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Clinigen Full year results -Transformational year - platform taking shape to support higher organic growth

Clinigen Full year results -Transformational year - platform taking shape to support higher organic growth

Clinigen Group plc (AIM: CLIN, ‘Clinigen’ or ‘the Group’), the global pharmaceuticals and services group, has today published its full year results for the year ended 30 June 2019.

Clin results table

FINANCIAL HIGHLIGHTS

  • Adjusted gross profit up 30% (+1% on an organic basis*) to £182.3m (2018: £140.1m); with adjusted gross profit growth on an organic basis* excl. Foscavir and UK Specials business +7%
  • Adjusted EBITDA up 33% (+4% on an organic basis*) to £100.8m (2018: £76.0m); with adjusted EBITDA growth on an organic basis* excl. Foscavir and UK Specials business +23%
  • Adjusted EPS up 20% to 54.4p (2018: 45.4p), continuing double digit EPS growth each year since IPO
  • Net debt as at 30 June 2019 of £252.4m, representing a strong cash flow performance and pro forma leverage of 1.99x 
  • Future organic adjusted gross profit is targeted to grow by at least 5% to 10%, with FY20 expected to be towards the upper end of this guidance

OPERATIONAL HIGHLIGHTS

  • Portfolio strategy working well, reflecting a more balanced and diversified business, minimising key risks and synergies building between operations
  • CSM and iQone largely integrated, providing additional specialist services, diversified global client base and strengthened US and EU infrastructure.
  • Commercial Medicines enhanced by acquisition of global rights to Proleukin® and RoW rights to Imukin®; Melatonin launched in UK, supporting unlicensed-to-licensed (UL2L) strategy
  • Unlicensed Medicines showed good growth in Managed Access and from African and Asia Pacific regions in Global Access
  • Clinical Services - CSM performed ahead of expectations, coupled with a strong recovery in Clinical Trial Services
  • Supply chain and logistics review undertaken to drive incremental cost savings.

Shaun Chilton, Group Chief Executive Officer, said:

“We have continued our run of double digit EPS growth each year and 22% CAGR overall since the IPO. We have grown through a combination of transformative acquisitions and organic growth to create an international platform which is now taking shape and supporting synergistic growth. This year’s performance reflects the results of this strategy.

“The high points of the year were the acquisitions of CSM and the US and RoW rights to Proleukin. Both acquisitions have already had a positive financial and operational impact in the short term, exceeding our expectations so far - and are expected to provide continued positive benefit in the longer term.

“We have experienced some headwinds in the year, such as competitive pressure around Foscavir and the UK Specials business; however these were expected. The solid performance of the rest of the business validates our continued strategy of developing a complementary portfolio of products, services and business, enabling us to diversify our profit streams and encourage synergies.

“The opportunities for Clinigen are increasing and our strategy remains unchanged; to be the trusted global leader in access to medicines. Over the medium-term we will continue to deliver on our strategy, further integrate the corporate acquisitions, develop and revitalise Proleukin whilst further establishing and leveraging our US, EU and regional infrastructure.”

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 year’s actual exchange rate to this year’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 year 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 and interest.

For the full results statement, see the Group website: www.clinigengroup.com.

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.

Clinigen now has over 1,100 employees across five continents in 14 countries, with supply and distribution hubs and operational centres of excellence in key long-term growth regions. The Group works with 22 of the top 25 pharmaceutical companies; interacting with over 15,000 registered users across over 100 countries, shipping approximately 6.4 million units in the year.

For more information on Clinigen, please visit www.clinigengroup.com.

Issued for and on behalf of Clinigen by Instinctif Partners.
For more information please contact clinigen@instinctif.com

 

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