16th Jul 2019 10:04
(Alliance News) - Clinigen Group PLC said Thursday it expects to see a double-digit rise in profit and revenue for its recently ended financial year, driven by contributions from acquisitions.
For the year to the end of June, the pharmaceutical services company expects gross profit to increase by 30% from GBP138.7 million the year before, on revenue set to grow by 19% from GBP381.2 million.
On a constant currency basis, gross profit is expected to rise by 31%, and revenue by 19%.
Earnings per share is set to increased by 15% from 22.9 pence the prior year.
Clinigen said the strong annual performance was driven by contributions from several acquisitions.
In particular, packaging and distribution services firm CSM Parent Inc exceeded company expectations after being acquired by Clinigen in September 2018 for USD240 million.
There was also the rights to metastatic melanoma treatment Proleukin in the US, acquired from Novartis International AG in February for USD210 million.
"We have continued to execute our strategy with the recent acquisitions strengthening our offering and capabilities as well as diversifying our portfolio of businesses and products. The expansion of our geographical footprint by building on our existing commercial infrastructure in the US and EU will provide notable benefit to all our businesses," said Chief Executive Officer Shaun Chilton.
"Financially we have delivered a strong performance, driven by our acquisitions and we remain highly cash generative - one of our main business KPIs," Chilton added.
Clinigen will publish its annual results on September 19.
Shares in Clinigen were up 0.5% at 998.00 pence in London on Tuesday.
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CLIN.L