28th Apr 2015 06:54
LONDON (Alliance News) - Veterinary products manufacturer Dechra Pharmaceuticals PLC on Tuesday said it remains confident of meeting market expectations for its 2015 financial year following strong trading in the third quarter, despite European revenue being held back by a weak euro.
Dechra said it is set to meet market expectations for the year to the end of June after good trading in the third quarter to the end of March, though it noted sales have benefited from the phasing of pre-Easter ordering in Europe and competitor stock shortages in the US market.
Group revenue in the third quarter was up 6%, or 14% at constant exchange rates, with revenue up 6.6% in the nine months to the end of March, it said.
European pharmaceuticals revenue was down 3.3% in the quarter, though up 7.3% at constant currencies, boosted by wholesalers buying in advance of the Easter break. Companion Animal Products grew in the quarter, while its Equine business also performed well. Dechra said its Diets franchise is showing signs of a recovery, but said sales in its Animal Products business were down in the quarter.
In North America, sales were driven higher by the launch of its Canadian subsidiary in January, with sales in the region in the quarter up 76%, and revenue growth for the nine months to the end of March at 69%. Revenue growth in the US was partly driven by the recent acquisition of Phycox, the launch of Osphos, and the re-launch of two ophthalmic products following the resolution of long-term supply issues, Dechra said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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