(MENAFN- ProactiveInvestors) Clinigen () remains upbeat over the remainder of the year after interim profits improved due to a strong performance from its speciality drugs business.
Sales rose by 17% to £72.6mln in the half year to December with underlying profits [EBITDA] 8% higher at £13.5mln. Pre-tax profits rose by 3% to £9.9mln.
Clinigen has three divisions Clinical Trial Services Global Access Programs and Specialty Pharmaceuticals.
It was the Pharma arm that starred in the first half as Foscavir a drug used in certain stem cell procedures continued its recent growth.
Foscavir helped profits and sales at the division rise by 21% even though Cardioxane a treatment for toxicity in breast cancer patients had supply problems in Venezuela a key market.
Cardioxane is based on dexrazoxane and Clinigen recently acquired Savene another drug based on the same molecule.
Peter George chief executive said that gaining regulatory clearance for the dexrazoxane portfolio of drugs is a priority for the second half of the year in addition to extending current customer relationships in clinical trials and Access programs.
Profits in clinical trials and access programs were slightly lower and slightly higher respectively.
A higher proportion of lower margin US sales slowed Clinical Trials while the closure of the French Enzalutamide program affected revenues at access programs though margins improved.
The interim dividend rises by 10% to 1.1p.
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