15th Jan 2019 09:37
LONDON (Alliance News) - Clinigen Group PLC on Tuesday expressed confidence in delivering progress in its full financial year after it saw a strong earnings growth in the first half.
The pharmaceutical company expects revenue for the six months to the end of December to increase by 24%, with gross profit rising by 25% year-on-year. On a constant currency basis, Clinigen expects its revenue to grow by 25% and gross profit by 27%.
In the first half of 2018 financial year, Clinigen recorded revenue of GBP167.8 million and adjusted gross profit of GBP63.9 million.
The company completed two corporate acquisitions, CSM and iQone, in October 2018 and two product acquisitions, Proleukin and Imukin, in July last year. Both of the acquired businesses have performed well.
"The Unlicensed Medicines portfolio performed well as anticipated, starting a number of new programs, and we have diversified our Commercial Medicines portfolio with the purchase of two specialty medicines," said Chief Executive Shaun Chilton.
"We are well positioned to deliver another good year of progress," added Chilton.
The company expects to publish its interim results on February 27.
Clinigen shares were trading 0.2% higher on Tuesday at 751.50 pence each.
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CLIN.L