Record sales boost for Galen confidence
Pharmaceuticals group Galen was confident about its prospects today after seeing record sales of $157.9m (€137.2m) in the six months to March 31.
The company, based in Craigavon, Co Armagh, sold off its services business in the last financial year to focus on producing pharmaceutical products and has since built up its specialisms in women’s healthcare, buying a string of new drugs.
While overall turnover grew by just 3%, stripping out the contribution from the services operation, the core business saw revenues surge 41.5%.
Meanwhile operating profits from the remaining business soared to 56% to $59.8m (€51.9m). Shares surged 6% today.
The growth was driven by expansion in the US built around its subsidiary Warner Chilcott.
In March Galen bought two oral contraceptive pills – Loestrin and Estrostep - from drugs giant Pfizer for an initial $359m (€311.9m).
And two months earlier it paid $295m (€256.4m) for the sales and marketing rights to Sarafem – a treatment for severe pre-menstrual syndrome.
Meanwhile on the research and development side, the company won final approval from the US Food and Drug Administration for its oestrogen product Femring.
Chief executive Roger Boissonneault said: “During the period, we have made excellent progress in all elements of the business as we continue to build our position in our markets.
“We have again achieved record sales and profit growth, our recent corporate activity has expanded our US product portfolio, and our investment in research and development was rewarded by our first major NDA (new drug application) approval in the US.”
He was also upbeat about the company’s prospects for the second half.
He said: “We believe our strategy is well set for the future and we approach the second half of 2003 with much confidence.”
At the bottom line, pre-tax profits rose to $35.6m (€30.9m) from $29.5m (€25.6m) in the same period last year.
