Burton-on-Trent, UK – 24 September 2014 – Clinigen Group plc (‘Clinigen’ or the ‘Group’, AIM: CLIN), the global specialty pharmaceuticals business, has today published its preliminary results for the 12 months ended 30 June 2014.
Financial highlights
• Like for like revenues* on a constant exchange rate basis up 7.5%. Reported revenues up by 3% to £126.6m (FY13: £122.6m)
• Gross margin improved in all three operating businesses, increasing to over 30% overall and delivering growth in excess of 17%
• Underlying EBITDA** increased by 19.8% to £26.8m (FY13: £22.4m)
• Reported pre-tax profits up by 47% to £21.3m (FY13: £14.5m)
• Adjusted underlying earnings per share*** up 22% to 24.5 pence (FY13: 20.1 pence) and reported earnings per share up 30% to 19.6 pence (FY13: 15.1 pence)
• Cash generation continues to be strong. Net cash of £5.3m combined with the borrowing facility of £35m, provides opportunity for continued expansion.
• Final dividend 2.1 pence per share proposed; total dividend 3.1 pence per share (FY13: 2.6 pence per share), up 19%.
Business highlights
- Specialty Pharmaceuticals (SP)
• Total number of products increased from three to five following the acquisition of two oncology support products; Savene in March 2014 and Ethyol in August 2014.
• Suspension of Marketing Authorization lifted for Vibativ and product launched September 2014.
• New indications and price increases applied to Foscavir.
- Clinical Trials Supply (CTS)
• Gross margins returned to 15.1%; deeper penetration of customer base with requests to supply and product sourced both up more than 30%.
• New exclusive supply agreement signed.
- Global Access Programs (GAP)
• 58,000 units of drugs shipped to more than 75 countries, an 87% increase, coming from both growth in existing programs and new programs.
• Cliniport launched and applied to all programs.
* Like for like sales represent revenues adjusted for Foscavir stock fill (£3m) in FY13.
** Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortization excluding share based payments.
*** Underlying earnings exclude share based payments, and are adjusted for amortization and associated tax. Peter George, Chief Executive Officer, Clinigen Group, said “We have had another strong year of growth, with all three operational businesses increasing their contribution.
“Organic business has increased in both CTS and GAP, with a significant improvement in margins for CTS. In SP, we have seen steady growth in in-market sales from Foscavir and revenue streams beginning to come on board from Cardioxane and newly acquired Savene. Vibativ has been revitalized and, in September 2014, launched into the European market. The acquisition of Ethyol brings the total SP drug portfolio to five. “In the next financial year, the priorities for the Group are two fold; the revitalization of SP’s dexrazoxane asset portfolio (Cardioxane and Savene) and the strengthening of our global capabilities, particularly in pharmerging markets. “Both strategic goals are important to our long term growth and will support our ambition to become a recognized world leading specialty pharmaceutical company with unrivalled global distribution capability for licensed and unlicenced medicines.”
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For the full release, please visit the Group's website at www.clinigengroup.com
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