Clinigen revenue and profits see serious rise

Global pharmaceutical and services company Clinigen Group posted a trading update for the year to 30 June on Wednesday, reporting an 87% improvement in revenue and a 90% increase in gross profit.

The AIM-traded firm said the growth was driven primarily by acquisitions and organic growth.

It said there was a significant step-up in performance in the second half, driving by Clinical Trial Services, Specialty Pharma and Managed Access.

Clinigen’s Specialty Pharma portfolio was enhanced by the acquisition of Totect and a product line extension for Foscavir, the company’s board explained.

It also said the integration of the Idis and Link acquisitions was substantially completed.

“The integration of Idis and Link Healthcare has transformed the group into the global market leader in the management and supply of both unlicensed and clinical trial medicines,” said Clinigen chief executive Peter George.

"We had a strong second half performance, completing a transformational year.

“The newer products in our Specialty Pharma portfolio are making good progress, demonstrating the effectiveness of our revitalisation model and we saw another excellent year in the Clinical Trial Services division,” George explained.

He said the company was entering the new financial year in an excellent position, having delivered on key strategic objectives.

“A major focus for FY17 will be to develop our Global Access on-demand unlicensed offering to hospital pharmacists, an exciting opportunity for the group.

“Our priorities now are to capitalise on our market leader positions, drive organic growth and continue to progress the revitalisation of our products,” George added.

Clinigen is due to publish its final results for the year on 28 September.