Trading Update

RNS Number : 6647L

Dechra Pharmaceuticals PLC

08 July 2014

 



Tuesday, 8 July 2014

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 2014 ahead of its preliminary results which will be announced on Monday 8 September 2014. Highlights ·      Group revenue for the year up by approximately 1.6% at constant currency  vs last year (circa 2.3% at actual exchange rates); ·      Positive momentum with improved revenue growth for H2 at 3.7%, compared to a decline of 0.7% in H1 (all at constant currency); ·      All EU markets showing growth, with the exception of the Netherlands; ·      Continued strong performance in the US, enhanced by the re-launch of the Ophthalmic range; and ·      Approval of a major new product, Osphos®, with launch targeted for Q1 15. European Pharmaceuticals Revenue from this segment has increased by approximately 0.7% at constant currency compared to last year (circa 2.0% at actual exchange rates).  All European markets are showing growth, with the exception of the Netherlands where, as previously indicated, the competitive environment and focus on antimicrobial reduction remain challenging. Sales of Companion Animal Products (CAP) grew by approximately 3.4% and Equine at 13.0%, both at constant currency.  Food Producing Animal Products (FAP) revenue declined by approximately 7.5% at constant currency due to reduced sales of antibiotics. US Pharmaceuticals Revenue growth for the 2014 financial year was approximately 7.1% at constant currency (circa 3.4% at actual exchange rates). Our key products performed strongly with an increase of 22.9% for Vetoryl® and 17.4% for Felimazole® (at constant currency).  The supply issues previously reported reduced growth by 6.2% (at constant currency) resulting in an effective adjusted sales increase of 13.3%. Strategic growth drivers We have made solid progress with our four strategic growth drivers during the year, including: ·      the receipt of marketing authorisation to launch Osphos®, a major new equine product, into the UK and USA; ·      the submission of the dossier for approval of a novel canine endocrine product through the EU centralised procedure in April 2014 and to the FDA for US review in May 2014; ·      the extension of our US product portfolio through the acquisition of PSPC Inc. in June 2014; ·      the opening of our newly established Italian subsidiary in March 2014; and ·      the planned entry into Canada with trading scheduled to commence in the second half of the next financial year. Summary Ian Page, Chief Executive Officer, said:  "Overall, Group trading for the year ended 30 June 2014 is in line with management expectations.  We have addressed the known challenges during the year, made strong progress with product pipeline delivery, completed a strategic US acquisition and are expanding geographically. We remain well placed for future growth."
Enquiries:
Dechra Pharmaceuticals PLC
Ian Page, Chief Executive Officer	Mobile: [phone]
Anne-Francoise Nesmes, Chief Financial Officer	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 related products business.  Its expertise is in the development, manufacturing 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 or [e-mail] Stock Code: Full Listing (Pharmaceuticals): DPH Trademarks Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC

 

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