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Clinigen Group, a pharmaceutical and services company, said it expected annual revenues to grow by 'at least' 19%, driven primarily by acquisitions.
For the year ended 30 June 2019, the company said it expected to report an increase of revenues of at least 19% on a reported basis and constant currency basis compared to last year. Gross profit was expected to have increased by at least 30% on a reported basis and 31% on a constant currency basis.
Earnings (EBITDA) growth was expected to have increased ahead of gross profit, in line with the board's expectations whilst earnings per share was expected to have increased by at least 15%.
'The strong growth has been driven primarily by acquisitions with each contributing towards the Group's performance,' the company said. 'Two of the largest acquisitions, CSM and the rights to Proleukin in the US, have exceeded expectations.'
'This performance from acquisitions plus good underlying growth overall has offset pressure on the Group's largest product, Foscavir, from an alternative therapy, and from the UK Specials business within Unlicensed Medicines,' it added.
At 8:55am: (LON:CLIN) Clinigen Group share price was +3.75p at 996.75p