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Clinigen Group: Half Year Trading Update

Clinigen Group: Half Year Trading Update

Burton-on-Trent, UK – 15 January 2015 – Clinigen Group plc (‘Clinigen’ or the ‘Group’, AIM: CLIN), the specialty global pharmaceutical company, today provides a half year update for the six months ended
31 December 2014.

The Group continues to perform strongly, in line with the Board’s expectations:

  • Revenues at £72.6m are up 17% on H1 FY14 (21% on a constant exchange rate basis)
  • Gross profit is up 11%, with overall margins at 30%
  • Net cash has more than doubled to £12.9m from £5.3m at 30 June 2014


Revenue growth over the period has been driven by a combination of significant organic and new customer growth in CTS - demonstrating the progress of Clinigen CTS towards global leadership - with the additional contribution from new product acquisitions within Clinigen SP (Savene and Ethyol). Also within SP, Foscavir in-market sales are up 5%, in line with disease treatment activity.

The Group’s CTS activity measures: growth in current customers, number of customers, number of products shipped and the sales pipeline, all continue to grow.

The number of units shipped by GAP, the primary measure of growth in that business, continues to increase and a number of new programs will go live in Q3 FY15. H1 FY15 GAP revenues were, as expected, affected by the closure of the French Enzalutamide program, but this also led to an improvement in gross margin, returning to expected 40% levels from H1 FY14 at 28%.

The Group continues to evaluate new opportunities for both product acquisitions and global expansion.

Peter George, Chief Executive Officer, Clinigen Group said,
“I am really proud of the team’s first half performance; all three operating businesses have contributed to strong trading. I am particularly pleased with the CTS performance and the early contributions from new product acquisitions.

“The integration of the new products acquired in FY14 and H1 FY15 continues on track and I expect the current investment in the revitalization plans to start to have a positive impact during FY16.

“This strong half year performance is in line with the Board’s expectations and puts us in a good position to meet our full year targets.”

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, dedicated to delivering ‘the right drug, to the right patient at the right time’, 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 only, including comparator drugs, adjuvant drugs and rescue therapies.  Clinigen GAP specializes in the consultancy, development, management and implementation of programs providing access for patients and their clinicians to drugs not available in their markets. For more information, please visit www.clinigengroup.com.

Forward-looking statement
This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Clinigen Group plc (“Clinigen”). These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Clinigen undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.

 

Issued for and on behalf of Clinigen by Instinctif Partners.

For more information please contact: clinigen@instinctif.com

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Melanie Toyne-SewellManaging Partner