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14/11/2002
US growth aids Galen profits gain
Improved growth in the United States has helped Craigavon-based, Galen Holdings post its strongest set of results since flotation in 1997.
The pharmaceutical company revealed that profits rose to £101m from £41m over the past year while revenues for the past 12 months rose to £102m from last year's £187m.
Galen's earning's per share (EPS) before exceptional items and amortisation of goodwill and intangible assets rose to 32.2p from 23.4p a year earlier.
Commenting on the results, CEO Roger Boissonneault, said: "This is an excellent set of results for Galen. During the year, we took a number of strategic steps, such as the divestment of our services business towards positioning Galen as a pure pharmaceutical company, with strong organic growth, a robust pipeline and a strong balance sheet.
"We have delivered on all of our objectives and look forward to 2003 with much confidence."
But despite the company's strong performance throughout the year, Galen's share price has underperformed with shares falling nearly 30% since the start of the year, hitting an all-time low of 264p in July.
However, while executive chairman, Dr John King described the share price performance as a "disaster" he insisted recovery was already underway.
Galen's positive yearly result follows on a Viridian Group report earlier this week which revealed a £3.1m increase in pre-tax half-year profits.
The figures showed that for the six months up to the end of September, the company posted a pre-tax profit hike of £29.8 million compared to £26.7 million for the same period last year.
While turnover increased from £305.3 million to £331.8 million, adjusted operating profit was down from £48.5 million to £47.6 million.
The company's share price also went up by 3p to 498p in early trading.
(MB)
The pharmaceutical company revealed that profits rose to £101m from £41m over the past year while revenues for the past 12 months rose to £102m from last year's £187m.
Galen's earning's per share (EPS) before exceptional items and amortisation of goodwill and intangible assets rose to 32.2p from 23.4p a year earlier.
Commenting on the results, CEO Roger Boissonneault, said: "This is an excellent set of results for Galen. During the year, we took a number of strategic steps, such as the divestment of our services business towards positioning Galen as a pure pharmaceutical company, with strong organic growth, a robust pipeline and a strong balance sheet.
"We have delivered on all of our objectives and look forward to 2003 with much confidence."
But despite the company's strong performance throughout the year, Galen's share price has underperformed with shares falling nearly 30% since the start of the year, hitting an all-time low of 264p in July.
However, while executive chairman, Dr John King described the share price performance as a "disaster" he insisted recovery was already underway.
Galen's positive yearly result follows on a Viridian Group report earlier this week which revealed a £3.1m increase in pre-tax half-year profits.
The figures showed that for the six months up to the end of September, the company posted a pre-tax profit hike of £29.8 million compared to £26.7 million for the same period last year.
While turnover increased from £305.3 million to £331.8 million, adjusted operating profit was down from £48.5 million to £47.6 million.
The company's share price also went up by 3p to 498p in early trading.
(MB)
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