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14/11/2001
Galen report buoyant trading for year ending 2001
Galen Holdings, the international speciality pharmaceuticals company based in Craigavon, has posted buoyant profit figures.
In the last trading year the company reported a turnover of £183 million for the year ended September 2001, up more than double on that of the previous year’s £86 million turnover figure. This represents a 112 per cent increase in turnover on the year, attributable to the acquisition of the American-based Warner Chilcott and the Estrace hormone franchise bought from Bristol-Myers Squibb.
Galen’s operating profits jumped 127 per cent from £24 million to £54.9 million, with per-tax profits rising from £24.4 million to £41.6 million.
Dr John King, Chairman of Galen, said: “Galen has made great progress towards the creation of an international specialty pharmaceutical company. Our strategy is based on continued organic growth through our existing businesses, the development and commercialisation of new proprietary products and selective acquisitions of products which complement our existing ranges.
“Our activities during the year have demonstrated success in all three elements of this strategy and we have created strong foundations for further growth in 2002.”
Describing the year as “transforming for Galen,” Dr King said the company has made excellent progress following the acquisition of Warner Chilcott and the access it provides to the US pharmaceutical market.
Galen reported that over 60 per cent of revenues were now being generated in the US.
Earnings per share, before amortisation of intangible assets and goodwill rose by 51.6 per cent to 23.5 pence. Dr King said: “These excellent results reflect continuing strong growth in the business and have encouraged your Board to recommend the payment of a final dividend of 1.66p per ordinary share, making a total for the year of 2.49p which represents an increase of 20.3 per cent over the 2.07p declared for the previous year.”
Galen employs around 1790 people of which some 700 are employed in the US. (SP)
In the last trading year the company reported a turnover of £183 million for the year ended September 2001, up more than double on that of the previous year’s £86 million turnover figure. This represents a 112 per cent increase in turnover on the year, attributable to the acquisition of the American-based Warner Chilcott and the Estrace hormone franchise bought from Bristol-Myers Squibb.
Galen’s operating profits jumped 127 per cent from £24 million to £54.9 million, with per-tax profits rising from £24.4 million to £41.6 million.
Dr John King, Chairman of Galen, said: “Galen has made great progress towards the creation of an international specialty pharmaceutical company. Our strategy is based on continued organic growth through our existing businesses, the development and commercialisation of new proprietary products and selective acquisitions of products which complement our existing ranges.
“Our activities during the year have demonstrated success in all three elements of this strategy and we have created strong foundations for further growth in 2002.”
Describing the year as “transforming for Galen,” Dr King said the company has made excellent progress following the acquisition of Warner Chilcott and the access it provides to the US pharmaceutical market.
Galen reported that over 60 per cent of revenues were now being generated in the US.
Earnings per share, before amortisation of intangible assets and goodwill rose by 51.6 per cent to 23.5 pence. Dr King said: “These excellent results reflect continuing strong growth in the business and have encouraged your Board to recommend the payment of a final dividend of 1.66p per ordinary share, making a total for the year of 2.49p which represents an increase of 20.3 per cent over the 2.07p declared for the previous year.”
Galen employs around 1790 people of which some 700 are employed in the US. (SP)
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