24th Oct 2014 06:44
LONDON (Alliance News) - Dechra Pharmaceuticals PLC Friday reiterated confidence that the "execution of [its] strategy will continue to deliver growth", as it traded in line with expectations in its financial first quarter to end-September, and said it had terminated development of its feline endocrine drug.
The company said that, following suspension of clinical trials for the feline endocrine drug in the fourth quarter of 2014, it had opted to terminate further work on the product.
Dechra saw revenue rise 6% in the first quarter, or 12% at constant currency, although it noted this was against a soft comparative period that had been hit by the phasing of export orders and supply issues in the US.
In its European Pharmaceuticals segment, revenue rose 1%, or 7% at constant currency, as strong sales of companion animal products and equine and diets products were offset by a 12% decline its its food-producing animal products.
In US Pharmaceuticals, revenue rose 51%, boosted by the recent acquisition of joint supplement product Phycox, the launch of navicular syndrome treatment Osphos, and the re-launch of two ophthalmic products after long term supply issues. This was also underpinned by continued strong trading of its dermatology and endocrinology product ranges.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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