Trading Update and Notice of Preliminary Results

RNS Number : 8339E

Dechra Pharmaceuticals PLC

12 July 2021

 

Monday, 12 July 2021

Dechra^® Pharmaceuticals PLC

(Dechra, Group, Company)

Trading Update

The Board of Dechra issues the following unaudited Trading Update covering the Group's financial year ended 30 June 2021 (the Period) ahead of the announcement of its Preliminary Results.

Overview

The Board is pleased to report that the stronger than expected trading performance as outlined in our recent Trading Update on 8 June 2021 continued for the remainder of the Period as anticipated. The Group delivered excellent year on year organic revenue growth supplemented by the product acquisitions of Osurnia® and Mirataz® both of which delivered good incremental growth.

Highlights

· Reported Group revenue for the Period increased by c.21% at constant exchange rate (CER) (c.18% at actual exchange rate (AER))

· European Pharmaceuticals revenue growth was c.20% at CER (AER c.20%)

· North America Pharmaceuticals revenue growth was c.22% at CER (AER c.14%)

· Mirataz launched in Europe and globally performing strongly and ahead of expectations

· Eleven months of strong contribution from Osurnia

Ian Page, Chief Executive Officer, said:

"We are pleased to have continued to outperform a robust market throughout the pandemic affected financial year. We have benefited from above average market growth in the majority of our key CAP markets. The reasons for this growth are not yet fully clear with evidence of increased companion animal numbers remaining unconfirmed at this point. What is clear is that people have been spending more time with their pets and have therefore been more cognitive of their welfare. Thanks to the exceptional effort of our talented people our business has operated well throughout the pandemic; all Manufacturing sites and laboratories have remained operational and communication with customers has been excellent through increased use of digital media." 

Operational Review

European Pharmaceuticals

In the Period, our total European Pharmaceuticals Segment revenue increased by c.20% at CER (AER c.20%), including the acquisitions of Osurnia (acquired 28 July 2020) and launch of Mirataz (launched February 2021).

Existing revenue, excluding third party contract manufacturing (non-animal health which Dechra is strategically exiting), increased by c.16% at CER (AER c.16%).

North American Pharmaceuticals

In the Period, our total North American Segment revenue increased by c.22% at CER (AER c.14%) including the acquisitions of Ampharmco (acquired 28 August 2019) and Mirataz (acquired 16 April 2020) and Osurnia.  

Excluding acquisitions existing net revenues increased by c.16% at CER (AER c.9%). 

Notice of Results

Dechra will announce its Preliminary Results for the Period on Monday, 6 September 2021.

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

Notes:

1) Foreign Exchange Rates:

FY2021 Average: EUR 1.1287: GBP 1.0; USD 1.3466: GBP 1.0

FY2021 Closing: EUR 1.1654: GBP 1.0; USD 1.3850: GBP 1.0

FY2020 Average: EUR 1.1396: GBP 1.0; USD 1.2601: GBP 1.0

FY2020 Closing: EUR 1.0960: GBP 1.0; USD 1.2273: GBP 1.0

2) Acquisitions:

August 2019: Ampharmco, LLC (Ampharmco)

April 2020: Mirataz product rights

July 2020: Osurnia product rights

About Dechra

Dechra is a global 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.  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

LEI: 213800J4UVB5OWG8VX82

Trademarks

Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC.

Forward Looking Statement

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 constitute 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.

 

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