Northern Ireland drugs group Galen Holdings reported record sales and profits growth in the second quarter to March, and said it is looking forward to the second half of the year "with confidence."
Second quarter operating profit before goodwill and intangibles was £34.8 million sterling, up by nearly a half from £23.5 million a year earlier. Revenues rose to £89.2 million from £76.4 million.
The year earlier figures included operating profit of £3.6 million and revenues of £19.7 million for the group's pharmaceutical services operations, which have since been disposed of.
The women's health products group is to pay an interim dividend of 1.20 pence, up 20 per cent from last year.
Pretax profit for the quarter was £20.4 million, up from £10.8 million. For the first half to March, pretax profit rose to £35.6 million from £29.4 million, with revenues rising to £158 million from £154 million.
Chief executive Mr Roger Boissonneault said the group made "excellent progress" in the second quarter, continuing to build its position in all its markets.
"We have again achieved record sales and profit growth, our recent corporate activity has expanded our US product portfolio, and our investment in R&D was rewarded by our first major NDA approval in the US," he said.
"We believe our strategy is well set for the future and we approach the second half of 2003 with much confidence."
Pharmaceutical produce revenues were driven by strong underlying growth of 39 per cent from Galen's core brands: Ovcon, Estrace cream and Doryx, the addition of Duricef and Moisturel, acquired in March 2002, and Sarafem, whose US sales and marketing rights were acquired in January.
Femring, the company's new intra-vaginal ring for hormone replacement therapy, was approved by the US Food and Drug Administration in March.
AFP