Trading Update & Notice of Annual Results

RNS Number : 4614S

Dechra Pharmaceuticals PLC

09 July 2020

 

Thursday, 9 July 2020

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 2020 (the Period) ahead of the announcement of its preliminary financial results.

Highlights

· Trading in the year was robust and in line with management expectations

· Reported Group revenue for the Period increased by c.7% at constant exchange rate (CER) (c.7% at actual exchange rate (AER))

· European Pharmaceuticals revenue growth was c.8% at CER (AER c.6%)

· North America Pharmaceuticals revenue growth was c.5% at CER (AER c.7%)

· Two months contribution from Mirataz® in North America

· Osurnia acquisition expected to complete shortly

Ian Page, Chief Executive Officer, said:

"We are pleased to have delivered another year of solid revenue growth despite the uncertainties arising from Covid-19.  This growth has been driven from good market penetration of our core portfolio, successful integration of our acquisitions and through the hard work, dedication, innovation and commitment of our employees."

Operational Review

European Pharmaceuticals

In the Period, our total European Pharmaceuticals Segment revenue increased by c.8% at CER (AER c.6%), including the acquisitions of Caledonian (acquired 8 October 2018) and Venco (acquired 17 December 2018).

Existing revenue, excluding third party contract manufacturing (non-animal health which Dechra is strategically exiting), increased by c.6% at CER (AER c.5%).

North American Pharmaceuticals

In the Period, our total North American Segment revenue increased by c.5% at CER (AER c.7%) including the acquisitions of Ampharmco (acquired 28 August 2019) and Mirataz® (acquired 16 April 2020).  Existing revenue increased by c.3% at CER (AER c.5%). 

Summary

In both the European Pharmaceuticals and North American Pharmaceuticals Segments, trading performance is in line with our previously published outlook (update 3 June) where we expected the final quarter to soften following our record March performance, with some subsequent US wholesaler inventory unwinds, and some weakness continuing in key European markets, especially the UK.

Notice of Results

Dechra will announce its Preliminary Results for the Period on Monday, 7 September 2020.

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:

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

FY2019 Average: EUR 1.1345: GBP 1.0; USD 1.2945: GBP 1.0

FY2019 Closing: EUR 1.1154: GBP 1.0; USD 1.2693: GBP 1.0

2) Acquisitions:

October 2018: Caledonian Holdings Ltd. (Caledonian)

December 2018: Laboratorios Vencofarma Brasil Ltda (Venco)

August 2019: Ampharmco, LLC (Ampharmco)

April 2020: Mirataz 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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