LONDON, January 17, 2017 /PRNewswire/ --
International specialist veterinary
pharmaceuticals and related products business, Dechra
Pharmaceuticals PLC (Dechra or the Company) (Stock Code: Full
Listing (Pharmaceuticals): DPH) issues the following unaudited
Trading Update covering the half year reporting period (the Period)
from 1st July to 31st December
2016.
Highlights
- Reported Group revenue for the Period increased by
approximately 34% at constant exchange rate (CER) (56% at actual
exchange rate (AER)).
- Core Group revenue growth, excluding the benefit from
acquisitions, was 7% at CER (AER 22%); growth in the core EU
business was 6% at CER (AER 20%), and 10% (AER 31%) in North America.
- All acquisition integrations are progressing well with revenue
contributions from Genera, Putney, Apex and Brovel being ahead of
the Board's expectations.
- Approval by the FDA was achieved for the first major product
from the Putney pipeline, a Companion Animal Product (CAP) generic
antibiotic, Amoxi-clav.
Ian Page, Chief Executive
Officer, said:
"Our underlying business and acquisitions have
performed well, resulting in
significant growth in the first half of the
2017 financial year. The Group
pipeline has delivered new products
and our global presence continues to
increase. We remain confident in our strategy,
our future prospects and our expectations for
full year performance."
Operational Review
European Pharmaceuticals
In the Period our European Pharmaceuticals segment increased
total reported revenues by 12% at CER (29% at AER). This was driven
by contributions from both the Genera and Apex acquisitions (Rest
of the World sales are reported in our EU segment) and from a
strong CAP and Equine performance. Diet sales returned to modest
growth in the Period following two years of decline as we changed
manufacturer and reformulated the range. Revenue from Food Animal
producing Products (FAP) also showed limited growth in the Period
which was constrained by the planned reduced production in our
injectable antibiotics suite which was undergoing
modifications.
North American Pharmaceuticals
Total reported North American segment revenue increased by
approximately 112% at CER on the same period last year (152% at
AER). The US business growth includes an uplift in sales from the
stocking of the North American distribution chain with products
from the acquired Putney business. Sales of the Putney products
have also benefited post integration from the sales and marketing
efforts of the enlarged Dechra team. Both our CAP and Equine
portfolios performed well in the Period.
Pipeline Delivery
As announced on 9 September 2016,
we received FDA approval for a generic antibiotic Amoxi-clav during
the Period. This product was the first major approval from the
Putney pipeline following the acquisition.
Pipeline delivery continued with the approval of
Altidox®, a new FAP generic water soluble antibiotic, in
13 EU territories. Osphos®, our unique equine lameness
product, received approvals in Canada and Australia. Successful registrations were also
gained from the Genera pipeline including Genoxytab-F, a FAP
uterine antibiotic, in four EU territories, and Canihelmin, a CAP
dewormer, in six EU territories. Apex Laboratories received
Australian approval for a liquid formulation of benazepril, a CAP
cardiac medication.
Notice of Results
Dechra's half year financial results will be announced on Monday
27 February 2017.
For more information, please visit: http://www.dechra.com.
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