduced volumes combined with an increase in costs are expected to persist, leading to reduced long-term projections. This has resulted in an impairment of EUR 100 million of the goodwill of the group’s Swedish CSD.
- Euroclear achieved an underlying EBITDA margin of 57.4%, an increase of 9.7 percentage points compared to 2022.
- Underlying earnings per share rose by 63% to EUR 312.1 per share, reflecting the continued increase in net profit.
- The Board proposes to pay a dividend per share of EUR 210 in the third quarter of 2024. This represents an increase of 82% and maintains the pay-out ratio at 60% of the underlying earnings.
Lieve Mostrey, Chief Executive Officer of Euroclear Group, commented:
“2023 was another turbulent year, with geopolitical tensions impacting our macro-economic reality and the global capital markets. In times of complexity and market uncertainty, it is rewarding to know that our diverse client base continues to rely on us for safety and efficiency in processing and safeguarding their assets.
In 2023, we reached a record underlying business income of EUR 1,658 million and an underlying net profit of almost EUR 1 billion, driven by a robust business performance and a high interest rates environment. We also made solid progress in delivering on our strategic objectives, maintaining our focus on clients, while further developing ESG, data and digital capabilities, and continuing to grow our business internationally. Key achievements include the launch of the Digital Securities Issuance (D-SI) service, the successful connection of Euroclear Bank and Euroclear Finland to the European Central Bank’s T2S settlement system and the opening of a new Tech Hub in Krakow, allowing us to create 400 new jobs.
As we recently announced a leadership transition and the selection of Valérie Urbain as my successor, this is my last set of full-year results as CEO of Euroclear. I would like to take this opportunity to thank our colleagues across the entire group for their commitment and dedication in delivering another robust performance, servicing our clients and contributing to preserve the certainty, fluidity, and safety of our markets.”
|
Financial overview |
||||||||||||||||
|
Euroclear Holding  |
||||||||||||||||
|
(€ m) |
FY 2022 |
Russian |
FY 2022 |
FY |
Russian |
FY 2023 |
Underlying |
|||||||||
|
Operating income |
2,769 |
814 |
1,955 |
7,171 |
4,400 |
2,771 |
816 |
42 % |
||||||||
|
– Business income |
1,600 |
-7 |
1,607 |
1,634 |
-24 |
1,658 |
51 |
3 % |
||||||||
|
– Interest, banking & |
1,170 |
821 |
348 |
5,537 |
4,424 |
1,113 |
765 |
219 % |
||||||||
|
Operating expenses |
-1,152 |
-20 |
-1,133 |
-1,351 |
-62 |
-1,290 |
-157 |
-14 % |
||||||||
|
Operating profit |
1,617 |
795 |
823 |
5,820 |
4,339 |
1,481 |
658 |
80 % |
||||||||
|
Impairment |
-12 |
-1 |
-12 |
-125 |
0 |
-125 |
-113 |
|||||||||
|
Pre tax profit |
1,605 |
794 |
811 |
5,695 |
4,339 |
1,356 |
545 |
67 % |
||||||||
|
Tax |
-405 |
-197 |
-208 |
-1,459 |
-1,085 |
-374 |
-166 |
-80 % |
||||||||
|
Net profit |
1,200 |
597 |
603 |
4,236 |
3,254 |
982 |
380 |
63 % |
||||||||
|
EPS |
381.3 |
191.5 |
1346.0 |
312.1 |
||||||||||||
|
Business income |
28.0 % |
29.5 % |
17.3 % |
22.2 % |
||||||||||||
|
EBITDA margin |
62.3 % |
47.7 % |
82.7 % |
57.4 % |
||||||||||||
Robust business performance in subdued market conditions
With a record underlying business income of EUR 1,658 million (+ 3% year-on-year), Euroclear continues to deliver growth despite subdued market conditions. In contrast with 2022, which was characterised by volatile markets following the invasion of Ukraine, 2023 saw market activity slightly decrease while equities valuations recovered. Fixed-income issuance performed well. The diversification of Euroclear’s business continues to provide resilience thanks to its subscription-like model as approximately three quarters of the group’s business income is decoupled from financial market valuation.
- Eurobond and European assets performance resulted from solid issuance and partial recovery of equities valuations, in spite of lower levels of trading compared to last year in most markets.
- The investment funds business also suffered from lower activity mainly impacting mutual funds. ETF investment remained strong.
- Revenue emanating from the Collateral Highway increased despite reduced volumes for lending and borrowing.
- Global and Emerging Markets performance remained solid amid interest in new, emerging markets.
|
Key business drivers |
||||
|
FY2022 |
FY2023 |
YoY evolution |
3-year CAGR |
|
|
Assets under custody |
€35.5 trillion |
€37.7 trillion |
+6 % |
+4.8 % |
|
Number of transactions |
304 million |
299 million |
-2 % |
+2.8 % |
|
Turnover |
€1,066 trillion |
€1,072 trillion |
+1 % |
+6.1 % |
|
Fund assets under custody |
€2.8 trillion |
€3.1 trillion |
+10 % |
+6.5 % |
|
Collateral highway |
€1.79 trillion |
€1.67 trillion |
-7 % |
+2.7 % |
|
Underlying cash deposits (year average) |
€25.8 billion |
€23.7 billion |
-8 % |
+4.8 % |
|
Quarterly evolution of key business drivers |
||||
|
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
|
|
Assets under custody (in EUR billion) |
36,586 |
36,830 |
36,952 |
37,714 |
|
Number of transactions (in million) |
79.10 |
72.98 |
71.69 |
75.47 |
|
Turnover (in EUR billion) |
281,091 |
265,108 |
266,905 |
259,382 |
|
Fund assets under custody (in EUR billion) |
2,902 |
2,989 |
3,014 |
3,111 |
|
Collateral highway (in EUR billion) |
1,747 |
1,678 |
1,668 |
1,670 |
|
Underlying cash deposits (in EUR billion) |
25.5 |
25.4 |
22.1 |
22.0 |
In 2023, Euroclear progressed the renewed Group Strategy announced in 2022, laying the foundations for the next phase of Euroclear’s diversification and growth.
Embracing digital assets
In line with Euroclear’s aspiration to become a digital and data-enabled financial market infrastructure, a D²-FMI, it launched its new Digital Securities Issuance (D-SI) service in September 2023.
The service enables the issuance, distribution and settlement of fully digital international securities – Digitally Native Notes (DNN) – on distributed ledger technology (DLT). The inaugural DNN was issued by the World Bank, raising EUR 100 million to support its sustainable development activities. The DNN is automatically linked to the traditional settlement platform of Euroclear for secondary market operations, ensuring investors full access to liquidity.
Separately, in December 2023, Fnality, an international consortium of banks and financial institutions, including Euroclear, announced it had completed the first blockchain payments at the Bank of England. Fnality aims to bring central bank money in a digital tokenized form with near-real-time 24/7 settlement capability to allow banks to significantly reduce their intraday liquidity requirements.
Growing the funds business
Building on its acquisitions of MFEX and Goji, Euroclear has continued to enhance its service offering in investment funds with the launch of a new service targeting private market funds. Leveraging Goji’s capabilities and the FundSettle platform, the new service complements Euroclear’s existing money market, mutual and alternative fund offerings. The launch of the new service also follows the gradual inclusion of MFEX’s distribution and data services into the FundSettle platform.
To further streamline Euroclear’s funds offering and reflect its ambition to create a true one-stop-shop offering to clients across the full spectrum of funds products, Euroclear’s funds offering transitioned to a new brand name, Euroclear FundsPlace.
Euroclear also continued to deploy innovative services for fund distributors globally. In 2023, several clients from Europe and Asia chose Euroclear’s fund platform for the onboarding of their investment funds. Euroclear provides a one-stop-shop solution for fund distribution and execution services via its extensive network, allowing these clients to have access to more than 100,000 funds.
Forging stronger connections
Euroclear fully supports the need for integrated, deep and liquid capital markets within the European Union. As a common settlement platform for Europe, the European Central Bank’s TARGET2-Securities (T2S) system underpins this harmonised environment.
Euroclear Bank and Euroclear Finland successfully completed the connection to the European Central Bank’s T2S settlement system in late 2023. By joining this common infrastructure, the Finnish CSD can offer its users delivery-versus-payment settlement of securities and cash in euro and Danish krone central bank money.
Euroclear also continues to grow its international ecosystem in Asia. Euroclear Bank and the Korea Securities Depository took further step in making the Korean market “Euroclearable” by signing an agreement to open an omnibus account structure in August 2023. The link will allow international investors efficient post-trade access to KTBs.
Acting responsibly
In 2023, Euroclear continued to build on its strong ESG foundations established in previous years. It has started work on implementing the principles laid out in its ESG Board policy and begun to measure progress against the ESG KPIs which were approved in early 2023. Euroclear has made progress against its commitments in many areas, meeting its supply-chain screening targets, receiving approval for its targets from the Science Based Targets initiative (SBTi) and broadening its training offer. Actions are ongoing to integrate ESG into its current service offering, together with its business partners Impact Cubed and Greenomy.
Within its workplace, Euroclear aims to foster a healthy, performant and learning-orientated corporate culture. Last year, Euroclear onboarded 800 new employees and started to work with the World Economic Forum as one of its partners for ‘The Good Work Alliance’ which commits to building a more resilient, equitable, inclusive and just future of work.
Shareholder evolution
In recent years, Euroclear’s shareholder base has evolved from its traditional “user-owned” model to include a greater proportion of longer-term institutional investors. In 2023, the group welcomed two new shareholders: New Zealand Super Fund and Novo Holdings, each holding 4.99% and 3.22% respectively.
Furthermore, two of Euroclear’s main shareholders reinforced their holding last year. Société Fédérale de Participations et d’Investissement (SFPI/FPIM) acquired 1.79% from various sellers, and now holds 12.92%, while Caisse des Dépôts et Consignations (CDC) increased its holding by 4.19%, and now holds 10.91%.
The long-term investment vision and commitment of this increasingly diversified shareholder base strengthens Euroclear’s position as a neutral and open financial market infrastructure.
CEO transition
As announced on 15 January 2024, Valérie Urbain has been chosen by the Board as the successor to Lieve Mostrey as Chief Executive Officer of the Euroclear group. Having received the relevant regulatory approvals, Lieve Mostrey and Valérie Urbain will ensure a smooth and orderly transition period until the renewal of the Euroclear Board member mandates at the General Meeting on 3 May 2024.
Lieve Mostrey has led Euroclear as group CEO since January 2017. Under her tenure, Euroclear grew its business, expanded its global footprint, enriched its funds offering notably through the acquisitions of MFEX and Goji and accelerated value creation for shareholders, while at the same time securing CSDR licenses for each of its operating entities.
With over 30 years of experience at Euroclear in a variety of senior roles, including as Head of Human Resources of Euroclear Group, CEO of Euroclear Bank and most recently as Chief Business Officer, Valérie brings unparalleled knowledge of Euroclear, clients and market trends. She has been a key architect of its successful business strategy.
Update on Russian sanctions and countermeasures
The number of sanctions and countersanctions that have been introduced since February 2022 are unprecedented and continue to have a significant impact on the daily operations of Euroclear. While new sanctions were issued at a declining pace in 2023, these still resulted in more breakage of straight-through process and increased manual interventions.
Well-established processes are in place which allow the group to implement the sanctions, while maintaining the normal course of business. However, one consequence of the sanctions is that blocked coupon payments and redemptions owed to sanctioned entities results in an accumulation of cash on Euroclear Bank’s balance sheet. At the end of 2023, Euroclear Bank’s balance sheet had increased by EUR 38 billion year-on-year to a total of EUR 162 billion.
Euroclear’s priority has been to manage the sanctions according to the spirit and letter of the law. As per Euroclear’s standard procedures, Euroclear does not remunerate cash balances and such cash balances are re-invested to minimise risk and capital requirements. Prudent management of such risks is a requirement under Euroclear’s Risk Appetite and Policies and expected by the EU Capital Requirements Regulation. The interest received on the reinvestment of cash balances is net interest income earned by Euroclear.
In 2023, interest arising on cash balances from Russia-sanctioned assets was approx. EUR 4.4 billion. Such interest earnings are driven by two factors: (i) the prevailing interest rates and (ii) the amount of cash balances that Euroclear is required to invest. Subject to Belgian corporate tax, these earnings will generate EUR 1,085 million tax revenue for the Belgian State in 2023. As such, future earnings will be influenced by the evolving interest rate environment and the size of cash balances as the sanctions evolve.
Since considerable uncertainties persist, Euroclear considers it necessary to separate the estimated sanction-related earnings from the underlying financial results when assessing the company’s performance and resources.
Euroclear is faced with a high level of complexity in managing both the wide-ranging package of sanctions and a set of countermeasures, which Russia has implemented to try to mitigate the impact of the sanctions. Euroclear allocates considerable time, resources and capital to manage market issues, potential risks and implications of these countermeasures, while maintaining regular dialogue with clients and other stakeholders.
Overall, Euroclear incurred additional direct costs from the management of Russian sanctions of EUR 62 million in 2023, with considerable senior management and Board focus on the topic. Additionally, the international sanctions and Russian countermeasures have resulted in a loss of activities from sanctioned clients and Russian securities, which negatively impacted business income by EUR 24 million.
2023 also saw various parties contest the consequences of the application of sanctions, with a significant number of legal proceedings ongoing, almost exclusively in Russian courts. Claimants have initiated legal proceeding aiming mainly to access the assets blocked in Euroclear’s books. Despite all legal actions taken by Euroclear and the considerable resources mobilised, the probability of unfavourable rulings in Russian courts is high since Russia does not recognise the international sanctions. Euroclear will continue to defend itself against all legal claims.
In parallel, the Board notes that the European Commission is contemplating various options to use the profits generated by the reinvestment of sanctioned amounts held by financial institutions, including Euroclear, for the financing of Ukraine’s reconstruction.
Euroclear is focused on minimising potential legal and operational risks that may arise for itself and its clients from the implementation of any proposals from the European Commission. The company continues to act in a transparent manner with all authorities involved and to retain profits related to the international sanctions applicable on Russian assets until further guidance is provided on the distribution or management of such profits.
Euroclear continues to monitor and assess the potential impact of post balance sheet events on its 2023 financial statements.
Annexes
Cash balances related to Russian sanctions
Infographic – https://mma.prnewswire.com/media/2331196/Euroclear_1.jpg
“Business as usual” cash balances
Infographic – https://mma.prnewswire.com/media/2331195/Euroclear_2.jpg
Euroclear Bank and Euroclear Investments are the two group issuing entities. The summary income statements and financial positions at Q4 2023 for both entities are shown below.
|
Figures in Million of EUR |
Q4 2023 |
Q4 2022 |
Variance |
||||||
|
Euroclear Bank Income Statement (BE GAAP) |
|||||||||
|
Net interest income |
5,506.3 |
1,199.1 |
4,307.2 |
||||||
|
Net fee and commission income |
1,085.8 |
1,033.7 |
52.1 |
||||||
|
Other income |
22.2 |
-5.2 |
27.4 |
||||||
|
Total operating income |
6,614.3 |
2,227.6 |
4,386.6 |
||||||
|
Administrative expenses |
-866.3 |
-696.8 |
-169.5 |
||||||
|
Operating profit before impairment and taxation |
5,747.9 |
1,530.8 |
4,217.1 |
||||||
|
Result for the period |
4,295.1 |
1,147.6 |
3,147.5 |
||||||
|
Euroclear Bank Statement of Financial Position |
|||||||||
|
Shareholders’ equity |
6,897.2 |
2,953.4 |
3,943.8 |
||||||
|
Debt securities issued and funds borrowed (incl. subordinated debt) |
4,522.6 |
5,399.0 |
-876.5 |
||||||
|
Total assets |
161,567.3 |
123,569.9 |
37,997.3 |
||||||
|
Euroclear Investments Income Statement (BE GAAP) |
Q4 2023 |
Q4 2022 |
Variance |
||||||
|
Dividend |
395.5 |
313.4 |
82.1 |
||||||
|
Net gains/(losses) on financial assets & liabilities |
14.7 |
-2.9 |
17.6 |
||||||
|
Other income |
0.0 |
-0.1 |
0.1 |
||||||
|
Total operating income |
410.2 |
310.3 |
99.9 |
||||||
|
Administrative expenses |
-1.3 |
-4.5 |
3.1 |
||||||
|
Operating profit before impairment and taxation |
408.9 |
305.9 |
103.0 |
||||||
|
Result for the period |
405.1 |
306.0 |
99.1 |
||||||
|
Euroclear Investments Statement of Financial Position |
|||||||||
|
Shareholders’ equity |
699.4 |
666.4 |
33.1 |
||||||
|
Debt securities issued and funds borrowed |
1,656.5 |
1,655.1 |
1.4 |
||||||
|
Total assets |
2,356.1 |
2,321.9 |
34.2 |
||||||
Euroclear Investments has been relocated from Luxembourg to Belgium on 31 December 2022 at midnight. The financial statements are now prepared under Belgian GAAP, and the 2022 figures have been restated accordingly.
Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency, and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives, and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation, and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & International.
Contact:
Thomas Churchill
[email protected]
+32 471 63 65 35
Pascal Brabant
[email protected]
+32 475 78 36 62
Logo: https://mma.prnewswire.com/media/2064818/Euroclear_logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/euroclear-delivers-strong-performance-in-2023-302049734.html
DUBAI, UAE, Oct. 15, 2024 /PRNewswire/ — On the first day of GITEX GLOBAL 2024, the Huawei Finance Forum was held under the theme of Boost Resilience, Reshaping Smarter Finance Together. This forum explored how to build resilient financial infrastructure for the future, as well as digital transformation and ecosystem development to help financial institutions gain a new competitive edge.
Over the past 15 years, China’s finance industry has undergone a significant transformation, largely driven by FinTech giants. As Chinese banks embarked on their digital transformation journey, Huawei developed an FSI solution framework, which focuses on reshaping customers’ resilience, agility, and intelligence.
“The value Huawei brings to our customers is not only in our products and solutions, but also in our unique capabilities, such as best practices worldwide, a global ecosystem, and an extensive digital talent system in China. These capabilities are crucial for customers’ successful transformation.” Shared by Alvin Feng, Director of Global Marketing and Solution Sales, Huawei Digital Finance BU.
Huawei has proposed reshaping resilient financial infrastructure with 4 Zeros: Zero Downtime, Zero Wait, Zero Touch, and Zero Trust. To achieve this, we need to coordinate cloud, network, storage, and computing infrastructure to develop an end-to-end resilient system.
Application modernization is vital for reshaping agility. Huawei has successfully supported many banks in transforming their legacy centralized architecture towards a cloud-native distributed architecture.
In terms of reshaping intelligence. Huawei supports banks in enhancing real-time data operations, a fundamental step for data intelligence. Meanwhile, we actively boost Generative AI adoption in banks through joint innovations in various scenarios.
“Huawei is pioneering the future of intelligent finance, seamlessly blending AI innovation with enduring infrastructure. Their vision for All Intelligence and commitment to building resilient, secure, and efficient financial ecosystems is transforming the industry, creating smarter, more inclusive services for the AI era.” Said Dr. Jassim Haji, President of the International Group of Artificial Intelligence, Executive Advisor of HH (His Highness) Nasser Artificial Intelligence Research and Development Center.
“Huawei is continuously collaborating with global and local ecosystem partners to deliver value to customers by developing competitive scenario-based solutions”, stated by Roger Wang, Director of Partner Development & Sales, Digital Finance BU, Huawei. We consistently add value to our customers’ success through our global best practices, business and architecture innovation, and excellent service and support.
For more details, please visit: https://e.huawei.com/en/industries/finance
Photo – https://mma.prnewswire.com/media/2531210/image_986294_58657447.jpg
Photo – https://mma.prnewswire.com/media/2531211/image_986294_58657478.jpg
Photo – https://mma.prnewswire.com/media/2531212/1.jpg
View original content:https://www.prnewswire.co.uk/news-releases/reshaping-finance-huaweis-commitment-to-4-zero-and-resilient-infrastructure-302276872.html
Luxury Living Redefined with Attractive Investment Opportunities Starting from QAR 1.7 Million for apartments and QAR 3.4 Million for townhouses in Downtown Lusail
Flexible Payment Plans with 0% Interest and Direct Financing
Freehold Ownership and Residency in Qatar
DOHA, Qatar, Oct. 15, 2024 /PRNewswire/ — Qatari Diar Real Estate Investment Company announced the launch of exclusive upscale waterfront townhouses at The Seef in Downtown Lusail, offering exceptional investment opportunities with 0% interest, direct financing, and flexible payment plans. Lusail represents a bold step forward in sustainable, smart urban living. Known for its state-of-the-art infrastructure and forward-thinking design, Lusail offers a mix of residential, commercial, and entertainment districts just minutes from Qatar’s newest community.
Situated in the heart of Lusail’s waterfront district, The Seef offers a limited collection of luxurious townhouses starting from QAR 3.4 million and apartments starting from QAR 1.7 million. These residences offer immediate occupancy and are designed to provide residents with a blend of modern elegance and comfort. With breathtaking sea views overlooking Qetaifan Islands and Lusail’s iconic skyline, the townhouses redefine modern living.
Lusail’s thriving real estate market presents significant growth potential for investors. The Seef offers freehold ownership, providing residency in Qatar for foreigners. With mortgage financing options from leading local banks, in addition to direct payment plans with 0% interest extending to 6 years for apartments and 4 years for townhouses, owning a luxury residence in The Seef is more accessible than ever. Situated in a location known for attracting substantial foreign investment, The Seef promises robust returns whether for resale or long-term residence.
Eng. Ali Mohamed Al-Ali, CEO of Qatari Diar, said: “The launch of our exclusive waterfront townhouses at The Seef marks a significant milestone in offering unparalleled luxury living in Qatar. Lusail represents more than just a place to live; it’s a lifestyle destination that combines convenience, sophistication and investment potential. With the recent advancements in the Qatari mortgage law, we are thrilled to extend flexible financing options in partnership with several Qatari banks that make owning a piece of this vibrant community achievable for a broader market.”
The Seef’s townhouses are built to meet the diverse needs of residents, from professionals to families. Each townhouse features spacious layouts with high-end finishes, ensuring comfort and luxury at every turn. Residents will enjoy uninterrupted sea views, offering a tranquil escape within the city, and lush green landscapes that create a serene environment for relaxation. The prime location provides proximity to key attractions, including the Meryal Waterpark—the largest in Qatar—Lusail Marina, and Place Vendôme. Located near transit hubs, major highways, shopping centers, healthcare facilities, and educational institutions, The Seef offers residents unparalleled convenience, placing all the vibrant energy of Lusail right at their doorstep.
The Seef reflects Qatari Diar’s commitment to sustainability, with eco-friendly design elements that include energy-efficient infrastructure and green landscaping. The project’s unique architectural innovations, including sky bridge swimming pools and modern areas amenities, such as kids’ playgrounds, squash courts, gym facilities, retail outlets, and serene promenades, sets it apart from typical residential projects, creating a true lifestyle destination.
Prospective buyers and investors are invited to explore The Seef firsthand at the Cityscape Global in Riyadh, Saudi Arabia from 11 – 14 November. Attendees will have the opportunity to learn more about the development, view its luxury offerings, and discover how The Seef can become part of their future in Lusail, Qatar’s city of the future.
For more information, please visit Qatari Diar’s website to explore The Seef and view the full portfolio of investment opportunities.
About Qatari Diar
Qatari Diar Real Estate Company was established in 2005 by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar. Headquartered northeast of capital, Doha, in the City of Lusail, on the coast of the Arabian Gulf. Qatari Diar was entrusted to support Qatar’s growing economy and to coordinate the country’s real estate development priorities. For more information, visit qataridiar.com.
Logo – https://mma.prnewswire.com/media/2531093/Qatari_Diar_Logo.jpg
Photo – https://mma.prnewswire.com/media/2531089/Qatari_Diar_Seef.jpg
Photo – https://mma.prnewswire.com/media/2531090/Qatari_Diar_Lusail.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/qatari-diar-unveils-exclusive-waterfront-townhouses-at-the-seef-lusail-302276626.html
Fintech PR
PharmaMar Announces Positive and Statistically Significant Overall Survival and Progression-Free Survival Results for Zepzelca® (lurbinectedin) and Atezolizumab Combination in First-Line Maintenance Therapy for Extensive-Stage Small Cell Lung Cancer
- Jazz plans to submit supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) and PharmaMar will submit Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) in first half of the year 2025 for this combination therapy as a first-line maintenance treatment for ES-SCLC.
MADRID, Oct. 15, 2024 /PRNewswire/ — PharmaMar (MSE: PHM) and its partner Jazz Pharmaceuticals plc (Nasdaq: JAZZ) have announced today positive top-line results from the Phase 3 clinical trial evaluating Zepzelca® (lurbinectedin) in combination with the PD-L1 inhibitor atezolizumab (Tecentriq®) compared to atezolizumab alone when administered as a maintenance treatment for adults with extensive-stage Small Cell Lung Cancer (ES-SCLC) following induction therapy with carboplatin, etoposide and atezolizumab. The combination of lurbinectedin and atezolizumab demonstrated a statistically significant improvement in the primary endpoints of overall survival (OS) and progression-free survival (PFS), as assessed by an independent review facility (IRF), compared to treatment with atezolizumab alone.
“Each year, approximately 63,000 to 72,000 new cases of Small Cell Lung Cancer (SCLC) are reported in Europe. A majority of these patients are diagnosed with extensive stage disease, which is aggressive and often difficult to treat, with poor prognosis,[i],[ii],[iii]” said Luis Paz-Ares, M.D., Ph.D., head of medical oncology at the Hospital Universitario 12 de Octubre in Madrid, Spain, and IMforte trial principal investigator. “These trial results demonstrate the efficacy of lurbinectedin, in combination with standard-of-care atezolizumab for patients in first-line maintenance treatment, a much-needed advancement for patients with extensive disease.”
“The results of the Phase 3 IMforte trial are highly encouraging and showed a statistically significant benefit for the lurbinectedin and atezolizumab combination for extensive-stage small cell lung cancer patients receiving this treatment in the first-line maintenance setting. These results demonstrate the potential of this regimen to delay disease progression and extend survival for patients with this aggressive disease,” said Rob Iannone, M.D., M.S.C.E., executive vice president, global head of research and development, and chief medical officer of Jazz Pharmaceuticals. “We are pleased with these clinically meaningful results and plan to submit an sNDA in the first half of 2025 to support this combination in the first-line maintenance setting. We thank the investigators and patients who are involved in this trial, along with our partners at Roche.“
“Lurbinectedin monotherapy is currently the standard of care in 2L SCLC. In Europe, it is only approved in Switzerland and early access and compassionate use programs have already allowed some European patients to benefit from lurbinectedin,” said Javier Jiménez, Chief Medical Officer of PharmaMar.
The combination was generally well-tolerated. The preliminary safety data in the ongoing trial is consistent with the known safety profiles of lurbinectedin and atezolizumab with no new safety signals observed in the combination arm.
Jazz and Roche plan to submit these data for presentation at a future medical meeting.
PharmaMar will submit a marketing authorisation application (MAA) to the EMA in the first half of 2025 to request regulatory approval in the European Union (EU). Lurbinectedin is available for use in 16 territories around the world.
Legal warning
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About PharmaMar
PharmaMar is a biopharmaceutical company focused on the research and development of new oncology treatments, whose mission is to improve the healthcare outcomes of patients afflicted by serious diseases with our innovative medicines. The Company is inspired by the sea, driven by science, and motivated by patients with serious diseases to improve their lives by delivering novel medicines to them. PharmaMar intends to continue to be the world leader in marine medicinal discovery, development and innovation.
PharmaMar has developed and now commercializes Yondelis® in Europe by itself, as well as Zepzelca® (lurbinectedin), in the US; and Aplidin® (plitidepsin), in Australia, with different partners. In addition, it has a pipeline of drug candidates and a robust R&D oncology program. PharmaMar has other clinical-stage programs under development for several types of solid cancers: lurbinectedin, ecubectedin, PM534 and PM54. Headquartered in Madrid (Spain), PharmaMar has subsidiaries in Germany, France, Italy, Belgium, Austria, Switzerland and The United States. PharmaMar also wholly owns Sylentis, a company dedicated to researching therapeutic applications of gene silencing (RNAi). To learn more about PharmaMar, please visit us at www.pharmamar.com.
About the IMforte Phase 3 Trial
IMforte (NCT05091567) is an ongoing Phase 3, randomized, multicenter maintenance trial evaluating the efficacy, safety and pharmacokinetics of lurbinectedin plus atezolizumab in adults (≥18 years) with ES-SCLC following induction therapy with carboplatin, etoposide and atezolizumab. The primary endpoints for this study are OS and IRF-assessed PFS.
The trial consists of two phases: an induction phase and a maintenance phase. Participants were required to have an ongoing response or stable disease per the Response Evaluation Criteria in Solid Tumors (RECIST) v1.1 after the induction phase of four cycles of carboplatin, etoposide, and atezolizumab to be considered for eligibility screening for the maintenance phase. Eligible participants were randomized in a 1:1 ratio to receive either lurbinectedin plus atezolizumab or atezolizumab in the maintenance phase.
The trial is sponsored by Roche and co-funded by Jazz Pharmaceuticals. Additional information about the trial, including eligibility criteria and a list of clinical trial sites, can be found at: https://clinicaltrials.gov (ClinicalTrials.gov Identifier: NCT05091567).
About Zepzelca®
Zepzelca® (lurbinectedin), also known as PM1183, is an analog of the marine compound ET-736 isolated from the sea squirt Ecteinascidia turbinata in which a hydrogen atom has been replaced by a methoxy group. It is a selective inhibitor of the oncogenic transcription programs on which many tumors are particularly dependent. Together with its effect on cancer cells, lurbinectedin inhibits oncogenic transcription in tumor-associated macrophages, downregulating the production of cytokines that are essential for the growth of the tumor. Transcriptional addiction is an acknowledged target in those diseases, many of them lacking other actionable targets.
please visit our website at www.pharmamar.com
[i] Cancer today. (s. f.). https://gco.iarc.who.int/today/en/fact-sheets-populations#regions
[ii] Alvarado-Lunda G, Morales-Espinosa D. Treatment for small cell lung cancer, where are we now? – A review. Transl Lung Cancer Res. 2016;5(1):26-38.
[iii] SEER Explorer Lung and Bronchus Cancer, Recent Trends in SEER Incidence Rates, 2000-2016, by Age, https://seer.cancer.gov/explorer Updated June 27, 2024. Accessed October 10, 2024.
Photo – https://mma.prnewswire.com/media/2530990/PharmaMar.jpg
Logo – https://mma.prnewswire.com/media/2429111/PharmaMar_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/pharmamar-announces-positive-and-statistically-significant-overall-survival-and-progression-free-survival-results-for-zepzelca-lurbinectedin-and-atezolizumab-combination-in-first-line-maintenance-therapy-for-extensive-stage-sma-302276565.html
-
Fintech7 days agoMews announces SaaS IPO icon, Steve Cakebread, to join its board
-
Fintech PR6 days agoMindArk Accelerates Towards Achieving the World’s First AI-Generated Metaverse with Real Cash Economy
-
Fintech PR5 days agoSaudi Arabia to Host the Multilateral Industrial Policy Forum in October 2024
-
Fintech PR4 days agoBybit Doubles Down on Rewards for Late Entrants of WSOT 2024 With New 100,000 Prize Pool
-
Fintech PR5 days agoVantage Markets Adds Another Feather to its Cap: Wins Best Forex Affiliate Program at Global Brand Awards 2024
-
Fintech PR5 days agoRSM US and RSM UK pursue transatlantic merger to strengthen global client offering and deliver long-term growth
-
Fintech PR4 days agoBybit x Block Scholes Derivatives Report Uncovers BTC Call Option Boom Amidst Election Uncertainty
-
Fintech PR5 days agoOCI to Close Divestment of Controlling Stake in Fertiglobe