03:00 Tue 16 Jul 2019
Clinigen Group plc - Year end trading update
Year end trading update
The Group expects to report an increase of revenues of at least 19% on a reported basis and constant currency basis* compared to last year. Gross profit** is expected to have increased by at least 30% on a reported basis and 31% on a constant currency basis*. EBITDA growth is expected to have increased ahead of gross profit, in line with the Board's expectations whilst EPS is expected to have increased by at least 15%.
The strong growth has been driven primarily by acquisitions with each contributing towards the Group's performance. Two of the largest acquisitions, CSM and the rights to Proleukin in the US, have exceeded expectations. This performance from acquisitions plus good underlying growth overall has offset pressure on the Group's largest product, Foscavir, from an alternative therapy, and from the
Cash generation remains strong with net debt at
"We have continued to execute our strategy with the recent acquisitions strengthening our offering and capabilities as well as diversifying our portfolio of businesses and products. The expansion of our geographical footprint by building on our existing commercial infrastructure in the US and EU will provide notable benefit to all our businesses.
"Financially we have delivered a strong performance, driven by our acquisitions and we remain highly cash generative - one of our main business KPIs.
"The Group is well positioned to develop the business as well as drive organic growth over the medium term."
The Group expects to publish its final results for the year ended
* Constant currency is growth applying prior year's actual exchange rate to this year's result.
** Gross profit growth rates exclude the release of the fair valuation on inventory from business acquisitions.
***Bank covenant leverage is calculated by dividing adjusted EBITDA of the Group for the last 12 months by net debt at the year end. Adjusted EBITDA includes the EBITDA from the businesses and assets acquired during the last 12 months, including on a pro forma basis the year prior to it becoming a member of the Group.
- Ends -
For further information, please contact:
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Tel: +44 (0) 1283 495 010 |
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Tel: +44 (0)20 7260 1000 |
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RBC Capital Markets - Joint Broker |
Tel: +44 (0)20 7653 4000 |
Marcus Jackson / |
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Tel: +44 (0)20 7457 2020 Email: clinigen@instinctif.com |
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For more information, please visit www.clinigengroup.com
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This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of
The information contained in this statement has not been audited and may be subject to further review.
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