Clinigen rises on revenue performance

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Clinigen rises on revenue performance
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Shares in AIM-listed pharmaceuticals firm Clinigen (LON:CLIN) climbed by 5.21% to 929.50p (as of 15:25 BST) after its revenues for the year ended 30th June rose by 20% to £456.9 million. Profits before tax dropped by 66%, largely due to amortisation and contingent consideration adjustments.

CEO Shaun Chilton commented: “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“.

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