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New product delays drag on Consort Medical

Published: 11:45 16 Jun 2016 BST

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Mylan's generic version of asthma treatment Advair uses Consort's DEV610 inhaler

Delays in product launches took the shine off higher annual profits and dividends at pharmaceutical services and medical device maker Consort Medical plc (LON:CSRT).

Consort said US authorities had set a date of March 28, 2017 for approval of Mylan's generic version of asthma treatment Advair, which uses Consort's DEV610 inhaler.

But analysts said that was slightly later than expected.

Uncertainty also appeared to surround the launch of Consort's Voke inhaler, which it said had a "technically complex design which presents a number of challenges."

"We remain committed to the delivery of the product for successful launch, which we are hopeful of in the next 12 months," the group said.

Consort said revenue rose by 50.4% to £276.9mln while pre-tax earnings increased 42.5% to £32.3mln.

It proposed a final dividend of 12.56p, up 7.5%.

Chief executive Jon Glenn said: "The new financial year has started well, and the board remains confident of Consort meeting its growth expectations for the full year ending April 30, 2017."

Panmure Gordon analyst Julie Simmonds said the results were ahead of the broker's estimates and the market consensus.

But she added: "Slightly later launch dates for both DEV200 (launch now expected in next 12 months) and DEV610, revealed today as Mylan's generic Advair, with full launch likely in calendar Q2 2017, take the shine off the strong performance."

Shares in Consort fell 3.5p, or 0.4%, to 949p in mid-morning London trading.

 

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