(Alliance News) - Clinigen Group PLC said Thursday it has "simplified" its group structure, moving to two divisions from three.
The Staffordshire-based pharmaceuticals and services provider has reported its results split into three divisions: Commercial Medicines; Unlicensed Medicines; and Clinical Services. Now, however, it will move to: Services and Products.
The new Services unit comprises the old Clinical Services division and the Managed Access business of the old Unlicensed Medicines division.
"Within Services, Clinigen provides a unique set of niche, high value services to pharma and biotech clients prior to regulatory approval and launch of their products. The Services division is being led by Peter Belden, who was previously the EVP for the Clinical Services division," Clinigen explained.
The new Products unit comprises the old Commercial Medicines division and the Global Access business of the old Unlicensed Medicines division.
Clinigen said: "Within Products, Clinigen enables access to critical medicines at a country, regional and global level, with a focus on building a portfolio of specialist pharmaceuticals to meet the needs of healthcare professionals and patients in both licensed and unlicensed markets. The Products division is being led by Sam Herbert, who joined the business in January as the group's chief operating officer."
For the six months to December 2019 period, Clinigen noted its Commerical Medicines unit recorded revenue of GBP75.5 million, Unlicensed Medicines GBP100.6 million, and Clinical Services GBP71.8 million - for a total of GBP243.7 million.
If it had the two reporting divisions at the time, the new Products unit would've recorded revenue of GBP144.3 million and Services GBP103.6 million.
For the first six months of 2020, Clinigen noted its Commerical Medicines unit recorded revenue of GBP156.7 million, Unlicensed Medicines GBP197.0 million, and Clinical Services GBP162.2 million - for a total of GBP504.3 million.
If it had the two reporting divisions at the time, the new Products unit would've recorded revenue of GBP287.8 million and Services GBP228.1 million.
In mid-January, Clinigen said it expects to record a 13% fall in earnings before interest, tax, depreciation and amortisation for the six months to the end of December 2020. Ebitda was guided to be GBP54 million, down from GBP61.8 million the same period the year before. Net revenue is set to be GBP230 million, representing a 3% rise year-on-year from GBP224.6 million on a reported basis and 4% growth on a constant currency basis.
Prior guidance for net revenue growth for the year ending June 30 has remained unchanged, and management expects growth to be at the lower end of the 5% to 10% medium term range.
Clinigen will publish its interim results on February 23.
Clinigen shares were 0.7% higher at 784.41 pence each in London on Thursday morning.
By Paul McGowan; paulmcgowan@alliancenews.com
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