Thursday, 13 January 2022
Dechra® Pharmaceuticals PLC
(Dechra, Group, Company)
Trading Update
The Board of Dechra issues the following unaudited Trading Update covering the half year reporting period from 1 July to 31 December 2021 (the Period).
The Group is pleased to report that the strong trading performance in quarter one continued throughout the first half delivering excellent growth in the Period.
| Highlights include: |
| · Group net revenue for the Period increased by c.15% at constant exchange rates (CER) (c.10% at actual exchange rates (AER)). |
| · European Pharmaceuticals net revenue growth was c.10% at CER in the Period (AER c.5%), including the acquisitions of Osurnia® (acquired 28 July 2020) and Tri-Solfen® in Australia and New Zealand (acquired 5 February 2021). Existing net revenues increased by c.8% at CER in the Period (AER c.3%). |
| · North American Pharmaceuticals net revenue growth was c.26% at CER in the Period (AER c.21%). |
| · Four additional Equine products and two additional anaesthetic products acquired during the Period for a combined consideration of U$29 million. |
| Post Period end: |
| · Asset purchase agreement signed for the acquisition of the worldwide rights to verdinexor, branded Laverdia®, a novel treatment of all forms and stages of canine lymphoma in dogs, providing access to a new niche therapy area.
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The outlook for the full financial year is positive and in line with the upper end of management expectations despite the continuing COVID-19 disruption. The Group results should continue to benefit from good growth in the Companion Animal market.
Ian Page, Chief Executive Officer, commented:
"Group performance in the first half has been excellent. Global trading continues to be strong and our supply chain has been robust despite COVID-19 related challenges. As expected, Group revenue growth slowed slightly from the extraordinary levels experienced in the prior year as markets return to more normal levels, albeit from a higher base.
We are delighted to have executed a number of product acquisitions which complement and strengthen our existing portfolio and also, through Laverdia, take us into a new specialist therapeutic area. We continue to believe in the ability of our people to execute our strategy and remain confident in our future prospects."
Notice of Results
Dechra will announce its Interim Results for the Period on Monday, 21 February 2022.
| Enquiries: | |
| Dechra Pharmaceuticals PLC |
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| Ian Page, Chief Executive Officer | Office: +44 (0) 1606 814 730 |
| Paul Sandland, Chief Financial Officer e-mail: corporate.enquiries@dechra.com | Office: +44 (0) 1606 814 730
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| TooleyStreet Communications Ltd |
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| Fiona Tooley, Director e-mail: fiona@tooleystreet.com
| Mobile: +44 (0) 7785 703 523 Office: +44 (0) 121 309 0099 |
Notes:
1) Foreign Exchange Rates:
FY2022 H1 Average: EUR 1.1744: GBP 1.0; USD 1.3635: GBP 1.0
FY2022 H1 Closing: EUR 1.1901: GBP 1.0; USD 1.3479: GBP 1.0
FY2021 H1 Average: EUR 1.1060: GBP 1.0; USD 1.3060: GBP 1.0
FY2021 H1 Closing: EUR 1.1123: GBP 1.0; USD 1.3649: GBP 1.0
FY2021 Average: EUR 1.1287: GBP 1.0; USD 1.3466: GBP 1.0
FY2021 Closing: EUR 1.1654: GBP 1.0; USD 1.3850: GBP 1.0
About Dechra
Dechra is a global specialist veterinary pharmaceuticals and related products business. Our expertise is in the development, manufacture marketing and sales of high quality products exclusively for veterinarians worldwide. Dechra's business is unique as the majority of its products are used to treat medical conditions for which there is no other effective solution or have a clinical or dosing advantage over competitor products.
For more information, please visit: www.dechra.com.
Stock Code: Full Listing (Pharmaceuticals): DPH
LEI: 213800J4UVB5OWG8VX82
Trademarks
Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC. Tri-Solfen is a trademark of Animal Ethics Pty Ltd.
Forward Looking Statement
This document may contain certain forward-looking statements. The forward-looking statements reflect the knowledge and information available to the Company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involve a degree of uncertainty. Therefore, nothing in this document should be construed as a profit forecast by the Company.
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