26th Feb 2014 11:10
LONDON (Alliance News) - Clinigen Group PLC raised its interim dividend and said it was on track to meet full-year expectations, as it saw pretax profit rise in the half-year ended December 31, 2013.
Clinigen posted an interim dividend of 1.0 pence per share, up from 0.6 pence in the previous year.
Clinigen posted pretax profit of GBP9.6 million, up from GBP3.7 million in the previous year, as revenue rose to GBP61.8 million, up from GBP61.0 million in the previous year. Pretax profit in the previous year was hit by a charge of GBP2.06 million relating to share-based payment schemes and GBP3.5 million relating to the cost of its listing on AIM.
The pharmaceuticals and pharmaceuticals services company said it had seen a good start to 2014, and it was on track to meet full-year expectations.
Revenue in the company's Clinical Trials Supply division declined 12.5% compared to the previous year, although gross profit rose due to an improved gross profit percentage. In the previous year revenues had benefited from a large number of anti-viral study sales at a low margin which had reduced gross profit percentage.
Global Access Programs revenues rose more than twofold to GBP9.9 million from GBP2.8 million in the previous year, driven by growth in the company's Astellas enzalutamide programme for advanced prostate cancer, and other large programmes.
In its Speciality Pharmaceuticals division revenues dropped 5.8% to GBP12.3 million from GBP13.1 million, hampered by higher comparatives in the previous year, which included a GBP3 million Foscavir stock fill in the US. Foscavir is used for the treatment of Cytomegalovirus in HIV and hematopoietic stem cell transplantation patients, and Herpes Simplex Virus infections in patients with compromised immune systems.
Clinigen expects commercial launch of its antibiotic for resistant pathogens like MRSA Vibativ in the second quarter of 2014. Manufacturing of branded stock of its treatment Carioxane is expected to commence in February. Cardioxane is used to prevent chronic cumulative cardiotoxicty caused by doxorubicin or epirubicin use in breast cancer patients.
Clinigen said that its acquisition pipeline remained healthy, and more candidates were being considered than at any other time; it expects some of these candidates will convert to Clinigen ownership in 2014.
Shares in Clinigen were trading down 15% at 542.80 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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