Clinigen Group Plc: Good H1 Performance with Adjusted EPS up 13%
|Six months ended 31 December||2017||2016||Growth|
|Adjusted gross profit||63.9||58.1||10%|
|Cash generated from operations||34.3||7.7||>100%|
|Reported earnings per share||10.2p||2.3p||>100%|
|Adjusted earnings per share||21.2p||18.8p||13%|
|Interim dividend per share||1.76p||1.6p||10%|
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 this financial information). Adjusted EBITDA includes the Group’s share of EBITDA from its joint venture. Adjusted results now include amortisation on software and the prior period has been restated accordingly.
- Adjusted gross profit up 10% driven by strong performance by Commercial Medicines and two months contribution from Quantum Pharma plc (‘Quantum’)
- Adjusted EPS up 13% to 21.2p (2016: 18.8p)
- Strong cash flow performance with cash generated from operations of £34.3m (2016: £7.7m)
- Interim dividend increased 10% to 1.76p (2016: 1.6p)
- All products across Commercial Medicines portfolio performing strongly
- Good growth in Africa and Asia Pacific region
- Acquisition of Quantum adds complementary capability in Unlicensed Medicines and provides pipeline of products and in-house development capabilities
- Unlicensed Medicines capability and geographical footprint further enhanced by acquisition of IMMC in Japan
Shaun Chilton, Group Chief Executive Officer, said:
“We have delivered good growth resulting in a 15% increase in adjusted EBITDA and 13% increase in adjusted EPS.
“Commercial Medicines has achieved a strong performance across the portfolio whilst growth in Africa and Asia Pacific was good, demonstrating the strength of our increasingly diversified portfolio.
“We have made strong progress against our strategic priorities. We have and will continue to drive organic growth and search for selective acquisitions to complement our existing offering and capabilities.
“The acquisitions of Quantum and IMMC extend our Unlicensed Medicines capability and accelerates our unlicensed to licensed global strategy. Both acquisitions are performing well with integration going to plan.
“We are well positioned to deliver another good year of progress.”
An analyst briefing will be held at 9:30am on Tuesday, 27 February 2018 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: www.clinigengroup.com.
Notes to editors
The Unlicensed Medicines operation encompasses the original Managed Access and Global Access business, and the unlicensed businesses within Link and Quantum. The Commercial Medicines business encompasses Clinigen’s own products and the commercial businesses of Link and Quantum.
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.
Clinical Trial Services
Clinigen is the global market leader in the specialist supply and management of quality-assured comparator medicines and services to clinical trials and Investigator Initiated Trials.
Clinigen is the global leader in ethically sourcing and supplying unlicensed medicines to hospital pharmacists and physicians for patients with a high unmet medical need. The Group manages early access programmes to innovative new medicines and provides ‘on demand’ access globally to medicines which remain unlicensed at the point of care.
Clinigen acquires global rights to niche hospital only and critical care products, revitalising these assets around the world and returning them back to sustained growth. It also provides access to licensed and branded generic medicines in the Africa and Asia Pacific region.
The Group also has an ‘unlicensed to licensed’ strategy, where it looks to take unlicensed medicines with commercial potential and licences them, helping to address unmet medical need and allowing the Group to capitalise on its market-leading positions.
For more information on Clinigen, please visit www.clinigengroup.com
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 / Tom Ballard (Corporate Broking)
Tel: +44 (0) 20 7260 1000
RBC Capital Markets – Joint Broker
Marcus Jackson / Elliot Thomas / Jack Wood
Tel: +44 (0) 20 7653 4000
Melanie Toyne-Sewell / Alex Shaw
Tel: +44 (0) 20 7457 2020
Source: Clinigen Group plc