Good H1 performance with adjusted EPS up 9% and strong cash flow

Clinigen Group plc (AIM: CLIN, ‘Clinigen’ or ‘the Group’), the global pharmaceuticals and services group, has today published its half year results for the six months ended 31 December 2018.


Six months ended 31 December 2018 2017 Growth  




 Revenue  208.9 167.8 24% 25%
 Adjusted gross profit   80.0 63.9 25% 27%
 Adjusted EBITDA 41.8 34.4  22% 24%

Reported profit before tax

12.9 15.8  (18)%  
Reported earnings per share  7.7p 10.2p  (25)%  
Adjusted earnings per share 23.0p 21.2p  9%  
Interim dividend per share 1.95p 1.76p  11%  
Operating cash flow 36.9 32.7 13%  
Net debt 192.4 141.8    

Financial Highlights

  • Adjusted gross profit up 25% (2% on an organic basis*)
  • Adjusted EBITDA up 22% (8% on an organic basis*) to £41.8m (2017: £34.4m)
  • Adjusted EPS up 9% to 23.0p (2017: 21.2p)
  • Strong cash flow performance with operating cash flow of £36.9m (2017: £32.7m)

Operational Highlights

  • Increasing balance across divisions, reflecting portfolio strategy
  • EU and US infrastructure strengthened by CSM and iQone acquisitions – CSM YoY EBITDA up approximately 20%
  • Commercial Medicines enhanced by rights acquisitions: Proleukin® and Imukin® ROW and intention to acquire Proleukin® US
  • Unlicensed Medicines delivering strong organic performance and continued good growth in Africa and Asia Pacific

Shaun Chilton, Group Chief Executive Officer, said:

“The business has transformed over the last 12 months through a combination of substantial corporate and product acquisitions, investment in infrastructure and underlying growth. This has resulted in an improved balance across our complementary businesses - reflecting our portfolio strategy.

“Operationally, we saw good growth in Africa and Asia Pacific and the Unlicensed Medicines business, with adjusted EPS up 9% and operating cash flow up 13%. Notably, CSM, which we acquired in October 2018, saw approximately 20% year on year growth in EBITDA.

“We have started the second half of the year well and in-line with the Board’s expectations. We remain well placed to deliver on our vision to be the trusted global leader in the global supply and distribution of critically important hospital medicines.”

Note: Group results on an adjusted basis exclude amortisation of acquired intangibles and products, and other non-underlying items relating to acquisitions (see note 3 and 4 of the condensed financial statements). Adjusted EBITDA includes the Group’s share of EBITDA from its joint venture. Constant currency growth is derived by applying the prior period’s actual exchange rate to this period’s result.

*Year on year comparisons referred to as ‘organic’ are a measure of growth on a constant currency basis, excluding the impact of business and product acquisitions. Business and product acquisitions in the current period are excluded from organic EBITDA, and for the acquisitions completing in the prior year, they are included on a pro-forma basis as if they occurred on the first day of the prior year. Organic growth is presented to aid the reader’s understanding of the underlying performance of the business.

Operating cash flow is net cash flow from operating activities before income taxes, interest and working capital movements.

- Ends -

An analyst briefing will be held at 9:30am on Wednesday, 27 February 2019 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:

Contact Details

Clinigen Group plc

Shaun Chilton, Group Chief Executive Officer
Martin Abell, Group Chief Financial Officer
Matt Parrish, Head of Investor Relations
Tel: +44 (0) 1283 495010

Numis Securities Limited

Michael Meade / Freddie Barnfield (Nominated Adviser)
James Black / Freddie Naylor-Leyland (Corporate Broking)
Tel: +44 (0) 20 7260 1000

RBC Capital Markets – Joint Broker

Marcus Jackson / Elliot Thomas
Tel: +44 (0) 20 7653 4000

Instinctif Partners 

Adrian Duffield / Melanie Toyne-Sewell / Alex Shaw
Tel: +44 (0) 20 7457 2020

Notes to Editors

About Clinigen Group

Clinigen Group plc (AIM: CLIN) is a global pharmaceutical and services company with a unique combination of businesses focused on providing ethical access to medicines. Its mission is to deliver the right medicine to the right patient at the right time through three areas of global medicine supply; clinical trial, unlicensed and licensed medicines. The Group has sites in North America, Europe, Africa and Asia Pacific. In October 2018, the Group acquired CSM, a specialist provider of packaging, labelling, warehousing and distribution services, with sites in the US and Europe, and iQone, a specialist pharmaceutical company in Switzerland.

For more information on Clinigen, please visit