Interim Management Statement

RNS Number : 1758V

Dechra Pharmaceuticals PLC

24 October 2014

 

Friday, 24 October 2014

Dechra^® Pharmaceuticals PLC

(Dechra or the Company) 

The Board of Dechra issues the following unaudited Interim Management Statement covering the period from 1 July 2014 to the date of this announcement.  The financial reporting period covers the first quarter to 30 September 2014.

Overview

Group trading in the first quarter has been in line with management expectations and was consistent with the positive momentum experienced in the second half of our prior financial year.  Group revenue for the first quarter increased by approximately 12% at constant currency (6% reported).  This was against a soft comparator period that was adversely impacted by phasing of export orders and supply issues in the US.  Overall we remain confident that the execution of our strategy will continue to deliver growth.

European Pharmaceuticals

In the first quarter our European Pharmaceuticals Segment increased revenues by 7% at constant currency (1% reported).

Sales of Companion Animal Products (CAP) grew by approximately 16% in the quarter at constant currency with a strong performance across all our home markets.  Equine and Diets products also performed strongly.  However this was partially offset by the 12% decline in our Food producing Animal Products (FAP).

US Pharmaceuticals

Total reported US revenue increased by approximately 61% at constant currency on the same period last year (51% reported).

The revenue growth in the period is attributable to the recent acquisition of Phycox®, which we are pleased to report has performed in line with expectations, the launch of Osphos®, and the re-launch of two Ophthalmic products following long term supply issues. The performance has also been underpinned by continued strong trading of our key dermatology and endocrinology product ranges.

Pipeline delivery

During the quarter we successfully launched Osphos in the US and UK.  Having previously reported in Q4 2014 financial year the suspension of clinical trials for a feline endocrine drug, we have now decided to terminate further development of this product.

AGM

The AGM is scheduled to take place at 10am today at Investec Bank plc, 2 Gresham Street, London, EC2V 7QP.

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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