Clinigen Group plc Restatement of segmental reporting (6927O)
February 11 2021 - 1:00AM
UK Regulatory
TIDMCLIN
RNS Number : 6927O
Clinigen Group plc
11 February 2021
11 February 2021
Restatement of segmental reporting
Clinigen Group plc (AIM: CLIN, 'Clinigen' or the 'Group'), the
global pharmaceutical Products and Services group, today provides a
reconciliation of the change to its segmental reporting as
announced in the trading update on 14 January 2021 .
Overview
The Group has previously reported its results split into three
divisions: Commercial Medicines, Unlicensed Medicines and Clinical
Services. From 1 January 2021, the Group structure has been
simplified, moving from three divisions to two: Services and
Products.
The Services division comprises the old Clinical Services
division and the Managed Access element of the old Unlicensed
Medicines division. Within Services, Clinigen provides a unique set
of niche, high value services to Pharma and Biotech clients prior
to regulatory approval and launch of their products. The Services
division is being led by Peter Belden, who was previously the EVP
for the Clinical Services division.
The Products division comprises the old Commercial Medicines
division and the Global Access (including Specials) element of the
old Unlicensed Medicines division. Within Products, Clinigen
enables access to critical medicines at a country, regional and
global level, with a focus on building a portfolio of specialist
pharmaceuticals to meet the needs of healthcare professionals and
patients in both licensed and unlicensed markets. The Products
division is being led by Sam Herbert, who joined the business in
January as the Group's Chief Operating Officer.
Tables setting out the previous and new segmental reporting for
the FY20 half year and full year comparative periods are set out
below. With the exception of the previous segmental numbers for the
year ended 30 June 2020, which have been extracted from the audited
2020 Annual Report and Accounts, the numbers are unaudited.
Segmental reporting for the 6 months ended 31 December 2019
Previous segmental results New segmental results
------------------------------------------------------- ---------------------------------------
Commercial Unlicensed Clinical
(In GBPm) Medicines Medicines Services Central Total Products Services Central Total
Reported revenue 75.5 100.6 71.8 (4.2) 243.7 144.3 103.6 (4.2) 243.7
-------------------- ----------- ----------- ---------- -------- ------- --------- --------- -------- -------
Net revenue 75.5 81.5 71.8 (4.2) 224.6 144.3 84.5 (4.2) 224.6
Adjusted EBITDA 39.3 17.1 9.5 (3.8) 62.1 51.0 14.9 (3.8) 62.1
Non-underlying
cost of sales
and admin expenses 0.9 0.9
Joint venture
EBITDA (0.3) (0.3)
Amortisation
and depreciation (26.9) (26.9)
Profit from
operations 35.8 35.8
Finance cost (11.2) (11.2)
Share of profit
of joint venture 0.2 0.2
Profit before
taxation 24.8 24.8
-------------------- ----------- ----------- ---------- -------- ------- --------- --------- -------- -------
Segmental reporting for the year ended 30 June 2020
Previous segmental results New segmental results
------------------------------------------------------- ---------------------------------------
Commercial Unlicensed Clinical
(In GBPm) Medicines Medicines Services Central Total Products Services Central Total
Reported revenue 156.7 197.0 162.2 (11.6) 504.3 287.8 228.1 (11.6) 504.3
-------------------- ----------- ----------- ---------- -------- ------- --------- --------- -------- -------
Net revenue 156.7 158.9 162.2 (11.6) 466.2 287.8 190.0 (11.6) 466.2
Adjusted EBITDA 84.3 34.4 22.6 (10.3) 131.0 106.4 34.9 (10.3) 131.0
Non-underlying
cost of sales
and admin expenses (27.7) (27.7)
Joint venture
EBITDA (0.6) (0.6)
Amortisation
and depreciation (60.7) (60.7)
Profit from
operations 42.0 42.0
Finance cost (19.7) (19.7)
Share of profit
of joint venture 0.3 0.3
Profit before
taxation 22.6 22.6
-------------------- ----------- ----------- ---------- -------- ------- --------- --------- -------- -------
1. Group results on an adjusted basis exclude amortisation of
acquired intangibles and products, and other non-underlying
items.
2. Adjusted net revenue excludes Managed Access pass through
revenue which varies each period dependent on the mix of
programs.
3. Adjusted EBITDA includes the Group's share of EBITDA from its
joint venture.
- Ends -
For further information, please contact:
Clinigen Group plc Tel: +44 (0) 1283 495
010
Shaun Chilton, Group Chief Executive Officer Email: Investors@clinigen.com
Nick Keher, Group Chief Financial Officer
Numis Securities Limited - Nominated Adviser Tel: +44 (0) 20 7260
& Joint Broker 1000
James Black / Garry Levin / Freddie Barnfield Email: Numis@clinigen.com
RBC Capital Markets - Joint Broker Tel: +44 (0)20 7653 4000
Marcus Jackson / Elliot Thomas
Instinctif Partners Tel: +44 (0)20 7457 2020
Melanie Toyne-Sewell / Tim Linacre / Rozi Morris Email: clinigen@instinctif.com
/ Phillip Marriage
About Clinigen Group
Clinigen Group plc (AIM: CLIN) is a global pharmaceutical
products and services group focused on providing ethical access to
medicines. Its mission is to deliver the right medicine to the
right patient at the right time. The Group operates from sites in
North America, Europe, Africa and the Asia Pacific.
Clinigen has more than 1,150 employees across five continents in
16 countries, with supply and distribution hubs and operational
centres of excellence in key long-term growth regions. The Group
works with 21 of the top 25 pharmaceutical companies; interacting
with over 22,000 registered users across more than 115 countries
shipping approximately 6.5 million units in the year.
For more information on Clinigen, please visit
www.clinigengroup.com .
Cautionary statement
This announcement contains certain projections and other
forward-looking statements with respect to the financial condition,
results of operations, businesses and prospects of Clinigen Group
plc. These statements are based on current expectations and involve
risk and uncertainty because they relate to events and depend upon
circumstances that may or may not occur in the future. There are a
number of factors which could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements. Any of the assumptions underlying these
forward-looking statements could prove inaccurate or incorrect and
therefore any results contemplated in the forward-looking
statements may not actually be achieved. Recipients are cautioned
not to place undue reliance on any forward-looking statements
contained herein. Except as required by law, Clinigen undertakes no
obligation to update or revise (publicly or otherwise) any
forward-looking statement, whether as a result of new information,
future events or other circumstances.
The information contained in this statement has not been audited
and may be subject to further review.
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