Clinigen shares fall despite positive results

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Clinigen shares fall despite positive results
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AIM-listed pharmaceutical firm Clinigen (LON:CLIN) increased full-year revenues by 26% to £381.2 million. Adjusted gross profits for the year ended 30th June were 14% higher than those for the prior year. Profits before income taxes for the year were £35.9 million.

Chief executive Shaun Chilton said: “We are now established as a leading international expert and partner in the increasingly complex global supply and distribution of both unlicensed and licensed medicines.

“Our continued ambition is to be the global trusted leader in access to medicines. With that in mind, we continue to execute our buy and build strategy with the purchase of two niche, hospital medicines, as well as today’s announcements on the acquisitions of CSM and iQone, which create a specialist European infrastructure to benefit all of Clinigen’s businesses.

“The strength and diversity of our portfolio of complementary business, with markedly strong performances by the Commercial Medicines business and the Africa and Asia Pacific regions, led to a strong financial performance this year, with double-digit increases in both adjusted EBITDA and EPS.

“The Group is very well positioned to deliver another year of good progress. We continue to deliver consistently on our strategic objectives and focus on extending the value proposition of the business globally. The Board is confident that the recent acquisitions further strengthen Clinigen’s capability to capitalise on the substantial long-term growth opportunity in our markets.

Shares in Clinigen dropped by 9.95% to 841.50p

 

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