23rd Jul 2014 09:49
LONDON (Alliance News) - Horizon Discovery Group PLC said Wednesday that it was confident in delivering a strong performance for the full-year, as it traded in line with market expectations for the half-year to the end of June, as revenues rose by more than a third.
The life science company said it had seen revenues of GBP4.1 million, 36% ahead of GBP3.0 million in the previous year, including around one month of revenue from Horizon CombinatoRx Inc.
Horizon CombinatoRx was formed from the acquisition of assets from Zalicus Inc in June. It expects the full benefit from the acquisition on revenue to be felt in the second-half of the year.
It saw product and service revenues of GBP3.5 million, up 63% from GBP2.1 million in the previous year. Leveraged research and development service revenue was 75% ahead at GBP568,000 from GBP325,000. This revenue is from joint drug discovery alliances, and Horizon said it is eligible to receive future milestones of up to GBP158 million from these alliances.
It does not expect any of these milestones to fall in 2014.
Horizon will release its interim results September 23.
Shares in Horizon were trading down 0.1% at 173.90 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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