Sinclair IS Pharma plc the international speciality pharma company, today announces its preliminary results for the year ended 30 June 2011.
- Total revenue increased 19% to £32.9m (2010: £27.6m)
- Like-for-like* revenue growth of 10%
£1.1m revenue contribution from IS Pharma business post acquisition
- >£3m Incremental investment in sales/marketing, development/regulatory affairs
- EBITDA loss before exceptional items of £1.4m (2010: loss of £0.5m)
- Loss before tax of £11.7m (2010: loss of £18.4m)
- Adjusted loss before tax**of £2.7m (2010: loss of £2.2m)
- Loss per share after exceptional items of 5.1p (2010: loss of 13.5p)
- Merger with IS Pharma in May 2011 adds UK infrastructure, commercial operations and hospital specialty products portfolio. Integration completed with further efficiency gains expected.
- 20 year pan-Asian multi-product partnership with Invida signed in December 2010, with first products already launched.
- Decapinol licensed to Sunstar Americas and launched as GUM Perioshield in July 2011.
- France returned to growth for the first time since 2006.
- Significant launches include Atopiclair in France and Kelo-cote in leading European markets.
- Opportunity to exploit IS portfolio demonstrated by multi-country partnership with Teva for Episil.
- Supply chain re-engineering programme to deliver further efficiencies. First Indian production at Encube in Goa.
Chris Spooner, Sinclair IS's CEO commented: "We achieved our ambitious financial and commercial targets during the year to June 2011 and are now seeing the benefits of the recent restructuring and investment programme. Crucially we believe the Company is now able to deliver sustainable organic growth without the need for further financing. The integration programme with IS Pharma and the reorganisation of UK commercial operations was substantially completed within eight weeks. Recent trading has been particularly encouraging and with several planned launches in the near term we are confident that the momentum will build through the year to June 2012 and beyond."
* Like-for-like revenues exclude product acquisitions and disposals, one-off licence fee income and currency fluctuations.
** Adjusted loss before tax excludes exceptional items and intangible asset amortisation.