3rd Mar 2015 09:20
LONDON (Alliance News) - Pharmaceuticals and pharmaceutical services business Clinigen Group PLC said it is on track to meet its full-year expectations, as it posted a rise in pretax profit for its first half.
It proposed an interim dividend of 1.1 pence, up from 1.0 pence a year before.
For the half year to end-December 2014, the company posted a pretax profit of GBP9.9 million, up from GBP9.6 million, as a rise in revenue to GBP72.6 million from GBP61.8 million was partly offset by higher cost of sales.
Revenue growth was boosted by a strong performance from its clinical trial services business, which contributed 70% of total sales in the first half. The pipeline for this business in the second half remains strong, Clinigen said, with conversion levels as expected.
Speciality pharmaceuticals revenue was up 21% during the half year, boosted by new products onology support therapy ethyol and extravasation treatment savene. It said that its is making "promising progress" to lifting the Article 31 safety restriction in Europe on oncology support therapy cardioxane, but sales continued to be hit by political issues in Venezuela.
Revenue from its global access programmes business fell 29% due to the closure of its French enzalutamide programme.
"For the second half of the year gaining regulatory clearance for our dexrazoxane portfolio of drugs is a priority, along with the constant drive to convert the pipeline of new business and extend current customer relationships within clinical trial services and global access programmes. In addition, we continue to explore opportunities to extend our global footprint and unlicensed supply market position," said Chief Executive Officer Peter George in a statement.
Shares in Clinigen are trading down 1.3% at 543.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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