Burton pharmaceutical company profits drop
Profits fell as revenues rose at Clinigen, the pharmaceutical and service group, according to annual results for the fiscal year ended June 30, 2021.
The Burton-based company reported net sales of £ 458.6million, up from £ 428.6million last year.
Gross profit meanwhile fell from £ 210million to £ 198million, which the company says is the result of the COVID-19 pandemic.
Shaun Chilton, Group Managing Director, said: “Clinigen is experiencing strong momentum in the Services business and progress in the Products business, particularly our partnered products, despite the continued impact of COVID-19.
“We expect EBITDA growth of 5-10% in FY2022 with strong cash generation, driven by the strength of our underlying business and activity levels across the business. Group, and we remain focused on debt repayment.
“The strong performance of our Services business in response to changing market needs has improved our market position and we expect our focus in this business area to intensify.
“We are convinced that our work to simplify the operational structure and our continued focus on areas where we are uniquely positioned to create value will bring clear benefits to our customers, patients and shareholders. “