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Electrolux Group Year-end report Q4 2024

STOCKHOLM, Jan. 30, 2025 /PRNewswire/ —

Highlights of the full-year of 2024

  • In full-year 2024, net sales increased to SEK 136,150m (134,451) and operating income excl. non-recurring items was SEK 1,666m (414). Higher sales volumes and positive mix contributed positively to earnings, driven by the attractive product offering. Cost reduction measures contributed to a SEK 4.0bn positive impact from cost efficiency.

Highlights of the fourth quarter of 2024

  • In the fourth quarter, net sales amounted to SEK 37,968m (35,636) and organic sales increased by 11.5% driven by higher volumes and positive mix. Operating income was SEK 1,052m (-3,215), corresponding to a margin of 2.8% (-9.0). Operating income included a non-recurring item of SEK -198m (-2,491) related to business area Europe, Asia-Pacific, Middle East and Africa, and the divestment of the water heater business in South Africa.
  • Operating income excl. non-recurring items amounted to SEK 1,249m (-724), corresponding to a margin of 3.3% (-2.0). Higher volumes contributed positively to earnings and favorable mix offset negative price. The positive impact from cost efficiency was SEK 2.0bn. Currency headwinds had a significant negative impact.
  • Operating margin excl. non-recurring items in business area Latin America was 8.0% (8.1). In business area Europe, Asia-Pacific, Middle East and Africa the operating margin excl. non-recurring items increased to 4.8% (1.9). Operating income improved in business area North America.
  • In the fourth quarter, Electrolux Group divested all of its potential legacy asbestos exposure in the U.S. The transaction had a positive earnings impact of SEK 185m in business area North America in the quarter.
  • Income for the period amounted to SEK 150m (-4,113) and earnings per share were SEK 0.56 (-15.23).
  • Operating cash flow after investments was SEK 2,660m (3,871). Operating cash flow after investments for the full year was SEK 2,254m (3,064).
  • The Board of Directors proposes that no payment of dividend will be made for 2024.

President and CEO Yannick Fierling’s comment

After having spent 3 months getting to know Electrolux Group and its stakeholders, I assumed the position as CEO on January 1, 2025. In the fourth quarter, we continued to make good progress on our cost reduction initiatives, and the Group’s attractive product offering contributed to an organic growth of 11.5%. Operating margin excluding non-recurring items improved to 3.3% with an operating cash flow after investments of SEK 2.7bn.

Enhanced consumer experiences, agility and speed

Key takeaways from my initial time with Electrolux Group are the strength of our product offering and the clear identity of our brands Electrolux, AEG and Frigidaire. We really know our consumer, evidenced by the high online consumer star ratings for our products. It is essential to truly nurture the local strengths and what differentiates us in the market, while further leveraging our global scale to drive innovation and mix – all in a cost-efficient manner. In addition to offering great products that help consumers make more sustainable choices at home, we need to move even further to experiences, by expanding our customized solutions throughout the consumer journey.

Electrolux Group has a unique culture and legacy that is important to safeguard, while at the same time further increasing speed and agility. A key element of the Group’s culture that I aim to support and develop is entrepreneurship. By promoting ownership and accountability, we can empower the entire team, enhance operational efficiency, and improve financial performance.

Sales growth and cost reductions drove earnings improvement

In the fourth quarter, operating income improved significantly supported by a SEK 2.0bn contribution from cost efficiency and organic growth of 11.5%.

Business area Europe, Asia-Pacific, Middle East and Africa reached an operating margin, excluding non-recurring items, of 4.8% (1.9) despite continued subdued discretionary consumer spending in Europe.

In North America good momentum from our new products and improved productivity contributed to an improvement in operating income. I am also very pleased that all of the Group’s potential legacy asbestos exposure in the U.S. was divested in the fourth quarter. This transaction provides improved long-term financial visibility for our investors and frees up operational resources. In Latin America performance remained strong in the quarter with an operating margin of 8.0%.

For the Group, the seasonal pattern of our earnings has started to normalize, with the fourth quarter being the strongest during the year. With that in mind, the first quarter is normally weaker than the other quarters.

Demand mainly driven by replacements

The market in Europe continued to be replacement driven and was relatively stable in the fourth quarter, with high promotional intensity. The built-in kitchen market in Europe stabilized at a low level. Promotional activity was high in North America, but Black Friday promotions did not continue throughout December as they did the year before. Despite weak housing markets and with some quarterly volatility, the market increased slightly in 2024, supported by the aggressive pricing environment. The main markets in Latin America grew in the quarter although growth in Brazil slowed somewhat as consumer demand started to accelerate in the fourth quarter 2023.

Outlook for 2025

Looking at 2025, there is an uncertainty stemming from potential impact on demand for home appliances from possible new trade policies in North America. In Europe demand has started to stabilize, but there is a time-lag before lower interest rates and potential improvements in disposable income support an increase in discretionary purchases. Following strong growth in Brazil during 2024 we expect market demand to stabilize in 2025.

On the back of this we expect market demand for core appliances to be relatively neutral in all regions in 2025 compared to 2024.

Organic earnings contribution from volume, price and mix combined for the Group is expected to be relatively neutral in full-year 2025. We anticipate that a high degree of demand will continue to be driven by replacement purchases, which are more price sensitive. Negative price is anticipated to be offset by growth in our focus categories such as premium laundry and kitchen products. Similar to 2024, investments in Innovation and marketing are projected to increase in full year 2025. The intent is to capitalize on the product and services leadership, supported by brand-building, to create value long term.

External factors are expected to be negative for the year, with significant headwinds from currencies. The impact from raw material costs is expected to be essentially neutral.

With reduced product cost across the value chain as the main driver, we anticipate SEK 3.5-4.0bn earnings contribution from cost efficiency in 2025.

Profitability and cash flow in focus

With a robust cash flow in the fourth quarter, a strong liquidity, and a well-balanced maturity profile, the Group’s financial situation is stable. Improving earnings and cash flow are top priorities. In North America focus is to improve productivity and reduce cost further while continuing to support the strong product offering.

We will continue to develop and strengthen Electrolux Group for the years to come. Our attractive offering and strong brands together with effectively executed cost-reductions and high-performing organizational set-up, position us well for the future.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, January 30. Yannick Fierling, President and CEO, and Therese Friberg, CFO, will comment on the report.

To only listen to the telephone conference, use the link:
https://edge.media-server.com/mmc/p/t5j746u2

OR

To both listen to the telephone conference and ask questions, use the link:
https://register.vevent.com/register/BIf2eec702a54847a6abf57e788d2c218c

Presentation material available for download

www.electroluxgroup.com/ir

This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-01-2025 08:00 CET.

For more information:
Maria Åkerhielm, Investor Relations, +46 70 796 3856
Electrolux Group Press Hotline, +46 8 657 65 07

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux-group/r/electrolux-group-year-end-report-q4-2024,c4098064

The following files are available for download:

Laos Steps Up Efforts to Eliminate Schistosomiasis by 2030

Laos Steps Up Efforts to Eliminate Schistosomiasis by 2030

The Lao Ministry of Health is ramping up efforts to wipe out schistosomiasis, a water-borne parasite that affects thousands of people living in riverside villages.  

Akkodis Acquires Barhead Solutions, a Microsoft Technology Consultancy

The acquisition marks an important step in Akkodis’ strategy to expand its capacity and capabilities across Australia, enhance its Microsoft solution portfolio, and deliver greater value and opportunities to its clients.

ZURICH, Jan. 30, 2025 /PRNewswire/ — Akkodis, a global digital engineering company and Smart Industry leader, is proud to announce the acquisition of Barhead Solutions, a globally recognized Microsoft Business Applications partner with cross industry expertise based in Australia. This acquisition marks a key step in Akkodis’ strategy to expand its national presence, enhance its Microsoft capabilities and deliver greater value and opportunities to its clients.

Akkodis Acquires Barhead Solutions, a Microsoft Technology Consultancy
Akkodis Acquires Barhead Solutions, a Microsoft Technology Consultancy

In Australia and globally, Akkodis has pursued a strategy of deepening its expertise in tech practices and consulting solutions in its key markets. This acquisition aligns strongly with this strategy, providing extended expertise in Consulting Services, ICT, Project Delivery and Managed Services.

Barhead Solutions brings award-winning expertise and a shared commitment to purpose and excellence. The combination of Akkodis’ global capabilities and Barhead’s specialized Microsoft expertise unlocks significant opportunities. Akkodis will be positioned to offer clients an expanded range of CRM, ERP, and Low-Code Solutions to complement existing Digital & AI Transformation, Data & Analytics, Application Modernization, Cloud & Infrastructure, Business Applications and world-leading consulting services. Together, Akkodis and Barhead are well positioned to deliver expanded services and solutions that accelerate digital transformation for their clients.

“By bringing Barhead into the Akkodis family we are creating an unparalleled powerhouse of Microsoft expertise. This is a significant milestone in our strategic journey and reinforces our commitment and capacity to deliver innovative, scalable solutions to our clients, nationwide,” said Peter Hawkins, Managing Director & SVP of Akkodis Australia.

“The combination of Barhead and Akkodis offers the market a modern consulting firm servicing Microsoft business apps, data, and AI services. To capitalize on growing demand, we recognized that expanding our capabilities through a strategic partnership was essential. The timing was perfect, and Akkodis is the ideal firm to amplify Barhead’s Microsoft partnership.” said John Orrock, Co-founder & Head of Capability of Barhead.  Ken Struthers, CEO & Co-founder of Barhead added, “Joining Akkodis amplifies our expertise and broadens the outcomes we can deliver for clients, all whilst maintaining our commitment to innovation and personalized customer service.”

Akkodis sees a very strong cultural fit with Barhead. For example, both teams have long-standing commitments to delivering Tech for Social Impact. In 2022, Akkodis won the global ‘Inclusion Changemaker’ category for the Microsoft Partner of the Year Award for Social Impact. Barhead won the same prestigious award in 2020 and in 2022 in the ‘Community Response’ category.

Media contacts

Anne Friedrich
SVP, Global Head of Communications, Akkodis
E. anne.friedrich@akkodis.com

Lisa Collins
VP Marketing & Head of Communications Australia, Akkodis
E. lisa.collins@akkodisgroup.com

Lisa Bushka
VP, External Communications, Akkodis
E. lisa.bushka@adeccogroup.com

About Akkodis 

Akkodis is a global digital engineering company and Smart Industry leader. We enable clients to advance in their digital transformation with Consulting, Solutions, Talent, and Academy services. Headquartered in Switzerland and part of the Adecco Group, Akkodis is a trusted tech partner to the world’s industries. We co-create and pioneer solutions that help to solve major challenges, from accelerating the clean energy transition and green mobility, to improving user and patient centricity. Empowered by a culture of inclusion and diversity, our 50,000 tech experts across 30 countries combine best-in-class technologies and cross industry knowledge to drive purposeful innovation for a more sustainable tomorrow. We are passionate about Engineering a Smarter Future Together. akkodis.com | LinkedIn | Instagram | Facebook | X 

About the Adecco Group

The Adecco Group is the world’s leading talent company. Our purpose is making the future work for everyone. Through our three global business units – Adecco, Akkodis and LHH – across 60 countries, we enable sustainable and lifelong employability for individuals, deliver digital and engineering solutions to power the Smart Industry transformation and empower organisations to optimise their workforces. The Adecco Group leads by example and is committed to an inclusive culture, fostering sustainable employability, and supporting resilient economies and communities. The Adecco Group AG is headquartered in Zurich, Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). www.adeccogroup.com

Swimwerks Launches Sponsorship for Lifeguard Training Initiative in Singapore

Through this program, Swimwerks not only promotes water safety but also creates meaningful training opportunities for deserving individuals.

SINGAPORE – Media OutReach Newswire – 30 January 2025 – Swimwerks, a leading authority in swimming education and water safety, has announced the launch of its Lifeguard Sponsorship Initiative, a social responsibility program designed to elevate water safety standards across Singapore.
The initiative aims to empower up to 10 individuals with professional lifeguard training, internationally recognized certifications, and immediate job placements, addressing a growing demand for skilled lifeguards in aquatic environments.
Participants will undergo comprehensive lifeguard training delivered by industry experts. Upon successful completion, they will receive globally recognized certifications and guaranteed employment, contributing to the development of a skilled workforce dedicated to ensuring safety in aquatic environments across Singapore.
“As a trusted name in swimming education, Swimwerks is dedicated to empowering individuals with life-saving skills while addressing the growing need for certified lifeguards,” said Herron Ho, Founder of Swimwerks. “This sponsorship program represents our commitment to creating lasting value within the community by equipping individuals with the tools to build a meaningful career.”
Applications are now open for individuals who meet the swimming proficiency requirements. Anyone qualified and interested is encouraged to visit Swimwerks’ website for a detailed program information and application guidelines.

Hashtag: #Swimwerks




The issuer is solely responsible for the content of this announcement.

Swimwerks Asia Pte Ltd

Swimwerks is a premier swimming academy in Singapore dedicated to providing clients with professionally certified coaches for private swimming lessons. With a focus on personalised instruction, Swimwerks ensures a high-quality learning experience for adults and children right at their condominiums and private swimming pools. Our mission is to make swimming lessons convenient, effective, and enjoyable for everyone.

Kinectrics and Isotopia Enter Agreement for Supply of Gadolinium-160 (Gd-160) to Support Production of Terbium-161 (Tb-161) for Advanced Radiotherapeutics

TORONTO, Jan. 30, 2025 /PRNewswire/ — Kinectrics and Isotopia have announced a groundbreaking agreement under which Kinectrics will provide Isotopia with a reliable supply of Gadolinium-160 (Gd-160). This critical isotope will enable Isotopia’s production of Terbium-161 (Tb-161), a medical isotope showing great promise and superiority for use in radiotherapeutics, including therapies targeting prostate and neuroendocrine tumors.

This partnership represents a significant step forward in addressing the limited access to Gd-160, a barrier that has long restricted the advancement of Tb-161-based treatments into clinical trials.  Kinectrics’ brings proven expertise in isotope enrichment for Ytterbium-176 (Yb-176) and now is leveraging that technology to bring forward Gd-160.  Isotopia has consistently produced high-quality, commercial-scale quantities of Lu-177 and for the last two years produced Tb-161 on a weekly basis for its own clinical trial.  With access to Gd-160 secured, this agreement is expected to accelerate the development of Tb-161-based radiotherapeutics, moving them one step closer to commercial availability.

David Harris, President and CEO of Kinectrics, expressed his excitement about the new agreement: “We are extremely pleased to partner with Isotopia in providing the critical isotope Gadolinium-160 to support their production of Terbium-161. After years of research and development as well as significant investment, Kinectrics is proud to be producing highly enriched stable isotopes for the radiopharmaceutical industry. This agreement removes a key bottleneck to advancing Tb-161-based therapies, and we look forward to contributing to the progression of these treatments into late-stage clinical trials.”

Dr. Eli Shalom, CEO of Isotopia, had this to say about this long-term partnership: “Terbium-161 has long been considered a promising radioactive isotope for targeted cancer therapy, as it has two different mechanisms for cancer cell destruction.

Tb-161 offers a potential advantage over Lu-177 due to its emission of Auger electrons, which are highly effective in targeting micro-metastases by causing double-strand DNA breaks. This mechanism may deliver precise therapeutic benefits while reducing side effects compared to alpha-emitting isotopes.

We are excited about this partnership with Kinectrics, as it will enable Isotopia to deliver on its promise to bring Tb-161 to the marketplace and allow us to advance our own Tb-161-labeled drug products. 

Radiotherapeutics are gaining increasing attention in the medical community due to their ability to deliver highly targeted treatment to cancer cells while minimizing collateral damage to surrounding healthy tissue. 

About Kinectrics
Kinectrics is a category leader in providing lifecycle management services for the electricity industry. Trusted by clients worldwide, our expertise in engineering, testing, inspection, and certification is backed by our independent laboratory and testing facilities, a diverse fleet of field inspection equipment and an award-winning team of over 1,300 engineers and technical experts. From initial design and type testing to operational deployment and maintenance services, Kinectrics collaborates closely with customers to ensure that utility assets perform safely, reliably, and efficiently throughout their entire lifecycle. Kinectrics is a founding member of the Nuclear Innovation Institute (NII) and the Canadian Nuclear Isotope Council (CNIC).

About Isotopia
Isotopia Molecular Imaging Ltd. is a leader in the supply of Lu-177 and Tb-161, with a global manufacturing footprint in Israel, Europe, and the United States. Its development team includes nuclear pharmacists, radiochemists, nuclear engineers, and physicists.  Combined with its nuclear pharmacy, cyclotron facility, 177Lu / 161 Tb production sites, and sterile manufacturing plant, Isotopia provides a well-established platform for manufacturing and industry collaborations. Isotopia’s collaborations with the scientific and medical communities allow it to further develop and experiment with new markers for imaging applications and molecular therapy.

Contact:
eshalom@isotopia-global.com

JA Solar Debuts Next-Generation n-Type TOPCon Module DeepBlue 5.0

BEIJING, Jan. 30, 2025 /PRNewswire/ — JA Solar, a global leader in the PV industry, proudly launched its latest innovation, the DeepBlue 5.0 PV module in January. With its significant advancements in efficiency, reliability, and adaptability, the DeepBlue 5.0 marks a transformative step forward in PV technology.

Leveraging the advanced Bycium+ 5.0 cell technology, the DeepBlue 5.0 integrates multiple cutting-edge technologies, such as upgraded electrical architecture, optimized material enhancements, and structural refinements. These innovations enable a module power up to 670W and module efficiency up to 24.8%. The module also boasts superior performance in low-light environments and complex weather conditions, ensuring stable energy output across diverse applications.

“At JA Solar, innovation is at the core of our mission to accelerate the global transition to clean energy,” said Aiqing Yang, Executive President of JA Solar. “The DeepBlue 5.0 represents our commitment to delivering products that combine exceptional performance, cost efficiency, and reliability, empowering our customers to achieve their sustainability goals.”

The DeepBlue 5.0 is built on innovative optical absorption and electrical optimization techniques, reducing the Levelized Cost of Energy by up to 4.3% compared to its predecessor, DeepBlue 4.0 Pro. JA Solar has enhanced the module across three critical areas. The wafer offers improved resistivity uniformity, ultra-low oxygen content (3 ppma), and superior minority carrier lifetime. The Bycium+ 5.0 cell features high-efficiency n-type passivated contact technology, optimized light absorption, and an ultra-high open-circuit voltage of 749 mV. The module incorporates innovations such as PII, HDP, UTG, and CSE technologies, ensuring exceptional durability and reliability in extreme conditions. With a first-year degradation rate of ≤1% and annual linear degradation of ≤0.4%, the DeepBlue 5.0 sets a new benchmark for efficiency and performance.

The DeepBlue 5.0 modules are scheduled for mass production in Q4 2025, with initial power ratings ranging from 640W to 670W. Designed to meet the growing demand for high-efficiency modules in premium markets, the DeepBlue 5.0 aims to deliver unparalleled value for utility-scale, commercial, and residential PV projects worldwide.

A Total of USD 12.7 Million Investment in New Diagnostics and Drug Development for NTDs and Malaria to Partners Including the Ohio State University, PATH, GSK and Others

TOKYO, Jan. 30, 2025 /PRNewswire/ — The Global Health Innovative Technology (GHIT) Fund announced today a total investment of approximately JPY 2 billion (USD 12.7 million1) in eight projects for the development of new diagnostics and drugs for neglected tropical diseases (NTDs) and malaria.2

JPY 670 Million (USD 4.2 Million1) Investment in a Critical Diagnostic Tool to Combat Leishmaniasis
There is an estimated 700,000 to 1 million new cases annually of leishmaniasis, an NTD caused by Leishmania parasites transmitted through sandfly bites.3 To advance measures against the disease, the GHIT Fund has decided to invest JPY 670 Million (USD 4.2 Million1) to support a project led by the Ohio State University in collaboration with Nagasaki University and icddr,b, an international health research organization based in Bangladesh. Building on previous research, the project will refine formulations of the leishmanin antigen, conduct pre-clinical safety and efficacy studies, and prepare for regulatory submissions for clinical trials. This project aims to strengthen efforts to monitor infection status and eliminate visceral leishmaniasis. The initiative, driven by global partnerships, is expected to make a significant contribution to tackling NTDs and advancing global health.

The GHIT Fund will also invest in two malaria projects: approximately JPY 680 million (USD 4.2 million1) for the development of a malaria therapeutic drug through a partnership between Eisai Co., Ltd. (Eisai) and Medicines for Malaria Venture (MMV) and approximately JPY 585 million (USD 3.7 million1) for the development of a preventive drug for P. falciparum malaria under the partnership of Program for Appropriate Technology in Health (PATH), GSK Global Health, Eisai and Ehime University.

In addition, the GHIT Fund will invest in the following five screening projects for a total amount of approximately JPY 83 million (USD 0.5 million1):
1) Screening project against malaria by MMV and Daiichi Sankyo Co., Ltd.
2) Screening project against dengue and Zika by Eisai and Drugs for Neglected Diseases initiative (DNDi)
3) Screening project against Lassa fever by MMV and RIKEN
4) Screening project against Rift Valley fever by MMV and RIKEN
5) Screening project against Ebola and Marburg by MMV and RIKEN

Please refer to Appendix 1 for detailed descriptions of these projects and their development stages.

As of January 30, 2025, the GHIT Fund has invested in 37 projects, including 15 discovery projects, 14 preclinical projects and eight clinical trials.4 The total amount of investments since 2013 is JPY 35.8 billion (USD 226 million1) (Appendix 2).

1 USD1 = JPY158.15, the approximate exchange rate on December 30, 2024.
2 These awarded projects were selected and approved as new investments from among proposals to RFP2023-002 and RFP2024-001 for the Product Development Platform and the Screening Platform, which were open for applications from June 2023 to July 2024.
3 WHO: https://www.who.int/news-room/fact-sheets/detail/leishmaniasis
4 This number includes projects in the registration phase.

The GHIT Fund is a Japan-based international public-private partnership (PPP) fund that was formed between the Government of Japan, multiple pharmaceutical companies, the Gates Foundation, Wellcome, and the United Nations Development Programme (UNDP). The GHIT Fund invests in and manages an R&D portfolio of development partnerships aimed at addressing neglected diseases, such as malaria, tuberculosis, and neglected tropical diseases, which afflict the world’s vulnerable and underserved populations. In collaboration with global partners, the GHIT Fund mobilizes Japanese industry, academia, and research institutes to create new drugs, vaccines, and diagnostics for malaria, tuberculosis, and neglected tropical diseases.
https://www.ghitfund.org/en

Appendix 1. Project Details

ID: G2023-202

Project Title

Production and pre-clinical testing of cGMP grade Leishmania donovani antigen for Leishmanin skin test (LST)

Collaboration
Partners

  1. The Ohio State University (USA)
  2. Institute of Tropical Medicine at Nagasaki University (NUITM) (Japan)
  3. icddr,b (Bangladesh)

Disease

Leishmaniasis

Intervention

Diagnostics

Stage

Pre-clinical

Awarded Amount

JPY 670,108,468 (USD 4.2 million)

Status

Continued project

Summary

[Project objective] The objectives of this continuation proposal are to: 1. Produce and characterize cGMP-grade Leishmania antigen (liquid or lyophilized) from L. donovani. 2. Test cGMP leishmanin antigen formulations (liquid and lyophilized) by performing LST in animal models. 3. Perform pre-clinical toxicology studies with cGMP leishmanin antigen formulation that is selected for further advancement based on results from LST studies in animals. 4. Analyze cytokine production in PBMCs or whole blood isolated from healthy individuals and cured VL patients following in vitro stimulation with the selected formulation of cGMP leishmanin antigen. 5. Prepare an IND package for clinical trials. 

[Project design] During the previous funding period, the project team successfully accomplished goals of the project by 1) optimizing the protocol to produce and scale up production of leishmanin antigen from L. donovani parasites using a cost-effective, scalable and industry suitable osmotic shocklysis technique; 2) performed stability studies; 3) validated GLP leishmanin antigen using experimental animal models, and 4) completed manufacturing of cGMP cell bank of L. donovani at ATCC. In this project, three different formulations of leishmanin antigen will be produced from cGMP L. donovani cell bank. The formulations will be validated for safety and potency using preclinical animal models of vaccination and cured VL. One formulation will be selected for further advancement and scale-up of cGMP production on the basis of results from stability studies and LST studies in animals, and pre-clinical toxicology studies will be performed as per regulatory guidelines. To assess the immunogenicity of the product, cytokine production in PBMCs or whole blood isolated from healthy individuals and cured VL patients following in vitro stimulation with the selected formulation of cGMP leishmanin antigen will also be analyzed. IND package will be prepared for submission to regulators for clinical trials.

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/226/en

ID: G2024-114

Project Title

Lead optimization and preclinical studies of new antimalarial Gwt1p-inhibitors with a novel mechanism of action, improved efficacies and safety profiles

Collaboration
Partners

  1. Eisai Co., Ltd. (Eisai) (Japan)
  2. Medicines for Malaria Venture (MMV) (Switzerland)

Disease

Malaria

Intervention

Drug

Stage

Lead Optimization

Awarded Amount

JPY 680,010,000 (USD 4.3 million)

Status

Continued project

Summary

[Project objective]

The objective of this proposal is to investigate the new Gwt1p-inhibitor and find a back-up candidate with improved activity and safety profile. To deliver this goal, the project team will focus on the following specific objectives:

(1) Two chemical series will be chemically optimized and a frontrunner compound will be selected from each series, as precandidates.

(2) Two precandidates will be evaluated in multiple assays and the most favorable compound will be selected as a Late Lead.

(3) The synthetic route of Late Lead will be optimized and GLP manufacturing will be conducted.

(4) Non-rodent DRF study will be conducted and candidate selection will be scheduled following a successful outcome to this study.

[Project design] In this project, chemical modification of two lead series will be conducted to improve anti-Plasmodium activity and safety profile while securing a long-half-life. Synthesized new compounds will be shipped to Eisai’s Tsukuba Research Laboratories in Japan. They will be tested according to the defined screening cascade starting from the primary screening of anti-Plasmodium activity and cytotoxicity. Compounds which show good anti-Plasmodium activity and safety margin will be tested for solubility at neutral pH and stability against human and murine liver microsomes assays. Based on these results and other profiling, the most promising compound in each series will be selected as pre-candidate and will be further evaluated. Two precandidates will be evaluated in the in vitro/vivo anti-Plasmodium assay, a rat dose range finding (DRF) study, safety profiling, human dose prediction, salt selection, resistant risk assessment and parasite life-cycle assays. The most favorable compound will be selected as a Late Lead. The synthetic route for the Late Lead will be optimized and GLP manufacturing will be conducted. Non-rodent DRF study using the manufactured GLP material will also be conducted. The final goal of this project is the candidate selection in both Eisai and MMV and planned for September 2026.

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/227/en

ID: G2023-219

Project Title

Manufacture of clinical trial material for a monoclonal antibody to prevent P. falciparum malaria

Collaboration
Partners

  1. Program for Appropriate Technology in Health (PATH) (USA)
  2. GlaxoSmithKline Investigacion y Desarrollo, S.L. (Spain)
  3. Eisai Co., Ltd. (Eisai) (Japan)
  4. Ehime University (Japan)

Disease

Malaria

Intervention

Drug

Stage

Pre-clinical

Awarded Amount

JPY 585,190,112 (USD 3.7 million)

Status

Continued project

Summary

[Project objective]

The objective of this project is to complete GMP drug substance and GMP drug product manufacturing to support the future Investigational New Drug Application (IND) submission to the United States Food and Drug Administration (US FDA) for a proof-of-concept clinical trial that includes controlled human malaria infection. Our long-term goal is to secure a WHO recommendation for a mAb that prevents P. falciparum malaria in young children living in areas of seasonal transmission in sub-Saharan Africa.

[Project design] The project is built on our successful completion of the following activities: 1) production and release of a pre-master cell bank for the candidate mAb; 2) development and optimization of the manufacturing process for the candidate mAb to confirm production conditions for Good Laboratory Practice toxicology studies and future scale-up; 3) formulation development to enable stability of the mAb at a high concentration to accommodate potential subcutaneous injection; and 4) a pre-IND meeting with the US FDA on the proposed nonclinical and clinical program, specifically on the adequacy of the nonclinical toxicology studies to support the FIH Phase 1 study.

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/228/en

ID: S2024-111

Project Title

Hit Validation of novel Daiichi Sankyo compounds with antimalarial activity

Collaboration
Partners

  1. Medicines for Malaria Venture (MMV) (Switzerland)
  2. Daiichi Sankyo Co., Ltd. (Japan)

Disease

Malaria

Intervention

Drug

Stage

Screening

Awarded Amount

JPY 4,000,000 (USD 25,292.44)

Status

Continued project

Summary

[Project objective]

The objective of the Hit Validation project is the synthesis and testing of a small array of compounds designed to investigate the minimum pharmacophore, key structural features required for activity and scope to address issues identified through the profiling of the hits identified from the earlier HTS campaign (S2020-113). If a compelling data package is obtained and the series clear potential for further development towards an Early Lead, a GHIT HTLP proposal will be submitted.

[Project design] The focus of the array of analogs is to explore the key features required for activity and scope to address potential issues. A feature of the overall design of the array is focused on modifications with potential to improve the metabolic stability of the series in line with potential to deliver a long duration antimalarial (predicted human T1/2 > 120 h). The lipophilicity of the analogues covers a range of values from approximately 1.5 to 4.5 which will help to identify if data (potency, metabolism, cytotoxicity, etc.) correlates with either LogP or LogD.

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/229/en

ID: S2024-123

Project Title

Exploration of Novel Antiviral Compounds for the Development of Therapeutics Against Flavivirus Infections

Collaboration
Partners

  1. Eisai Co., Ltd. (Eisai) (Japan)
  2. Drugs for Neglected Diseases initiative (DNDi) (Switzerland)

Disease

Dengue and Zika

Intervention

Drug

Stage

Screening

Awarded Amount

JPY 12,653,193 (USD 80,007.54)

Status

New

Summary

[Project objective]

The project team aims to identify hit compounds that will serve as the starting point for new drug development by exploring novel compounds that exhibit antiviral activity against flaviviruses such as dengue virus and Zika virus.

[Project design] To explore compounds that exhibit antiviral activity against dengue virus and Zika virus, the project team will screen two types of compound libraries, a focused library and a diversity library, using an image-based phenotypic assay system. In the phenotypic assay system, viral proteins and host cell nuclei are stained, and the antiviral activity of the compounds is determined by analyzing fluorescent confocal images. The focused library consists of compounds selected by a machine learning model developed using assay data accumulated by Eisai. By complementarily utilizing the diversity library, the project team efficiently explores compounds that exhibit antiviral activity. Ultimately, the project team aims to identify hit compounds that show activity against dengue virus and Zika virus to establish preliminary structure-activity relationships, physicochemical properties, and other relevant biological information.

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/231/en

ID: S2024-113

Project Title

Screening Project between RIKEN and MMV

Collaboration
Partners

  1. Medicines for Malaria Venture (MMV) (Switzerland)
  2. RIKEN (Japan)

Disease

Lassa Fever

Intervention

Drug

Stage

Screening

Awarded Amount

JPY 20,064,000 (USD 126,866.90)

Status

New

Summary

[Project objective]

The project aims to use a cell-based, infection-free platform to identify potential treatments against LASV using the RIKEN NPDepo library. Additionally, the project seeks to study the effectiveness of selected confirmed treatments against lymphocytic choriomeningitis virus (LCMV), Tacaribe virus (TCRV), and Junin virus (JUNV) in order to identify potential broad-spectrum antiviral compounds. This collaboration leverages the screening capabilities and drug development expertise of Japan’s largest comprehensive institution, PDP, and academic investigators to achieve its goals.

[Project design] The primary screen will use LASV-vRNP/293mRFP to assess a subset of the RIKEN NPDepo library. The screen will be in a 384-well plate format with a single compound concentration of 10 µM. Compounds will be evaluated for their antiviral activity and impact on cell viability. Approximately 200 compounds will be selected for further confirmation studies based on specific criteria. Confirmed actives will undergo broad-spectrum antiviral testing and prioritization for further profiling. Selected hits meeting specific criteria will be considered for future development.

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/232/en

ID: S2024-114

Project Title

Screening Project between RIKEN and MMV

Collaboration
Partners

  1. Medicines for Malaria Venture (MMV) (Switzerland)
  2. RIKEN (Japan)

Disease

Rift Valley fever

Intervention

Drug

Stage

Screening

Awarded Amount

JPY 23,712,000 (USD 149,933.61)

Status

New

Summary

[Project objective]

The project aims to use a live virus platform to identify potential compounds active against the Rift Valley fever virus (RVFV) using the RIKEN NPDepo library. Furthermore, the project intends to investigate the activity of selected compounds against the Punta Toro virus and La Crosse virus in order to identify potential broad-spectrum anti-bunyavirus compounds. This collaboration leverages the screening capabilities and drug development expertise of Japan’s largest comprehensive research institution, PDP, and academic investigators to achieve its goals.

[Project design] The initial screening will involve using the MP-12 strain of RVFV to infect human hepatocyte cells. A subset of the RIKEN NPDepo library (20,000 compounds) will be screened in a 384-well plate with a single compound concentration of 10 µM. The results will be evaluated for antiviral activity and cell viability, and potential hits will be chosen based on specific criteria.

About 100 compounds (assuming a 0.5% hit rate) will be selected from the screening for further confirmation studies. These studies will involve testing the compounds at three different doses in cultured cells infected with RVFV, similar to the initial screen, and assessing cytotoxicity. From the confirmed compounds, RIKEN and MMV will prioritize up to 5 hits for further evaluation.

To assess the potential for broad-spectrum anti-bunyaviral activity, the confirmed compounds will be tested against Punta Toro virus and the more distantly related La Crosse virus.

The hit series meeting MMV and GHIT criteria for further development (hits with confirmed EC50 < 5 µM against live viruses and a selectivity index (SI = CC50/EC50) of ≥10, with progressable chemotypes) will form the basis of a future GHIT HTLP application. 

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/233/en

ID: S2024-115

Project Title

Screening Project between RIKEN and MMV

Collaboration
Partners

  1. Medicines for Malaria Venture (MMV) (Switzerland)
  2. RIKEN (Japan)

Disease

Ebola and Marburg

Intervention

Drug

Stage

Screening

Awarded Amount

JPY 22,800,000 (USD 144,166.93)

Status

New

Summary

[Project objective]

The project aims to use a multi-filovirus “rainbow” system that can simultaneously test for EBOV, MARV, and SUDV using a single cell line to identify potential treatments against filoviruses using the RIKEN NPDepo library. Additionally, the project seeks to study the effectiveness of selected confirmed hits against other filoviruses (Tai Forest, Reston, Bundibogyo, Lloviu) in order to identify potential broad-spectrum antiviral compounds. This collaboration leverages the screening capabilities and drug development expertise of Japan’s largest comprehensive institution, PDP, and academic investigators to achieve its goals.

[Project design] The primary screen will be performed on a subset of the RIKEN NPDepo library (20,000 compounds). The screen will be in a 384-well plate format with a single compound concentration of 10 µM. Compounds will be evaluated for their antiviral activity and impact on cell viability. Approximately 200 compounds will be selected for further confirmation studies based on specific criteria. Confirmed actives will undergo broad-spectrum antiviral testing and prioritization for further profiling against live Ebola virus. Selected hits meeting specific criteria will be considered for future development.

Project Detail

https://www.ghitfund.org/investment/portfoliodetail/detail/234/en

*All amounts are listed at an exchange rate of USD1 = JPY158.15, the approximate exchange rate on December 30, 2024.

Appendix 2. Investment Overview (as of January 30, 2025)

Investments to date
Total investments: 35.8 billion yen (USD 226 million1)
Total invested projects: 133 (37 active projects and 96 completed projects)
To learn more about the GHIT Fund’s investments, please visit
Investment Overview: https://www.ghitfund.org/investment/overview/en
Portfolio: https://www.ghitfund.org/investment/portfolio/en
Advancing Portfolio: https://www.ghitfund.org/investment/advancingportfolio/en
Clinical Candidates: https://www.ghitfund.org/investment/clinicalcandidates/en

For more information, contact:
Katy Lenard at +1-202-494-2584 or klenard@burness.com
Mina Ohata at +81-36441-2032 or mina.ohata@ghitfund.org

SMMT – Vehicle production dips amid EV transformation and intense market pressure

  • British vehicle production slips -11.8% to 905,233 units in 2024, with cars down to 779,584, as industry continues transformation to EV production.
  • 4.0% growth in commercial vehicle production fails to offset -13.9% decline in car output.
  • Potential to surpass one million cars and light vans in 2028 if markets improve and model launches stay on track.
  • Sector calls for government to fast track industrial and trade strategies for automotive manufacturing.

LONDON, Jan. 30, 2025 /PRNewswire/ — UK vehicle production dipped below one million units in 2024, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). Factories turned out 779,584 cars and 125,649 commercial vehicles (CVs), a total of 905,233 units and -11.8% lower than in 2023. While CV output grew by 4.0%, its best level since 2008, multiple factors impacted car volumes, with the end of production for some long running models as factories retooled for EVs, weakness in key global markets, and a slowdown in the transition to electrification amid tough economic conditions.

 

Top UK Car Exports 2024
Top UK Car Exports 2024

 

Following a slew of restructuring announcements across the UK and Europe, reflecting the challenges of moving from ICE to EV production, December rounded off 10 consecutive months of decline for British car production, with output down -27.1% to 45,022 units. Over the year, car production fell -13.9%, with output for the UK market down by -8.0% to 176,019 units, while exports declined -15.5% to 603,565 units.

Nearly eight-in-10 cars produced were destined for export last year, with 77.5% (467,937 units) shipped to the top three markets: the EU (54.0%), US (16.9%) and China (6.6%). Exports to the EU and China were down -24.3% and -21.8% respectively, but those to the US rose 38.5%, emphasising the need for supportive trading conditions across the Atlantic. Turkey and Japan rounded off the UK’s top five global export markets, followed by Australia, Canada, South Korea, UAE and Israel.

Given the wholesale transformation underway at many car factories, a decline in battery electric (BEV), plug-in hybrid (PHEV) and hybrid (HEV) vehicle output was expected. Volumes of these electrified technologies fell to 275,896 units, down -20.4% on the year before but still accounted for 35.4% of overall output and the second highest on record. With more than £20 billion worth of investment announced in 2023 and a further £3.5 billion in 2024 to drive the UK’s transition to EV production, the decline will be temporary.1

Mike Hawes, SMMT Chief Executive, said, “Amid significant geopolitical and trade tensions, UK manufacturers are set on turning billions of pounds of investment into production reality, transforming factories to make new electric vehicles for sale around the world. Growing pains are inevitable, so the drop in volumes last year is not surprising. With new, exciting models and battery production on the horizon, the potential for growth is clear. Securing this future, however, requires industrial and trade strategies that deliver the competitive conditions essential for growth amidst an increasingly protectionist global environment.”

The latest independent production outlook expects UK car and light van production to be around 839,000 units in 2025 before rising to 930,000 units in 2027, with the potential to get above one million units in 2028, and over 1.1 million by 2030.2 This is, however, dependent on global car and van market demand improving, positive economic conditions and greater consumer confidence, and the delivery of the competitive conditions necessary to ensure zero emission model launches stay on track.

Realising this ambition and unlocking future growth will require an industrial strategy with advanced automotive manufacturing at its heart, enabling innovation, attracting investment and supporting the country’s highly skilled workforce. Equally important is a healthy domestic market, given manufacturers build close to where they sell, as well as strong overseas demand, notably for electrified vehicles which the sector, and government, has committed billions to making.

The industry, therefore, needs market regulation that reflects the reality of natural demand and a fiscal framework that incentivises consumers to buy these new vehicles that are fundamental to the achievement of our shared net zero ambitions. This must be aligned with an ambitious trade strategy that maintains a tariff-free enhanced trade partnership with the EU, and balanced, commercially meaningful trade agreements and critical minerals agreements with existing and new trading partners.

The right strategies will help secure the sector’s position as a £100 billion global trade hub, with the potential to deliver £50 billion in UK growth over the coming decade, supporting government’s economic, societal and environmental ambitions.3

Notes to editors

1:  SMMT calculations based on publicly announced investment commitments, public and private, in UK automotive production and R&D in 2024.
2:  Based on independent production outlook produced by AutoAnalysis in November – cars and light vans only.
3: SMMT Trade Snapshot 2024 and SMMT Vision 2035.

About SMMT and the UK automotive industry

The Society of Motor Manufacturers and Traders (SMMT) is one of the largest and most influential trade associations, representing the automotive industry in the UK. The automotive industry is a vital part of the UK economy, integral to growth, the delivery of net zero and the UK as a global trade hub. It contributes £93 billion turnover and £22 billion value added to the UK economy, and invests around £4 billion each year in R&D. With 198,000 people employed directly in manufacturing and some 813,000 across the wider automotive industry. 

The UK manufactures almost every type of vehicle, from cars, to vans, taxis, trucks, buses and coaches, as well as specialist and off-highway vehicles, supported by more than 2,500 component providers and some of the world’s most skilled engineers. In addition, the sector has vibrant aftermarket and remanufacturing industries. The automotive industry also supports jobs in other key sectors – including advertising, chemicals, finance, logistics and steel.

SMMT’s Motor Industry Facts publication www.smmt.co.uk/reports/smmt-motor-industry-facts/

UK VEHICLE MANUFACTURING (data for December and FY 2024)

Hi-res charts available via Dropbox: https://www.dropbox.com/scl/fo/a1iat513l4t5r3rkdb57o/AJw7kC6rKE9DvMm6-E_Amlo?rlkey=cy9q0ydz6sbov67itj36ki4v0&st=adloem9m&dl=0