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17 Jul 2018 | 08:31

Clinigen expects results in line with expectations; acquires rights to renal cancer treatment from Norvatis

Pharmaceutical and services group Clinigen said Tuesday it expected reported revenues increased about 26%, as weakness in its clinical trial services was offset by strong performance in commercial medicines.

For the 12 months to 30 June, the group said it expected gross profit to rise 14% on a reported basis and by around 16% on a constant currency basis.

Earnings (EBITDA) growth is expected to exceed gross profit, supported by tight cost control and acquisitions.

'This year has demonstrated the strength and diversity of the Group's portfolio. Our largest business operation, Commercial Medicines, has had an excellent year more than offsetting weakness in CTS,' said Shaun Chilton, Group Chief Executive Officer of Clinigen. 'The Board expects results to be in line with current market expectations and the Group is well positioned to drive further growth across all parts of the business in the year ahead,' the company said. The company also announced that it had acquired from Novartis the global rights outside the United States to Proleukin, used in metastatic renal cell carcinoma. 'This acquisition strengthens our offering in Commercial Medicines and brings our specialty pharma product portfolio to six,' the company said.

Clinigen would seek to revitalise sales of Proleukin by working with health care professionals to ensure its benefit to patients is well understood and by leveraging the group's global distribution network for both licensed and unlicensed supply, Clinigen said.

At 8:31am: (LON:CLIN) Clinigen Group share price was +14p at 1009p

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