Clinigen see earnings rise across first half

Clinigen Group PLC (LON:CLIN) have told the market that earnings have risen in the first half of its financial year.

Shares in Clinigen trade at 804p (-5.24%). 25/2/20 12:10BST.

The pharmaceuticals firm said that pretax profit had increased by 92% to £24.8 million from the 2018 figure of £12.9 million in the six months to December 31.

Notably, revenues also surged 17% to £243.7 million from £208.9 million. On an organic basis – in constant currency and excluding acquisitions – revenue grew by just 1%.

Additionally, Clinigen declared an interim dividend payout of 2.15 pence per share, seeing a 10% spike from 1.95 pence paid in 2018.

Shaun Chilton, Group Chief Executive Officer, said: “Our strategy is to build an integrated, international pharma product and services group with strong operational synergies, working with a growing roster of multinational clients and healthcare professionals around the world. We are delivering on our strategy and have seen a strong financial performance – both at the headline numbers and on an underlying organic basis.

“Key operational highlights include the first supply agreement for Proleukin with Iovance; the performance of Melatonin, our largest Unlicensed-to-Licensed product to add to Glycopyrronium in validating this strategy; and continued strong growth in Global Access.

“With the commercial platform in the EU and US now established, we are actively seeking further product in-licensing and acquisition opportunities to leverage across the business. We are also integrating CSM into our Clinical Services division to drive higher organic growth across the Group through greater cross-selling and seeding relationships into our Unlicensed Medicines business.

“We have continued our good performance into H2 and continue to expect organic gross profit growth at the upper end of our medium-term target range of 5-10%.”

Looking at the statistics and update provided, it is interesting to note that the share price of Clinigen has fallen on Tuesday afternoon, shareholders have not reacted so optimistically to the results despite increasing revenues and profits.

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