23rd Oct 2015 06:26
LONDON (Alliance News) - FTSE 250-listed Dechra Pharmaceuticals PLC on Friday said it saw revenue rise 13% in its first quarter, driven by strong momentum across all of its business units, phasing of sales ahead of regional price increases, and contributions from its new subsidiaries.
The veterinary pharmaceutical company's revenue was held back by the weaker euro and stronger dollar, however, and at constant currency revenue would have risen 21% in the quarter to end-September.
In its European Pharmaceuticals segment, revenue was flat at actual exchange rates, although up 11% at constant currency, as its companion-animal products business performed ahead of expectations. There was "some solid trading" in its food-producing-animal products business. However sales declined in its diet business. Its newly established Polish subsidiary performed well during the quarter.
In North American Pharmaceuticals, revenue was up 92%, or 86% at constant currency, as its dermatology, endocrinology and ophthalmic ranges started the year strongly.
In terms of Dechra's pipeline, it is preparing for a phased launch of its treatment for Addison's disease for canines, Zycortal, in all European markets throughout the remainder of the financial year. The product was approved for sale in the EU last month. Dechra also expects to launch its treatment for navicular syndrome, Osphos, in the EU before the end of 2015.
During the first quarter, Dechra bought the intellectual property of equine lameness product HY-50, for CAD750,000 from Central Sales Ltd. It already had the trademark and rights for the product in other countries, and said it now has control of the brand worldwide, which will help strengthen its equine portfolio in Canada.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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