CONTINUED STRONG GROWTH WITH EPS UP 21%
Clinigen Group plc (AIM: CLIN, ‘Clinigen’ or ‘the Group’), the global pharmaceuticals and services company, has today published its half year results for the six months ended 31 December 2015.
|Six months ended 31 December||
|Reported gross profit||40.3||22.0||83%|
|Adjusted gross profit||44.1||22.1||100%||4%|
|Cash generated by operations||22.1||11.3||96%|
|Adjusted earnings per share||15.1p||12.5p||21%|
|Dividend per share||1.3p||1.1p||18%|
- Adjusted gross profit* doubled, reflecting change in scale following acquisitions
- Adjusted EPS* up 21% to 15.1p (2014: 12.5p)
- Interim dividend up 18% to 1.3p (2014: 1.1p)
- £22.1m cash generated from operations, up 96%
- Revitalisation of newer products has driven strong Specialty Pharmaceuticals performance
- All commercial and most of operational integration complete for Idis
- Link Healthcare acquisition builds global footprint, adding capability in Australia, Africa and Asia
- Further extension of Dexrazoxane product line with the acquisition of Totect from Biocodex, opening up the US market for Clinigen (see separate announcement for further details)
- Positioned for good growth in H2, in line with Board expectations
Peter George, Chief Executive Officer of Clinigen, said:
“We have made significant progress towards meeting our strategic objectives as a result of the acquisitions of Idis in April and Link Healthcare in October last year, and our alliance with US Specialty Pharmaceuticals company, Cumberland Pharmaceuticals.
“We are firmly established as the global market leader in the management and supply of unlicensed and clinical trial medicines. We now have the platform to realise considerable organic growth opportunities across a number of markets.
“We have also delivered good organic growth with the revitalisation of the newer products in our Specialty Pharmaceuticals business being a key highlight. The acquisition of Totect from Biocodex announced today further extends our Dexrazoxane product line, opening up the US market to Clinigen.
“Our strategic priorities are focused on completing the integration of both Idis and Link, driving organic growth across all our divisions, and developing the international potential of our Global Access business to take advantage of the growing demand for unlicensed medicines around the world. We will also continue the search for niche hospital only products to add to and strengthen our Specialty Pharmaceuticals division.”
*The adjusted results exclude share based payment costs, amortisation, non-underlying costs and include the 50% share of the unaudited results from the Joint Venture in South Africa.
**Year on year comparisons, referred to as ‘pro forma’ are calculated from the aggregated unaudited results taken from i) six monthly management information for Clinigen and Idis, and ii) for Link Healthcare, the two months ended 31 December 2015 and for the two months ended 31 December 2014.
An analyst briefing will be held at 9:30am on Wednesday, 2 March 2016 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: www.clinigengroup.com.
Clinigen Group plc
Peter George, Group Chief Executive Officer
Shaun Chilton, Group Deputy Chief Executive Officer
Martin Abell, Group Chief Financial Officer
Tel: +44 (0) 1283 495010
Numis Securities Limited
Michael Meade/Freddie Barnfield (Nominated Adviser)
James Black/Tom Ballard (Corporate Broking)
Tel: +44 (0) 20 7260 1000
Peel Hunt LLP - Joint Broker
James Steel/Dr. Tom Burt
Tel: +44 (0) 20 7418 8900
Adrian Duffield/Melanie Toyne-Sewell/Jayne Crook
Tel: +44 (0) 20 7457 2020
About Clinigen Group
Clinigen Group plc (AIM: CLIN) is a global pharmaceutical and services company with a unique combination of businesses focused on providing access to medicines. Its mission is to deliver the right drug to the right patient at the right time.
The Group consists of five synergistic businesses focused in three areas of global medicine supply; clinical trial, unlicensed and licensed medicines.
Clinigen Clinical Trial Services is the global market leader in the management and supply of commercial medicines for clinical trials.
The Group is also the trusted global leader in ethically sourcing and supplying unlicensed medicines to hospital pharmacists and physicians for patients with a high unmet need, through three of its divisions: Idis Managed Access runs early access programs for innovative new medicines. Idis Global Access and Link Healthcare work directly with healthcare professionals to enable compliant access to unlicensed medicines on a global basis and niche essential licensed and generic medicines across Australasia, Africa and Asia (AAA region).
Clinigen Specialty Pharmaceuticals acquires global rights, revitalises and markets its own portfolio of niche hospital commercial products.
For more information, please visit www.clinigengroup.com.