Profits soar at pharma giant as new supply agreement pays off
Burton-on-Trent-based pharma giant Clinigen has seen its gross profits increase by 35 per cent to £108.1 million, according to its latest results announcement.
The firm recorded pre-tax profits of £24.8 million for the six months to 31 December, up from £12.9 million in 2018, and saw its net revenue rise to £224.6 million – a significant increase on the £181.1 million it notched up during the previous comparable period.
In a statement, the company attributed its success to the revitalisation of Proleukin – an immunotherapy drug used to treat kidney cancer – through a supply agreement signed with Iovance Biotherapeutics.
Clinigen also said its Unlicensed Medicines and Clinical Services divisions had delivered strong growth.
Group CEO Shaun Chilton said: “Our strategy is to build an integrated, international pharma product and services group with strong operational synergies, working with a growing roster of multinational clients and healthcare professionals around the world. We are delivering on our strategy and have seen a strong financial performance – both at the headline numbers and on an underlying organic basis.
“Key operational highlights include the first supply agreement for Proleukin with Iovance; the performance of Melatonin, our largest Unlicensed-to-Licensed product to add to Glycopyrronium in validating this strategy; and continued strong growth in Global Access.
“With the commercial platform in the EU and US now established, we are actively seeking further product in-licensing and acquisition opportunities to leverage across the business. We are also integrating CSM into our Clinical Services division to drive higher organic growth across the Group through greater cross-selling and seeding relationships into our Unlicensed Medicines business.
“We have continued our good performance into H2 and continue to expect organic gross profit growth at the upper end of our medium-term target range of 5-10 per cent.”