Burton-on-Trent, UK – 25 July 2013 – Clinigen Group plc (‘Clinigen’ or the ‘Group’, AIM: CLIN), the global specialty pharmaceuticals and services company, today announces its pre-close trading update for the year ended 30 June 2013.
During the second half of the year, Clinigen continued to perform strongly across its three operational businesses, Clinical Trials Supply (CTS), Global Access Programs (GAP) and Specialty Pharmaceuticals (SP). Overall, the Board expects revenue and gross profits to show significant organic growth over prior year and to be slightly ahead of market expectations. Administrative costs have been lower than expected which has led to a further positive impact on underlying EBITDA.
CTS continues to be the main revenue generator with significant growth year on year. The most significant percentage growth was in the GAP business, where full year sales will be more than six times higher on a like-for-like basis. The SP business continues to show organic growth from sales of Foscavir. Significantly , however, we expanded the SP portfolio, through acquisition, from one to three products with the benefits of these acquisitions expected to be felt next year and beyond. The $33m acquisition of Cardioxane (dexrazoxane) from Novartis in March 2013, did, however, make a small contribution to profits in the final quarter of this year.
The Group is in a good position to continue its strategy of acquiring niche, hospital-only products into the SP business with available cash funds and a bank facility.
Peter George, Chief Executive Officer of Clinigen said:
“Since we listed last September, the Group has been transformed by a combination of continued global expansion, strong organic growth and the acquisition of two new products for the Specialty Pharmaceuticals portfolio. We have re-organized the senior management and continue to invest in the infrastructure to scale-up for our next stage of growth.”
The Group expects to publish its final results for the year to 30 June 2013 on Wednesday 25 September 2013.
Notes to Editors
About Clinigen Group
The Clinigen Group is a specialty global pharmaceutical company headquartered in the UK, with offices in the US and Japan. The Group has three operating businesses; Specialty Pharmaceuticals (Clinigen SP), Clinical Trials Supply (Clinigen CTS), and Global Access Programs (Clinigen GAP). Clinigen SP focuses on acquiring and in licensing specialist, hospital only medicines worldwide and commercializing them within niche markets. Clinigen CTS sources commercial medical products for use in clinical studies, including comparator drugs, adjuvant drugs and rescue therapies. Clinigen GAP specializes in the consultancy, development, management and implementation of global access programs for biotechnology and pharmaceutical companies.
For more information, please visit www.clinigengroup.com.
Issued for and on behalf of Clinigen Group.
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Melanie Toyne-SewellManaging Partner