LONDON (Alliance News) - Horizon Discovery Group PLC Monday said revenue in the first half of 2015 more than doubled from a year earlier following substantial investment in its product development.
The life science group that supplies research tools and services that power genomics research and the development of personalised medicines, said revenue in the six months ended June 30 was GBP8.6 million, more than double the GBP4.1 million reported a year ago.
"The primary drivers of growth were increased organic revenues in the product business following investment in product development, sales, marketing and distribution and increased organic and inorganic revenues in the service business following integration of the advanced in vivo disease model and drug combination screening service businesses acquired in 2014," said the company.
In addition, Horizon said it is eligible to receive potential future research and development milestones of up to GBP158 million plus future product royalties, compared to GBP120 million a year earlier.
Horizon said full year revenue is expected to be in line with the current market consensus and noted that its revenue is weighted toward the second half.
"We are pleased with our continued progress as we invest in scaling up the business and are confident in delivering continued strong growth in the second half of the year," said Chief Executive Darrin Disley.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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