Covid hits profits at pharma firm
Register for free to receive latest news stories direct to your inboxRegister
Clinigen, the Burton pharma firm, has seen profits slip for the year ending June 30, blaming the impact of Covid.
The firm days its gross profits dip by 3% to £198m. Revenues, however, rose by 7% to £458m.
Shaun Chilton, group chief executive officer, said: “Clinigen is seeing strong momentum in the Services business and progress in the Products business, particularly our Partnered products, despite the continued impact of COVID-19.
“We expect EBITDA growth of 5 to 10% in FY2022 with strong cash generation, driven by the strength of our underlying business and activity levels across the group, and we remain focused on debt paydown.
“The strong performance of our Services business in response to evolving market need has enhanced our market position and we expect our focus on this area of the business to intensify. We are confident that our work on simplifying the operating structure and our on-going focus on areas where we are uniquely positioned to deliver value will bring clear benefit to our customers, patients and shareholders.”