Strong interims sees drugs group Clinigen on course to meet full year targets

STAFFORDSHIRE pharmaceutical group, Clinigen, has said it is pleased with its first half performance and remains optimistic it will meet full year expectations.

In its interim results, which cover the period up to December 31, 2013, the Burton-upon-Trent business saw revenue rise to £61.8m (H1 2013: £61m); while underlying pre-tax profit was up 12% at £10.9m (H1 2013: £9.7m). Underlying earnings per share rose 7.8% to 9.7p.

The interim dividend was 1p per share (H12013: 0.6p per share).

Highlights during the period saw its CTS business improve margins through better supplier terms. Post period end, it agreed an exclusive deal with Accord Healthcare to supply capecitabine in Europe.

Elsewhere, it said large GAP programs were running as planned, with new access programs signed up with Eisai for Fycompa® and a third program for BTG for uridine triacetate. Its SP operation saw the integration of Cardioxane® and Vibativ® remain on track.

Peter George, Clinigen CEO, said: “Our focus on value creation has resulted in another strong financial performance. We are particularly pleased with the gross profit improvement in the CTS business and that we continue to add new customers.
“GAP continues to go from strength to strength, and our growing reputation is attracting not only important new clients such as Eisai but also returning customers like BTG.

“In SP, the integration of our new products Cardioxane and Vibativ is going well with some of the commercial activities ahead of plan, and Foscavir sales, as expected, are levelling out.  Acquisitions for SP are a priority and our activity in this area is high; we are confident we will add further to our portfolio in CY2014.

“In summary, a good start to FY14, with full year expectations on track.”