Clinigen Full Year Results

BURTON-ON-TRENT, England--(BUSINESS WIRE)--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 2017.

FINANCIAL SUMMARY

Year ended 30 June				2017				2016				Growth
				£m				£m
Revenue				302.3				339.9				(11)%
Adjusted gross profit				122.8				100.7				22%
Adjusted EBITDA				65.1				53.7				21%
Cash generated from operations				54.7				49.4				11%
Reported earnings per share				3.3p				11.9p				(72)%
Adjusted earnings per share				41.8p				33.4p				25%
Dividend per share				5.0p				4.0p				25%
Net debt				35.0				68.1

Note: The Group results on an adjusted basis exclude amortisation and non-underlying costs (see note 2 and 3 of this financial information). Adjusted EBITDA is also adjusted to include the Group’s share of EBITDA from its joint venture. Adjusted EBITDA and adjusted EPS metrics are now shown after share-based payments of £2.5m (2016: £2.3m). Prior year has been restated accordingly.

HIGHLIGHTS

• Adjusted gross profit up 22% - driven by organic growth, full year’s contribution from Link Healthcare (‘Link’) and currency benefits
• Adjusted EPS up 25% to 41.8p (2016: 33.4p)
• Strong cash flow performance with cash generated from operations of £54.7m (2016: £49.4m)
• Net debt substantially decreased by £33.1m to £35.0m (2016: £68.1m)
• Full year dividend increased 25% to 5.0p (2016: 4.0p)
• Strong growth across all operations
• Outstanding performance in Africa and Asia Pacific
• Dexrazoxane portfolio revitalisation significantly enhanced by EC approval to update product information for Cardioxane, and launch of Totect in US
• New simplified reporting structure comprising Clinical Trial Services (‘CTS’), Unlicensed Medicines and Commercial Medicines

POST PERIOD END

• Proposed acquisition of Quantum Pharma plc (‘Quantum’) for £150.3m announced on 13 September 2017 subject to Quantum’s shareholder approval

Shaun Chilton, Group Chief Executive Officer, said:

“All of our business operations have performed strongly over the year resulting in a 25% increase in adjusted EPS and a 25% increase in dividend.

“We have continued to make significant progress in our strategy to build scale and capability in high growth geographies in the Africa and Asia Pacific region.

“Our strategic priorities remain unchanged - we continue to drive organic growth across all parts of the Group and search for selective acquisitions to complement our existing offering and capabilities.

“In line with this strategy, our recently announced proposed acquisition of Quantum would extend our Unlicensed Medicines capability, accelerate Clinigen’s unlicensed to licensed global strategy and enable Clinigen to internationalise Quantum’s existing portfolio of commercial products.

“The Group is well positioned to deliver another good year of progress and longer term the Board believes we are in an excellent position to capitalise on the substantial opportunity in our markets.”

*Adjusted results exclude amortisation and non-underlying costs. Adjusted EBITDA includes the 50% share of the EBITDA from the joint venture in South Africa. Adjusted results are now shown after share-based payments and the prior year has been restated accordingly.

The full release and a video of the CEO and CFO describing today’s results can be seen here: http://www.clinigengroup.com/results-reports-presentations