New products just the medicine for Clinigen as profits soar
PHARMACEUTICALS group Clinigen has seen its pre-tax profits surge by 47% following an increase in the number of products it offers.
In its preliminary results for the 12 months ended June 30, the Burton-on-Trent firm reported profits of £21.3m (2013: £14.5m) and also revealed its reported revenue is up 3% £126.6m (2013: £122.6m).
The firm’s cash generation continues to be strong. Net cash of £5.3m combined with the borrowing facility of £35m, provides opportunity for continued expansion, it suggests.
Clinigen’s total number of products increased from three to five following the acquisition of two oncology support products: Savene in March and Ethyol in August.
In addition the suspension of marketing authorisation was lifted for Vibativ and the product was launched in September.
Clinigen revealed that 58,000 units of drugs were shipped to more than 75 countries, an 87% increase, coming from both growth in existing programmes and new programmes.
Peter George, the firm’s chief executive officer, said: “We have had another strong year of growth, with all three operational businesses increasing their contribution.
“In the next financial year, the priorities for the group are twofold: the revitalization of SP’s dexrazoxane asset portfolio (Cardioxane and Savene) and the strengthening of our global capabilities, particularly in pharmerging markets.
“Both strategic goals are important to our long-term growth and will support our ambition to become a recognised world leading specialty pharmaceutical company with unrivalled global distribution capability for licensed and unlicenced medicines.”
