TIDMDPH
RNS Number : 2572K
Dechra Pharmaceuticals PLC
06 July 2017
Thursday 6 July 2017
Dechra(R) Pharmaceuticals PLC
(Dechra, Group or Company)
Trading Update
The Board of Dechra issues the following unaudited Trading
Update for the Group's financial year ended 30 June 2017 (Period)
ahead of its preliminary financial results which will be announced
on Monday 4 September 2017.
Highlights
-- Trading in the full year was strong and in line with
management expectations, with a good performance from the core
business complemented by the successful integration and performance
of acquisitions.
-- Reported Group revenue for the Period increased by c.28% at
constant exchange rate (CER) (c.45% at actual exchange rate
(AER)).
-- European Pharmaceuticals revenue growth was c.7% at CER (AER c.20%).
-- North America Pharmaceuticals revenue growth was c.93% at CER (AER c.125%).
-- Numerous product registrations have been achieved during the
year, including approval by the FDA for the first major product
from the Putney pipeline, a Companion Animal Product (CAP) generic
antibiotic, Amoxi-clav.
Ian Page, Chief Executive Officer, said:
"As we complete our 20(th) year since the inception of Dechra,
we are pleased to report that the Group has delivered another
strong financial performance. This has been driven by growth from
our core portfolio, good market penetration from recent pipeline
launches and the successful integration and performance of the
acquisitions made in the preceding financial year. We start the new
financial year in a good position."
Operational Review
European Pharmaceuticals
Our European Pharmaceuticals Segment increased reported revenues
by c.7% at CER (c. 20% at AER). Excluding third party contract
manufacturing, which is being reduced in line with our strategic
plan and replaced with own product manufacturing, revenues
increased by c.9% at CER (c.23% at AER). This was driven by strong
performance from the core CAP business, and by strong contributions
from both the Genera and Apex(1) acquisitions. Revenue from Food
producing Animal Products (FAP) enjoyed a second successive year of
growth despite the ongoing pressure to reduce antibiotic
prescriptions.
North American Pharmaceuticals
The North American Segment revenue increased by approximately
c.93% at CER (c.125% at AER). This revenue growth includes a good
performance from our core CAP and Equine portfolios, in both the US
and Canada. From our acquisitions, the Putney products delivered a
strong performance, benefitting from integration of the sales and
marketing efforts of the enlarged Dechra team; Mexico also
delivered good growth.
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.
Several other products received approval in numerous countries
including Mexico, Australia, South Korea, Thailand, Canada, and
across the EU.
Acquisitions
As previously announced, in September 2016 the Group acquired
Apex Laboratories Pty Ltd. The business has been successfully
integrated and is performing well. In March 2017, the Group signed
a long term licensing agreement with Animal Ethics Pty Ltd. (Animal
Ethics) for Tri-Solfen(R), and acquired 33% of the parent company
Medical Ethics Pty Ltd. The Company is working successfully with
Animal Ethics to obtain product registrations for
Tri-Solfen(R).
Notice of Results
Dechra's full year preliminary financial results will be
announced on Monday 4 September 2017.
Enquiries:
Dechra Pharmaceuticals Office: +44 (0) 1606 814 730
PLC
Ian Page, Chief Executive
Officer
Richard Cotton, Chief
Financial Officer
e-mail: corporate.enquiries@dechra.com
TooleyStreet Communications
Ltd
Fiona Tooley, Director Office: +44 (0) 121 309 0099
e-mail: fiona@tooleystreet.com Mobile: +44 (0) 7785 703 523
Notes:
1) (1) International sales excluding North America are reported
in our European Pharmaceuticals Segment
2) Foreign Exchange Rates:
FY2017 Average: EUR 1.1681: GBP 1.0; USD 1.2735: GBP 1.0
FY2017 Closing: EUR 1.1372: GBP 1.0; USD1.2978: GBP 1.0
FY2016 Average: EUR 1.3472: GBP 1.0; USD 1.4906: GBP 1.0
FY2016 Closing: EUR 1.2099: GBP 1.0; USD 1.3433: GBP 1.0
3) Analysts' revenue forecasts for FY2017 range from GBP339.6m
to GBP383.4m, with consensus at GBP356.2m
About Dechra
Dechra is an international specialist veterinary pharmaceuticals
and related products business. Our expertise is in the development,
manufacture, and sales and marketing of high quality products
exclusively for veterinarians worldwide. The majority of Dechra's
products are focused on key therapeutic categories where we have
leading market positions, and many of our products are used to
treat medical conditions for which there is no other effective
solution or have a clinical or dosing advantage over competitor
products. For more information, please visit: www.dechra.com.
Stock Code: Full Listing (Pharmaceuticals): DPH
Trademarks
Dechra and the Dechra "D" logo are registered trademarks of
Dechra Pharmaceuticals PLC.
Forward-looking Statements
This document may contain certain forward-looking statements.
The forward-looking statements reflect the knowledge and
information available to the Company during the preparation and up
to the publication of this document. By their very nature, these
statements depend upon circumstances and relate to events that may
occur in the future thereby involve a degree of uncertainty.
Therefore, nothing in this document should be construed as a profit
forecast by the Company.
Market Abuse Regulation (MAR)
The information contained within this announcement may contain
inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement via
the Regulatory Information Service, this inside information is now
considered to be in the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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