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Clinigen half year results - Good H1 performance with adjusted EPS up 9% and strong cash flow

Clinigen half year results - Good H1 performance with adjusted EPS up 9% and strong cash flow

Clinigen Group plc (AIM: CLIN, ‘Clinigen’ or ‘the Group’), the global pharmaceuticals and services group, has today published its half year results for the six months ended 31 December 2018.


  • Adjusted gross profit up 25% (2% on an organic basis*)
  • Adjusted EBITDA up 22% (8% on an organic basis*) to £41.8m (2017: £34.4m)
  • Adjusted EPS up 9% to 23.0p (2017: 21.2p)
  • Strong cash flow performance with operating cash flow of £36.9m (2017: £32.7m) 


  • Increasing balance across divisions, reflecting portfolio strategy
  • EU and US infrastructure strengthened by CSM and iQone acquisitions – CSM YoY EBITDA up approximately 20%
  • Commercial Medicines enhanced by rights acquisitions: Proleukin® and Imukin® ROW and intention to acquire Proleukin® US
  • Unlicensed Medicines delivering strong organic performance and continued good growth in Africa and Asia Pacific

Shaun Chilton, Group Chief Executive Officer, said:

“The business has transformed over the last 12 months through a combination of substantial corporate and product acquisitions, investment in infrastructure and underlying growth. This has resulted in an improved balance across our complementary businesses - reflecting our portfolio strategy.

“Operationally, we saw good growth in Africa and Asia Pacific and the Unlicensed Medicines business, with adjusted EPS up 9% and operating cash flow up 13%. Notably, CSM, which we acquired in October 2018, saw approximately 20% year on year growth in EBITDA.

“We have started the second half of the year well and in-line with the Board’s expectations. We remain well placed to deliver on our vision to be the trusted global leader in the global supply and distribution of critically important hospital medicines.”

Note: Group results on an adjusted basis exclude amortisation of acquired intangibles and products, and other non-underlying items relating to acquisitions (see note 3 and 4 of the condensed financial statements). Adjusted EBITDA includes the Group’s share of EBITDA from its joint venture. Constant currency growth is derived by applying the prior period’s actual exchange rate to this period’s result.
*Year on year comparisons referred to as ‘organic’ are a measure of growth on a constant currency basis, excluding the impact of business and product acquisitions. Business and product acquisitions in the current period are excluded from organic EBITDA, and for the acquisitions completing in the prior year, they are included on a pro-forma basis as if they occurred on the first day of the prior year. Organic growth is presented to aid the reader’s understanding of the underlying performance of the business.

Operating cash flow is net cash flow from operating activities before income taxes, interest and working capital movements.


About Clinigen Group

Clinigen Group plc (AIM: CLIN) is a global pharmaceutical and services company with a unique combination of businesses focused on providing ethical access to medicines. Its mission is to deliver the right medicine to the right patient at the right time through three areas of global medicine supply; clinical trial, unlicensed and licensed medicines. The Group has sites in North America, Europe, Africa and Asia Pacific. In October 2018, the Group acquired CSM, a specialist provider of packaging, labelling, warehousing and distribution services, with sites in the US and Europe, and iQone, a specialist pharmaceutical company in Switzerland.

For more information on Clinigen, please visit

Cautionary 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. 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. Except as required by law, 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 Group by Instinctif Partners.
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