Dechra Pharmaceuticals PLC (LSE:DPH) took a 15% nosedive on Monday as investors responded to the veterinary products group’s latest interim report.
Operating profit fell 22% to £44.6mln year on year, resulting in diluted earnings per share of 19.86p
However, this was largely due to the £13mln increase in research and development expenditure following the acquisition of Piedmont Animal Health in July 2022
Revenues flatlined in Europe but added 16% in North America.
Dechra shares were trading at 2,644p with a market capitalisation of £3.01bn as of 10.50am, February 27.