Burton-on-Trent, UK – 3 March 2015 – Clinigen Group plc (AIM: CLIN, Clinigen or the Group), the global specialty pharmaceuticals and pharmaceutical services business, has today published its half year results for the six months ended 31 December 2014.
- Group revenue up 17% to £72.6m (H1FY14: £61.8m); on a constant exchange rate basis up 21%
- Gross profit up 11% to £22.0m (H1FY14: £19.9m)
- Underlying EBITDA* up 8% to £13.5m (H1FY14: £12.5m), despite significant additional new product integration investment
- Adjusted underlying earnings per share** up 12.6% to 12.5p (H1FY14: 11.1p). Reported earnings per share up 5.7% to 9.2p (H1FY14: 8.7p)
- Interim dividend up 10% to 1.1p per share (H1FY14: 1.0p per share)
- Net cash of £12.9m at 31 December 2014 (30 June 2014: £5.3m)
- CTS: 28% revenue growth, 14 new customers, underlying activity up (requests up 11%, medicines supplied up 13%)
- GAP: 51% increase in units shipped, seven new programs to start in CY15 including first program for AstraZeneca for their product CAZ-AVI. Fycompa program extended for a further 18 months
- SP: SP sales and gross profit up 21% driven by new products and underlying volume growth in Foscavir. Ethyol acquisition (August 2014) already contributing to revenues. Revitalisation plans for dexrazoxane portfolio of products, Cardioxane and Savene on track. Final Marketing Authorisations for Cardioxane transferred from Novartis, in February 2015.
* Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation excluding share based payments and associated Employer’s National Insurance
** Underlying earnings exclude share based payments, associated Employer’s National Insurance costs, amortization and are adjusted for associated tax
Peter George, Chief Executive Officer, said:
“After another strong first half, with all three divisions making good profit contributions, we are in a great position to continue our ambitious pursuit to become the world leaders in Clinical Trial Services, Global Access Programs and have a Specialty Pharmaceutical portfolio with 10 revitalized products.
“For the second half of the year gaining regulatory clearance for our dexrazoxane portfolio of drugs is a priority, along with the constant drive to convert the pipeline of new business and extend current customer relationships within CTS and GAP. In addition, we continue to explore opportunities to extend our global footprint and unlicensed supply market position.
“We anticipate another busy six months ahead.”
An analyst briefing will be held at 9:30am today at the offices of Instinctif Partners, 65 Gresham Street, London EC2V 7NQ.
An audio replay file will be made available shortly afterwards via the Group’s website:
For further information, please contact:
Clinigen Group plc
Tel: +44 (0) 1283 495 010
Peter George, Group Chief Executive Officer
Robin Sibson, Group CFO and Company Secretary
Shaun Chilton, Group Chief Operating Officer
Numis Securities Limited
Tel: +44 (0) 20 7260 1000
Michael Meade/Freddie Barnfield (Nominated Adviser)
James Black/Tom Ballard (Corporate Broking)
Peel Hunt LLP – Joint Broker
Tel: +44 (0) 20 7418 8900
James Steel/Jock Maxwell Macdonald
Tel: +44 (0) 20 7457 2020
Adrian Duffield/Melanie Toyne-Sewell
Mob: 07890 022 814
About Clinigen Group
The Clinigen Group is a specialty global pharmaceutical company headquartered in the UK, with offices in the US and Japan. The Group, dedicated to delivering ‘the right drug, to the right patient at the right time’, has three operating businesses; Specialty Pharmaceuticals (SP), Clinical Trials Supply (CTS), and Global Access Programs (GAP). SP focuses on acquiring and in licensing specialist, hospital only medicines worldwide and commercializing them within niche markets. CTS sources commercial medical products for use in clinical studies only, including comparator drugs, adjuvant drugs and rescue therapies. GAP specializes in the consultancy, development, management and implementation of programs providing access for patients and their clinicians to drugs not available in their markets.
For more information, please visit www.clinigengroup.com.
This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Clinigen Group plc (“Clinigen”). These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Clinigen undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.