Clinigen Group plc (AIM: CLIN, ‘Clinigen’ or ‘the Group’), the global pharmaceuticals and services group, has today published its full year results for the year ended 30 June 2021.


Year ended 30 June202120201Growth
Adjusted measures2
Net revenue3458.6428.67%13%
Gross profit198.0210.0(6)%(3)%
EBITDA4 as % net revenue25.4%30.3%(490)bps
Basic earnings per share55.9p65.3p(14)% 
Operating cash flow699.993.96% 
Statutory measures  
Gross profit197.9205.1(3)%0%
Profit before tax51.823.2>100%  
Basic earnings per share29.8p10.8p>100% 
Dividend per share7.61p7.61p0% 
Net debt335.8311.9 


Net revenue from continuing operations up 7% (+13% on an organic basis5) to £458.6m (2020: £428.6m).

  • Adjusted EBITDA from continuing operations decreased by 10% (-5% on an organic basis5) to £116.3m, (2020: £129.8m) reflecting the impact of COVID-19 and a change in gross profit mix partially offset by good cost control. Adjusted EPS from continuing operations down 14% to 55.9p (2020: 65.3p).
  • Net debt as at 30 June 2021 of £316.9m, (£335.8m inc. IFRS 16 liabilities7) representing net debt leverage of 2.8x8, meaningfully below the Group’s temporary banking covenant of 3.5x. Group expected to de-lever significantly over the course of this financial year to below 2.5x by the end of FY2022 and within our stated target of below 2.0x within FY2023.
  • Strong cash conversion with adjusted operating cash flow for the year from continuing operations up 6% to £99.9m (2020: £93.9m).


  • Divestment of the UK Compounding Business, as announced 30 June, and the formation of two business divisions (‘Services’ and ‘Products’) has simplified operational structure, aligning platform to end-market customer and enables the Group to drive future synergies and focus on areas that drive most value.
  • Strong new business activity in Services, with more than 50% growth in the total lifetime value of clinical packaging, labelling and distribution contracts and an increase in Managed Access Programs of 30.
  • In Products, demand for Proleukin and On-Demand products was impacted by COVID-19, whilst the developed portfolio of products performed strongly, specifically Melatonin and Glycopyrronium Bromide. Erwinase roll-out continued into licensed and unlicensed markets.
  • Further strengthening of the leadership team, including the appointment of Sam Herbert as Chief Operating Officer and Head of the Products division. Before joining Clinigen, Sam spent seven years at World Courier, a leading provider of specialty logistics and distribution services to the pharmaceutical, biotech and healthcare community.
  • Elmar Schnee assumed the role of Chairman on 1 September 2021, and Ian Johnson was appointed Senior Independent Director on 3 August 2021. These appointments bring significant leadership and listed company experience from the international pharmaceutical and life sciences industry to Clinigen.

Shaun Chilton, Group Chief Executive Officer, said:

“Clinigen is seeing strong momentum in the Services business and progress in the Products business, particularly our Partnered products, despite the continued impact of COVID-19. We expect EBITDA growth of 5 to 10% in FY2022 with strong cash generation, driven by the strength of our underlying business and activity levels across the Group, and we remain focused on debt paydown. The strong performance of our Services business in response to evolving market need has enhanced our market position and we expect our focus on this area of the business to intensify. We are confident that our work on simplifying the operating structure and our on-going focus on areas where we are uniquely positioned to deliver value will bring clear benefit to our customers, patients and shareholders.”


  1. Group results presented within this report are from continuing operations and the comparative results have been restated accordingly. Further information on discontinued operations is provided in note 13 of the condensed financial statements.
  2. Group results from on an adjusted basis exclude amortisation of acquired intangibles and products, and other non-underlying items (see note 3 and 4 of the condensed financial statements). Adjusted measures are presented as they allow a more effective year-on-year comparison and identification of core business trends by removing the impact of items occurring either outside the normal course of operations or as a result of intermittent activities such as business combinations and restructuring. The principles to identify adjusting items have been applied to the current and prior year comparative numbers on a consistent basis.
  3. Adjusted net revenue excludes Managed Access pass through revenue which varies each period dependent on the mix of programs.
  4. Adjusted EBITDA includes the Group’s share of EBITDA from its joint venture.
  5. Organic growth is a measure of growth on a constant currency basis, excluding the impact of business and product acquisitions and disposals. There were no acquisitions within the last 12 months of the reporting date and one disposal relating to the UK Compounding Business. Constant currency is derived by applying the prior year’s actual exchange rate to this year’s result. Organic growth is presented to aid the reader's understanding of the underlying performance of the business.
  6. Operating cash flow is net cash flow from operating activities before income taxes and interest. Adjusted operating cash flow excludes the element of CSM acquisition consideration recognised in operating cash flow. Cash conversion is calculated by dividing adjusted operating cashflow by adjusted EBITDA.
  7. IFRS 16 ‘Leases’ was adopted by the Group on 1 July 2019 with the recognition of lease liabilities for leases previously classified as operating leases. This adjustment to liabilities is excluded from borrowings for the purpose of leverage calculations under the banking facility covenant.
  8. Bank covenant leverage is calculated by dividing adjusted EBITDA of the Group for the last 12 months, excluding the impact of IFRS 16, by net debt at the period end. Adjusted EBITDA includes the EBITDA from the businesses and assets acquired during the last 12 months, including on a pro forma basis the year prior to it becoming a member of the Group.

An analyst briefing will be held in person and virtually via a webinar at 10:30am BST on Thursday, 16 September 2021. To register interest, please contact

For further information, please contact:

Clinigen Group plc
Shaun Chilton, Chief Executive Officer
Richard Paling, Interim Chief Financial Officer
Rob Fox, VP Investor Relations and Corporate Development
+44 (0) 1283 495010

Numis Securities Limited - Nominated Adviser & Joint Broker
James Black / Garry Levin / Freddie Barnfield
Tel: +44 (0) 20 7260 1000

RBC Capital Markets - Joint Broker
Marcus Jackson / Elliot Thomas
Tel: +44 (0) 20 7653 4000

Consilium Strategic Communications
Mary-Jane Elliott / Matthew Cole / Matthew Neal
Tel: +44 (0) 20 3709 5700

Notes to editors

About Clinigen Group

Clinigen Group plc (AIM: CLIN) is a global, specialist pharmaceutical Services and Products company focused on providing ethical access to medicines. Its mission is to deliver the right medicine to the right patient at the right time. The Group operates from sites in North America, Europe, Africa and the Asia Pacific.

Clinigen has more than 1,000 employees across five continents in 14 countries, with supply and distribution hubs and operational centres of excellence in key long-term growth regions. The Group works with 34 of the top 50 pharmaceutical companies; interacting with over 5,000 hospitals across more than 120 countries.

For more information on Clinigen, please visit

Cautionary statement

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. 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. Except as required by law, 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.

The information contained in this statement has not been audited and may be subject to further review.