Half year results for the period ended 31 December 2021

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 2021.


Six months ended 31 December









Adjusted measures2



Net revenue3










EBITDA4 as % of net revenue




Basic earnings per share





Operating cash flow6








Statutory measures








Gross profit





Profit before tax





Basic earnings per share





Interim dividend per share



Net debt






  • Net revenue from continuing operations up 10% (14% on an organic5 basis) to £238.1m (H1 2021: £215.7m).
  • Adjusted EBITDA from continuing operations increased by 6% (8% on an organic5 basis) to £57.4m (H1 2021: £54.4m) reflecting strong growth in Services and Partnered products alongside good cost control. Adjusted EPS from continuing operations down 14% to 22.6p (H1 2021: 26.4p).
  • Very strong cash conversion with adjusted operating cash flow from continuing operations up 25% to £72.5m (H1 2021: £58.2m).
  • Net debt as at 31 December 2021 of £274.7m, (£295.6m incl. IFRS 16 liabilities7) representing net debt leverage of 2.5x, significantly below the Group’s temporary banking covenant of 3.5x.


On 8 December 2021, Clinigen announced an agreement on the terms of a recommended all-cash offer by Triley Bidco Limited (a company indirectly owned by Triton Investment Management Limited) for the entire issued and to be issued share capital of Clinigen. Under the terms of the original offer Clinigen shareholders would have been entitled to receive 883 pence for each Clinigen share, to be effected by means of a Scheme of Arrangement.

On 17 January 2022 the terms of an increased and final recommended all-cash offer were announced at an increased value of 925 pence for each Clinigen share.  On 8 February 2022 at the Court Meeting and General Meeting, shareholders voted to approve the resolutions in connection to the increased and final all-cash acquisition of Clinigen by Triley Bidco Limited.

Completion of the Acquisition remains subject to the satisfaction or, where applicable, waiver of the remaining Conditions set out in the Scheme Document, the sanction of the Scheme by the Court at the Scheme Court Hearing and the delivery of a copy of the Court Order to the Registrar of Companies. It is anticipated the deal will close in accordance with the updated timetable published on 16 February 2022 with the effective date of the Scheme expected to be 4 April 2022.



  • Strong net revenue growth of 61% in the Partnered section of Products Division despite Erwinase not being granted a licence in the US. Growth driven in part by revenue ahead of expectations for Erwinase and Hunterase in ex-US and Japan respectively.
  • The Developed portfolio of Products continues to perform ahead of forecast with strong net revenue growth against H1 2021, minimising the impact of continued depressed on-label Proleukin sales in the US.
  • Execution of a high number of new Services business wins from FY2021 led to 39% EBITDA growth across the division with continued high win rates across Clinical and Managed Access.
  • Strong performance in Africa region partly driven by supply of COVID-19 related products including antigen testing kits.
  • Continued recovery in On-Demand business with a strong pipeline through key supply shortage opportunities.
  • Second release of Clinigen Direct successfully completed with orders received from 52 countries.
  • Continued integration of iQone business into European operations to support commercial roll-out of key partnered products such as Erwinase and Copiktra in Europe.

Shaun Chilton, Group Chief Executive Officer of Clinigen, said:

We have seen good delivery across all areas of the business during the first half of the year. Our EBITDA and net revenue growth despite the ongoing market challenges presented by COVID-19 demonstrates the benefits of our diverse and global lifecycle platform.

“Shareholders have voted to approve the increased all-cash acquisition of Clinigen by Triley Bidco Limited, which the Board has recommended, and we are excited about the next chapter of Clinigen’s growth as a private company. We will continue to focus on those areas of the business where we have sustainable competitive advantage and build out the platform to deliver more value for our pharmaceutical clients and healthcare professional customers globally.”


  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 14 of the condensed financial statements.
  2. Group results 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 during the period or prior period and one disposal in the prior period 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 in the prior period. Cash conversion is calculated by dividing adjusted operating cash flow 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 excludes the EBITDA from the businesses disposed during the last 12 months.

- Ends -

As a result of the Triley Bidco Limited offer, an analyst briefing will not be held to discuss the results in person or virtually.

Contact details

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 / Jessica Hodgson
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 platform 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 115 countries.

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

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.