TIDMDPH
RNS Number : 6276L
Dechra Pharmaceuticals PLC
14 January 2021
Thursday, 14 January 2021
Dechra(R) 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 2020 (the Period).
Overview
The Board is pleased to report that the stronger than expected
trading performance in quarter one continued throughout the first
half delivering excellent growth in the Period.
The outlook for the full financial year is currently ahead of
management expectations despite the continuing macro uncertainty.
The Group results should continue to benefit from strong market
fundamentals as well as lower than expected Underlying Selling,
General and Administration (SG&A) costs as a result of
COVID-19. However, we expect that a strong pre Brexit inventory
build by customers, leading to an estimated GBP7 million increase
in net revenue in the period, will unwind in the second half.
Accordingly, we expect the balance of trading will be first half
weighted.
Highlights
* Group net revenue for the Period increased by c.21%
at constant exchange rates (CER) (c.20% at actual
exchange rates (AER)).
* European Pharmaceuticals net revenue growth was c.21%
at CER in the Period (AER c.22%).
* North American Pharmaceuticals net revenue growth was
c.21% at CER in the Period (AER c.17%).
* Osurnia and Mirataz acquisitions performing strongly
and ahead of expectations.
* Good progress continues to be made with the supply
chain which adversely affected trading in the
comparator period.
Operational Review
European Pharmaceuticals
In the Period, our total European Pharmaceuticals segment net
revenue increased by c.21% at CER (AER c.22%), including the
acquisition of Osurnia (acquired 28 July 2020).
Existing net revenues, excluding third party contract
manufacturing (non-animal health which Dechra is strategically
exiting) increased by c.18% at CER (AER c.19%).
North American Pharmaceuticals
In the Period, our total North American segment net revenue
increased by c.21% at CER (AER c.17%), including the acquisitions
of Ampharmco (acquired 29 August 2019), Mirataz (acquired 16 April
2020) and Osurnia.
Excluding acquisitions existing net revenues increased by c.14%
at CER (AER c.10%). This performance should be considered against a
soft comparator period which was adversely impacted by supply
issues.
Acquisition
The product acquisitions of Osurnia and Mirataz are performing
ahead of expectations with integration of both now complete and the
European launch of Mirataz imminent.
Ian Page, Chief Executive Officer, commented:
"Our progress in the first half has been excellent despite the
uncertainties arising as a result of COVID-19 and Brexit. Trading
globally has been strong as the business benefitted from favourable
market conditions, further good progress on supply chain and
excellent customer engagement through our motivated commercial
teams. We are delighted with the performance of our recent product
acquisitions, Osurnia and Mirataz. With our continuing belief in
the capability of our people during these difficult times and our
ability to execute our strategy we remain confident in our
prospects for the future."
Notice of Results
Dechra will announce its Interim Results for the Period on 22
February 2021.
Enquiries:
Dechra Pharmaceuticals PLC
Ian Page, Chief Executive Officer Office: +44 (0) 1606
814 730
Paul Sandland, Chief Financial Officer Office: +44 (0) 1606
e-mail: corporate.enquiries@dechra.com 814 730
TooleyStreet Communications Ltd
Fiona Tooley, Director Mobile: +44 (0) 7785
e-mail: fiona@tooleystreet.com 703 523
Office: +44 (0) 121
309 0099
Notes:
1) Foreign Exchange Rates:
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
FY2020 H1 Average: EUR 1.1352: GBP 1.0; USD 1.2593: GBP 1.0
FY2020 H1 Closing: EUR 1.1754: GBP 1.0; USD 1.3204: GBP 1.0
FY2020 Average: EUR 1.1396: GBP 1.0; USD 1.2601: 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.
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.
Market Abuse Regulation (MAR)
The information contained within this announcement may
constitute inside information stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement via the Regulatory Information Service, this inside
information is now considered to be in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTDKNBPDBKBQDD
(END) Dow Jones Newswires
January 14, 2021 02:00 ET (07:00 GMT)
Dechra Pharmaceuticals (LSE:DPH)
Historical Stock Chart
From Apr 2024 to May 2024
Dechra Pharmaceuticals (LSE:DPH)
Historical Stock Chart
From May 2023 to May 2024