8th Jul 2014 07:03
LONDON (Alliance News) - Dechra Pharmaceuticals PLC said it remains well placed for future growth Tuesday, as it saw revenue rise by around 1.6% at constant currencies in the year to end-June.
In a trading update the veterinary drug company said it had seen growth in all markets across the European Union except for the Netherlands, driving its European Pharmaceuticals division revenue up 0.7% compared to the previous year.
In the Netherlands, the competitive environment and concerns about the use of antimicrobial products in veterinary medicine continued to make the market challenging, Dechra said.
Sales of its companion-animal products in Europe were up 3.4%, and equine products up 13%. Food-producing animal product revenues declined by around 7.5% due to lower sales of antibiotics.
In the US the company continued to see a strong performance, driven by the re-launch of its opthalmic range, leading to revenue growth of around 7.1%. However, supply issues during the year hit growth by around 6.2%, Dechra said.
Sales of its treatment of Cushing's syndrome in dogs, Vetoryl, were up 23%, and sales of its feline hyperthyroidism treatment Felimazole rose 17%.
The company recently got approval for its new equine product Osphos in the UK and US, and is targeting launch of the product for the first quarter of 2015.
It plans to enter the Canadian market in the second half of the next financial year.
"Overall, group trading for the year ended 30 June 2014 is in line with management expectations," said Chief Executive Ian Page in a statement. "We have addressed the known challenges during the year, made strong progress with product pipeline delivery, completed a strategic US acquisition and are expanding geographically."
Dechra expects to announce its full-year results September 8.
Dechra shares opened up 0.3% at 735.00 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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