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11/11/2003
Galen post better than expected full year figures
Northern Ireland based pharmaceuticals company Galen has posted better than expected end of year figures.
Total operating profit for the company was up 79% at US$187 million, from almost US$105 million in 2002, and sales revenue rose almost 46% to reach US$432 million in the year, up from US$296 million in 2002.
Revenue largely due to an aggressive portfolio expansion increased by 84% to US$432.4 million, 27% up on the corresponding period in the preceding year.
During the year, Galen committed US$650 million to acquiring products and rights, which increased margins giving a US$208 million in cash form operations. Galen ended the year with a US$253.3 million debt.
The Board recommended the payment of a final dividend of 2.4p per ordinary share, a total dividend for the year of 3.6p, which represented an increase of 20% on the previous year
The company is also looking forward to a favourable outcome from is purchase of Sarafem from Eli Lily in January this year, and three products purchased from Pfizer in April of this year.
Commenting on the results, Galen Chief Executive Roger Boissonneault said: "The past year established Galen’s pharmaceutical products business as the focus of the company. We have significantly strengthened our US presence through the execution of our growth strategy, to continue organic growth, new product development and selective acquisitions. Galen is well positioned to execute its growth strategy into '04' and beyond."
In morning trading Galen shares nudged 4% higher on the back of the company's favourable year-end figures.
(SP)
Total operating profit for the company was up 79% at US$187 million, from almost US$105 million in 2002, and sales revenue rose almost 46% to reach US$432 million in the year, up from US$296 million in 2002.
Revenue largely due to an aggressive portfolio expansion increased by 84% to US$432.4 million, 27% up on the corresponding period in the preceding year.
During the year, Galen committed US$650 million to acquiring products and rights, which increased margins giving a US$208 million in cash form operations. Galen ended the year with a US$253.3 million debt.
The Board recommended the payment of a final dividend of 2.4p per ordinary share, a total dividend for the year of 3.6p, which represented an increase of 20% on the previous year
The company is also looking forward to a favourable outcome from is purchase of Sarafem from Eli Lily in January this year, and three products purchased from Pfizer in April of this year.
Commenting on the results, Galen Chief Executive Roger Boissonneault said: "The past year established Galen’s pharmaceutical products business as the focus of the company. We have significantly strengthened our US presence through the execution of our growth strategy, to continue organic growth, new product development and selective acquisitions. Galen is well positioned to execute its growth strategy into '04' and beyond."
In morning trading Galen shares nudged 4% higher on the back of the company's favourable year-end figures.
(SP)
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