24th Jul 2014 09:37
LONDON (Alliance News) - Pharmaceutical company Clinigen Group PLC said Thursday it saw revenues rise by over 7% on a constant currency basis in the year to end-June, and expressed confidence for "another strong year ahead".
The company said its revenues at actual currencies were not less than GBP126 million for the year. Gross margins increased to over 30%, it said, leading to underlying earnings before interest, tax, depreciation and amortisation rising at least 17%.
Clinigen said its closing cash position was GBP5.3 million, and this combined with its borrowing facility of GBP35 million, provides it with the opportunities for continued expansion.
The company said that sales of its herpes treatment Foscavir product are matching the growth of the transplant market. Additionally, the integration of two new products during the year, chronic cardiotoxicty treatment Cardioxane and anthracycline extravasation treatment Savene, is running to plan.
In its Clinical Trials Supply business, which is its main revenue generator, it expects revenues in the financial year 2014 to be lower than the previous year due to anti-viral studies that were not repeated.
Its Global Access Programmes business saw the winding down of a large, high-revenue-low-margin programme in the first half that was not repeated in the second half.
In its Specialty Parmaceuticals business, revenues were boosted by Cardioxane, and a small contribution from the newly acquired Savene.
The company said that it is currently seeing good acquisition and complementary product opportunities for its Specialty Parmaceuticals business, which supports its strategy to focus on niche, hospital-only, speciality pharmaceutical products.
"This strategy plays well in the current environment where big pharmaceutical companies are looking to divest more mature products," the company said in a statement.
Shares in Clinigen were trading up 0.7% at 397.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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