Alliance Pharma PLC (LON:APH) gave a confident assessment of prospects in an AGM statement and, separately, said it hoped to resolve objections raised by the watchdog over prescription drug pricing.
The AIM-listed firm was one of a number of companies cited in a document called a Statement of Objections issued by the Competition & Markets Authority (CMA). The mention related to the pricing of an anti-nausea treatment called prochlorperazine.
The company pointed out it hadn’t been involved in the distribution or pricing of prochlorperazine, which generated sales last year of £200,000, since it was licensed to Focus Pharmaceuticals in 2013.
“Alliance will review the Statement of Objections in detail and work closely with the CMA to resolve its alleged objections. Alliance strongly condemns anti-competitive practices,” the healthcare group said in a statement to shareholders.
Ahead of its annual meeting on Thursday, chairman David Cook said the group continued to perform well and in line with expectations, with continued growth coming from the business' international “star” brands.
Robust trading has seen the group generate “strong” free cash flow. So, in the absence of acquisitions, the debt-to-EBITDA ratio should fall below two-times during the second half, Cook confirmed.