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09/08/2001
Galen reports turnover up, but profits down
Pharmaceuticals company Galen Holding’s latest interim figures reveal a £25.3 million rise in turnover for the quarter to the end of June.
This translates into a 118 per cent increase on turnover in the same period last year, in part due to a strong performance resulting from a deal with US-based Warner Chilcott in September 2000.
While pre-tax profits fell 15 per cent to £4.7 million, this included a write down of £5.9 million for the Warner Chilcott deal, which is now responsible for some 60 per cent of Galen’s sales.
Galen announced that earnings per share were standing at 6 pence up 62 per cent from 3.7 pence.
Galen reported a 202 per cent increase in sales revenue from the company’s pharmaceutical products. In part this reflects the gains made following a strong performance by Warner Chilcott. The company’s pharmaceutical services revenue was also up 34 per cent from the previous year, rising from £10.6 million to £14.2 million in the last quarter.
With gross sales up £30.2 million from £11.1 million, Galen report that the £300 million share offer in July 2001 was successful in attracting both existing and new shareholders, particularly in the US.
Commenting on the results, Roger Boissonneault, Chief Executive, said: “The Group has once again performed strongly during the quarter, with both our Product and Services divisions contributing positively to the overall profitability of the Group.
“Of particular note during the period was the completion of the International Open Offer which has strengthened and expanded our international investor base. The funds raised have placed us in a strong position to expand our portfolio of women’s healthcare products through strategic opportunities, as already demonstrated by our recent acquisition of the Estrace tablets.”
Galen has been actively adding to their business portfolio. In July 2001 Galen acquired Estrace tablets, a branded oestrogen replacement therapy, from Bristol-Myers Squibb in a £67 million purchase.
In July stock analysts upgraded Galen stock to “aggressive buy”, but a sector-wide slip in pharmaceutical shares following a profits warning from Germany’s Bayer Group on Wednesday saw Galen shares fall 2.5 pence on the day.
(SP)
This translates into a 118 per cent increase on turnover in the same period last year, in part due to a strong performance resulting from a deal with US-based Warner Chilcott in September 2000.
While pre-tax profits fell 15 per cent to £4.7 million, this included a write down of £5.9 million for the Warner Chilcott deal, which is now responsible for some 60 per cent of Galen’s sales.
Galen announced that earnings per share were standing at 6 pence up 62 per cent from 3.7 pence.
Galen reported a 202 per cent increase in sales revenue from the company’s pharmaceutical products. In part this reflects the gains made following a strong performance by Warner Chilcott. The company’s pharmaceutical services revenue was also up 34 per cent from the previous year, rising from £10.6 million to £14.2 million in the last quarter.
With gross sales up £30.2 million from £11.1 million, Galen report that the £300 million share offer in July 2001 was successful in attracting both existing and new shareholders, particularly in the US.
Commenting on the results, Roger Boissonneault, Chief Executive, said: “The Group has once again performed strongly during the quarter, with both our Product and Services divisions contributing positively to the overall profitability of the Group.
“Of particular note during the period was the completion of the International Open Offer which has strengthened and expanded our international investor base. The funds raised have placed us in a strong position to expand our portfolio of women’s healthcare products through strategic opportunities, as already demonstrated by our recent acquisition of the Estrace tablets.”
Galen has been actively adding to their business portfolio. In July 2001 Galen acquired Estrace tablets, a branded oestrogen replacement therapy, from Bristol-Myers Squibb in a £67 million purchase.
In July stock analysts upgraded Galen stock to “aggressive buy”, but a sector-wide slip in pharmaceutical shares following a profits warning from Germany’s Bayer Group on Wednesday saw Galen shares fall 2.5 pence on the day.
(SP)
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