Sinclair IS Pharma reports a strong increase in revenues

Sinclair IS Pharma reports a strong increase in revenues

Sinclair IS Pharma plc the international specialty pharma company,  announces its half year results for the six months ended 31 December 2011.

Financial Highlights

  • Revenues increased 67% to £23.4million (H1 11: £14.1m)
  • Like-for-like ('LFL')* revenues increased by 9%
  • Pre-exceptional EBITDA profit of £0.7 million (H1 11: loss of £1.3m)
  • Loss per share reduced to 1.4p (H1 11: 1.9p)

Operating Highlights

  • Portfolio strengthened and focused
    -
    Sale of Mysoline for £11.1 million completed in November 2011
    -
    Acquisition of Advanced Bio-Technologies Inc. for £21.3 million
  • Strategy to focus on key brands delivering (top five products account for 49% of revenues)
  • Strong growth in focus brands
    -
    Flamma franchise up 5%*to £4.3 million
    -
    Kelo-cote® sales up 51%* to £0.7 million
    -
    Atopiclair® sales up 119%*to £0.6 million
    -
    Bio-Taches® sales up 84%*to £0.7 million
  • Invida launched Atopiclair® and Papulex® in eight Asian markets
  • Re-launched key products Aloxi®, episil®, Kelo-cote® and Flammacerium® in the UK
  • Signed European license agreement with Teva for episil®
  • Entered exclusive promotion agreements with Therabel and Norgine in the first half for Xclair® in France and Spain

*Like-for-like excludes product disposals, licence fees and currency fluctuations

Chris Spooner, CEO of Sinclair IS Pharma, commented: "Another busy period which saw the integration of IS Pharma, ABT and the disposal of Mysoline. Despite this, and as budgeted, the Company achieved EBITDA profitability, while our focus on fewer leading brands has helped deliver strong growth, with 9% LFL revenue growth.

We have established a robust platform and are now achieving substantial operational leverage through the acquisition of ABT and launch of further products. The high growth, emerging markets remain a key priority for the Company and we are actively discussing several new commercial opportunities."

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