Saturday, January 16, 2021

COVID-19 continues to impact Clinigen

Clinigen, the pharmaceutical Products and Services company, says COVID-19 has continued to impact the group’s business “as global healthcare networks remain primarily focused on treating the pandemic and now also the roll out of the vaccines, delaying normal hospital procedures.”

In a new unaudited trading update for the six months ended 31 December 2020 the company highlights net revenues of at least £230m, representing a 4% increase on a net constant currency basis and 3% on a reported basis compared to last year.

Meanwhile the firm posted EBITDA of at least £54m, representing a decrease of 10% on a constant currency basis and a decrease of 13% on a reported basis compared to last year.

Clinigen noted that trading in December was marginally weaker than management anticipated as lockdowns significantly increased across Europe, affecting normal rates of hospital procedures, and as attention of the healthcare services also turned to the roll out of the vaccines.

Shaun Chilton, Group Chief Executive Officer of Clinigen, said: “The team has worked incredibly hard to ensure the continuation of supply of essential medicines to healthcare professionals around the world in spite of the constraints caused by COVID-19. Notwithstanding the impact of COVID-19 we have continued to deliver on our strategy in H1 as outlined by our robust top line performance.

“The reorganisation from three divisions to two has multiple benefits both internally and externally. It more intuitively aligns the structure of the Group with our end-customers, will improve operational effectiveness and drive greater synergies within and between each division, ultimately benefiting patients. We believe it will also provide investors with a more transparent and simplified business model.

“Despite the uncertainties presented by COVID-19, we remain confident in an acceleration of the business into FY22 not least given the business development wins already captured and our pipeline of new product opportunities, including Erwinase.”

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