Menu
11/11/2003
Galen post better than expected full year figures
Northern Ireland based pharmaceuticals company Galen has posted better than expected end of year figures.
Total operating profit for the company was up 79% at US$187 million, from almost US$105 million in 2002, and sales revenue rose almost 46% to reach US$432 million in the year, up from US$296 million in 2002.
Revenue largely due to an aggressive portfolio expansion increased by 84% to US$432.4 million, 27% up on the corresponding period in the preceding year.
During the year, Galen committed US$650 million to acquiring products and rights, which increased margins giving a US$208 million in cash form operations. Galen ended the year with a US$253.3 million debt.
The Board recommended the payment of a final dividend of 2.4p per ordinary share, a total dividend for the year of 3.6p, which represented an increase of 20% on the previous year
The company is also looking forward to a favourable outcome from is purchase of Sarafem from Eli Lily in January this year, and three products purchased from Pfizer in April of this year.
Commenting on the results, Galen Chief Executive Roger Boissonneault said: "The past year established Galen’s pharmaceutical products business as the focus of the company. We have significantly strengthened our US presence through the execution of our growth strategy, to continue organic growth, new product development and selective acquisitions. Galen is well positioned to execute its growth strategy into '04' and beyond."
In morning trading Galen shares nudged 4% higher on the back of the company's favourable year-end figures.
(SP)
Total operating profit for the company was up 79% at US$187 million, from almost US$105 million in 2002, and sales revenue rose almost 46% to reach US$432 million in the year, up from US$296 million in 2002.
Revenue largely due to an aggressive portfolio expansion increased by 84% to US$432.4 million, 27% up on the corresponding period in the preceding year.
During the year, Galen committed US$650 million to acquiring products and rights, which increased margins giving a US$208 million in cash form operations. Galen ended the year with a US$253.3 million debt.
The Board recommended the payment of a final dividend of 2.4p per ordinary share, a total dividend for the year of 3.6p, which represented an increase of 20% on the previous year
The company is also looking forward to a favourable outcome from is purchase of Sarafem from Eli Lily in January this year, and three products purchased from Pfizer in April of this year.
Commenting on the results, Galen Chief Executive Roger Boissonneault said: "The past year established Galen’s pharmaceutical products business as the focus of the company. We have significantly strengthened our US presence through the execution of our growth strategy, to continue organic growth, new product development and selective acquisitions. Galen is well positioned to execute its growth strategy into '04' and beyond."
In morning trading Galen shares nudged 4% higher on the back of the company's favourable year-end figures.
(SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
14 February 2024
Funding Of More Than £1m To Secure City Of Derry To London Flights
New funding of more than £1 million has been announced by the Economy Minister, Conor Murphy, to protect the continuation of the flights from the City of Derry Airport (CoDA) to London Heathrow.
Funding Of More Than £1m To Secure City Of Derry To London Flights
New funding of more than £1 million has been announced by the Economy Minister, Conor Murphy, to protect the continuation of the flights from the City of Derry Airport (CoDA) to London Heathrow.
08 March 2024
Electronic Travel Authorisation Scheme Threatens Tourism Growth
Economy Minister Conor Murphy has raised concerns over the introduction of the British Government Electronic Travel Authorisation (ETA) Scheme. Meeting with the NI Tourism Alliance (NITA), the Minister said that the scheme could threaten Northern Ireland's tourism growth.
Electronic Travel Authorisation Scheme Threatens Tourism Growth
Economy Minister Conor Murphy has raised concerns over the introduction of the British Government Electronic Travel Authorisation (ETA) Scheme. Meeting with the NI Tourism Alliance (NITA), the Minister said that the scheme could threaten Northern Ireland's tourism growth.
03 April 2024
Pallet Trucks NI Supports Community Growth With Donation To Brink!
In a move to foster community engagement and green initiatives in Belfast City Centre, Pallet Trucks NI, a leading materials handling equipment supplier, has announced its contribution to the Brink!. The company has donated a pallet truck to aid in the development of a new community and green space in the heart of the city.
Pallet Trucks NI Supports Community Growth With Donation To Brink!
In a move to foster community engagement and green initiatives in Belfast City Centre, Pallet Trucks NI, a leading materials handling equipment supplier, has announced its contribution to the Brink!. The company has donated a pallet truck to aid in the development of a new community and green space in the heart of the city.
29 April 2024
Assembly Approves New Regulations On Free Period Products
The Assembly has approved new regulations to ensure free period products are available to learners and staff at local further education colleges and higher education institutions.
Assembly Approves New Regulations On Free Period Products
The Assembly has approved new regulations to ensure free period products are available to learners and staff at local further education colleges and higher education institutions.
14 November 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.
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.
-
Northern Ireland WeatherThis Evening and Tonight:Quite cloudy across all counties at first but a few late sunny spells most likely towards Down and Antrim. Clearer skes becoming more widespread later this evening and overnight. Minimum temperature 5 °C.
