Trading Statement & Notice of Results

RNS Number : 4352S

Dechra Pharmaceuticals PLC

08 July 2015

 

Wednesday, 8 July 2015

Dechra Pharmaceuticals PLC

(Dechra or the Group)

Trading Update

The Board of Dechra issues the following unaudited pre-close trading update for the Group's financial year ended 30 June 2015 ahead of its preliminary results which will be announced on Monday 7 September 2015.

Highlights

·      Group revenue for the year up by approximately 10% at constant exchange rates (CER) vs last year (circa 5% at actual exchange rates (AER));

·      Positive momentum in EU with revenue growth of 4% at CER (decline of 2% at AER) driven by the solid performance of our Companion Animal Products (CAP);

·      Excellent performance in North America with revenue growing by 60% at CER;

·      Successful launches of Levocrine^®, Osphos^® and TAF Spray^®; and

·      New subsidiary in Poland started trading in May ahead of schedule.

Ian Page, Chief Executive Officer, said: "We are pleased to report that our trading results will be ahead of last year and in line with management expectations.  This clearly demonstrates that we are executing our strategy successfully.  We have made good progress on two aspects of our strategic plan, namely portfolio focus with good sales growth of our existing products, and geographic expansion with the opening of new subsidiaries.  We remain well placed for future growth."

European Pharmaceuticals

Revenue from this segment has increased by approximately 4% at CER compared to last year (decline of 2% at AER). While our sales grew in most European markets, our performance is driven by a buoyant UK market.

The trend reported in the last quarter continued with a strong performance across the portfolio in Companion Animal Products partly offset by a decline in Food producing Animal Products (FAP) sales.  As previously reported, our German and Danish businesses continue to be impacted by the increasing focus on the use and prescribing of antibiotics.  After the successful completion of the transfer to a new third-party manufacturer, our Pet Diets sales have recovered from the stock-out issues reported in Q3 and sales ended practically in line with the previous year.

North America Pharmaceuticals

Revenue growth for the 2015 financial year was approximately 60% at CER (circa 64% at AER).

The performance was enhanced by the full year trading of Phycox^®, the relaunch of Ophthalmics, the launch of Osphos^® and Levocrine^® and the start of our Canadian subsidiary.  Adjusting for these items, the sales of our core products grew by 16% at CER.

Pipeline Delivery

We continue to make solid progress on our key strategic growth driver delivering our near-term pipeline:

-     Osphos^®, for equine lameness, was launched in the US and in the UK in Q1 2015; this was followed by approval in the EU in Q4 2015;

-     TAF Spray^® (thiamphenicol), a FAP differentiated generic antibiotic aerosol, received approval in Q2 2015 across all our European territories; and

-     FDA approval was achieved for our injection facility in Skipton in Q3 2015 to manufacture Zycortal^®, a new canine endocrine product.

Enquiries:
Dechra Pharmaceuticals PLC
Ian Page, Chief Executive Officer	Mobile: [phone]
Anne-Francoise Nesmes, Chief Financial Officer e-mail: [e-mail]	Mobile: [phone] Office: [phone]
TooleyStreet Communications Ltd
Fiona Tooley, Director e-mail: [e-mail]	Office: [phone] Mobile: [phone]

About Dechra

Dechra is an international specialist veterinary pharmaceuticals and relates products business.  Our expertise is in the development, manufacture and sales and marketing of high quality products exclusively for veterinarians worldwide. Dechra's business is unique as the majority of its 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.

 

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