Restatement of segmental reporting

 Clinigen Group plc (AIM: CLIN, ‘Clinigen’ or the ‘Group’), the global pharmaceutical Products and Services group, today provides a reconciliation of the change to its segmental reporting as announced in the trading update on 14 January 2021.

Overview

The Group has previously reported its results split into three divisions: Commercial Medicines, Unlicensed Medicines and Clinical Services. From 1 January 2021, the Group structure has been simplified, moving from three divisions to two: Services and Products.

The Services division comprises the old Clinical Services division and the Managed Access element of the old Unlicensed Medicines division. Within Services, Clinigen provides a unique set of niche, high value services to Pharma and Biotech clients prior to regulatory approval and launch of their products. The Services division is being led by Peter Belden, who was previously the EVP for the Clinical Services division.

The Products division comprises the old Commercial Medicines division and the Global Access (including Specials) element of the old Unlicensed Medicines division. Within Products, Clinigen enables access to critical medicines at a country, regional and global level, with a focus on building a portfolio of specialist pharmaceuticals to meet the needs of healthcare professionals and patients in both licensed and unlicensed markets. The Products division is being led by Sam Herbert, who joined the business in January as the Group’s Chief Operating Officer.

Tables setting out the previous and new segmental reporting for the FY20 half year and full year comparative periods are set out below. With the exception of the previous segmental numbers for the year ended 30 June 2020, which have been extracted from the audited 2020 Annual Report and Accounts, the numbers are unaudited.

Segmental reporting for the 6 months ended 31 December 2019

 

Previous segmental results

New segmental results

(In £m)

Commercial Medicines

Unlicensed Medicines

Clinical Services

Central

Total

Products

Services

Central

Total

Reported revenue

75.5

100.6

71.8

(4.2)

243.7

144.3

103.6

(4.2)

243.7

Net revenue

75.5

81.5

71.8

(4.2)

224.6

144.3

84.5

(4.2)

224.6

Adjusted EBITDA

39.3

17.1

9.5

(3.8)

62.1

51.0

14.9

(3.8)

62.1

Non-underlying cost of sales and admin expenses

0.9

0.9

Joint venture EBITDA

(0.3)

(0.3)

Amortisation and depreciation

(26.9)

(26.9)

Profit from operations

35.8

35.8

Finance cost

(11.2)

(11.2)

Share of profit of joint venture

0.2

0.2

Profit before taxation

24.8

24.8

Segmental reporting for the year ended 30 June 2020

 

Previous segmental results

New segmental results

 

(In £m)

Commercial Medicines

Unlicensed Medicines

Clinical Services

Central

Total

Products

Services

Central

Total

Reported revenue

156.7

197.0

162.2

(11.6)

504.3

287.8

228.1

(11.6)

504.3

Net revenue

156.7

158.9

162.2

(11.6)

466.2

287.8

190.0

(11.6)

466.2

Adjusted EBITDA

84.3

34.4

22.6

(10.3)

131.0

106.4

34.9

(10.3)

131.0

Non-underlying cost of sales and admin expenses

(27.7)

(27.7)

Joint venture EBITDA

(0.6)

(0.6)

Amortisation and depreciation

(60.7)

(60.7)

Profit from operations

42.0

42.0

Finance cost

(19.7)

(19.7)

Share of profit of joint venture

0.3

0.3

Profit before taxation

22.6

22.6


1 Group results on an adjusted basis exclude amortisation of acquired intangibles and products, and other non-underlying items.

2 Adjusted net revenue excludes Managed Access pass through revenue which varies each period dependent on the mix of programs.

3 Adjusted EBITDA includes the Group’s share of EBITDA from its joint venture.

Contact details

Clinigen Group plc
Shaun Chilton, Group Chief Executive Officer
Nick Keher, Group Chief Financial Officer
Email: Investors@clinigen.com
+44 (0) 1283 495 010

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

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

Instinctif Partners
Melanie Toyne-Sewell / Tim Linacre / Rozi Morris / Phillip Marriage
Tel: +44 (0) 20 7457 2020
Email: clinigen@instinctif.com

Notes to Editors

About Clinigen Group

Clinigen Group plc (AIM: CLIN) is a global pharmaceutical products and services group 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 1,150 employees across five continents in 16 countries, with supply and distribution hubs and operational centres of excellence in key long-term growth regions. The Group works with 21 of the top 25 pharmaceutical companies; interacting with over 22,000 registered users across more than 115 countries shipping approximately 6.5 million units in the year.

For more information on Clinigen, please visit www.clinigengroup.com.