Tuesday, October 19, 2021

Profits dip at Burton pharma company

Profits have dipped while revenues have risen at Clinigen, the pharmaceuticals and services group, according to full year results for the year ended 30 June 2021.

The Burton-based business posted net revenue of £458.6m, up from £428.6m last year.

Gross profit meanwhile dropped from £210m to £198m, which the firm said is a result of the COVID-19 pandemic.

Shaun Chilton, Group Chief Executive Officer, said: “Clinigen is seeing strong momentum in the Services business and progress in the Products business, particularly our Partnered products, despite the continued impact of COVID-19.

“We expect EBITDA growth of 5 to 10% in FY2022 with strong cash generation, driven by the strength of our underlying business and activity levels across the Group, and we remain focused on debt paydown.

“The strong performance of our Services business in response to evolving market need has enhanced our market position and we expect our focus on this area of the business to intensify.

“We are confident that our work on simplifying the operating structure and our on-going focus on areas where we are uniquely positioned to deliver value will bring clear benefit to our customers, patients and shareholders.”

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