logo-loader

Clinigen to report sharp jump in revenue and profit after busy six months

Published: 07:43 15 Jan 2019 GMT

clinigen
The full set of interim results will be published on 27 February

Clinigen Group PLC (LON:CLIN) expects to report a sharp rise in revenue and profit when it publishes its half-year results next month.

The AIM company, which is the market leader in the supply of drugs for clinical trials and the distribution of unlicensed pharmaceuticals, enjoyed a busy six months.

READ: Clinigen set for 77% upside according to RBC Capital

Back in July, it struck deals with Horizon Pharma and Novartis to acquire the rights to two new drugs: Imukin and Proleukin.

Later on in October, it completed the acquisitions of CSM for an initial £115mln (US$150mln) as well as iQone for £6.7mln in a mixture of cash and shares.

As a result of the new additions, Clinigen, which has a market capitalisation of £1bn, said revenues jumped by 25% on a constant currency basis in the six months ended 31 December.

Gross profit increased by 27% on a constant currency basis compared to last year. Both figures were in line with the company’s expectations.

READ: Clinigen raises £80mln to fund two new acquisitions

“The Unlicensed Medicines portfolio performed well as anticipated, starting a number of new programs, and we have diversified our Commercial Medicines portfolio with the purchase of two specialty medicines,” said chief executive Shaun Chilton.

“We are already seeing the operational benefit of combining Clinical Trial Services with the clinical trial capabilities of the recently acquired CSM, which when combined with iQone, also acquired in October 2018, enhance our European and US infrastructure for the benefit of all our businesses.”

Chilton added: “We are well positioned to deliver another good year of progress.”

The full set of interim results will be published on 27 February.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

1 hour, 38 minutes ago