11 February 2021
Restatement of segmental reporting
Clinigen Group plc (AIM: CLIN, 'Clinigen' or the 'Group'), the global pharmaceutical Products and Services group, today provides a reconciliation of the change to its segmental reporting as announced in the trading update on 14 January 2021.
Overview
The Group has previously reported its results split into three divisions: Commercial Medicines, Unlicensed Medicines and Clinical Services. From 1 January 2021, the Group structure has been simplified, moving from three divisions to two: Services and Products.
The Services division comprises the old Clinical Services division and the Managed Access element of the old Unlicensed Medicines division. Within Services, Clinigen provides a unique set of niche, high value services to Pharma and Biotech clients prior to regulatory approval and launch of their products. The Services division is being led by Peter Belden, who was previously the EVP for the Clinical Services division.
The Products division comprises the old Commercial Medicines division and the Global Access (including Specials) element of the old Unlicensed Medicines division. Within Products, Clinigen enables access to critical medicines at a country, regional and global level, with a focus on building a portfolio of specialist pharmaceuticals to meet the needs of healthcare professionals and patients in both licensed and unlicensed markets. The Products division is being led by Sam Herbert, who joined the business in January as the Group's Chief Operating Officer.
Tables setting out the previous and new segmental reporting for the FY20 half year and full year comparative periods are set out below. With the exception of the previous segmental numbers for the year ended 30 June 2020, which have been extracted from the audited 2020 Annual Report and Accounts, the numbers are unaudited.
Segmental reporting for the 6 months ended 31 December 2019
|
| Previous segmental results | New segmental results | |||||||
| (In £m) | Commercial Medicines | Unlicensed Medicines | Clinical Services | Central | Total | Products | Services | Central | Total |
| Reported revenue | 75.5 | 100.6 | 71.8 | (4.2) | 243.7 | 144.3 | 103.6 | (4.2) | 243.7 |
| Net revenue | 75.5 | 81.5 | 71.8 | (4.2) | 224.6 | 144.3 | 84.5 | (4.2) | 224.6 |
| Adjusted EBITDA | 39.3 | 17.1 | 9.5 | (3.8) | 62.1 | 51.0 | 14.9 | (3.8) | 62.1 |
| Non-underlying cost of sales and admin expenses |
|
|
|
| 0.9 |
|
|
| 0.9 |
| Joint venture EBITDA |
|
|
|
| (0.3) |
|
|
| (0.3) |
| Amortisation and depreciation |
|
|
|
| (26.9) |
|
|
| (26.9) |
| Profit from operations |
|
|
|
| 35.8 |
|
|
| 35.8 |
| Finance cost |
|
|
|
| (11.2) |
|
|
| (11.2) |
| Share of profit of joint venture |
|
|
|
| 0.2 |
|
|
| 0.2 |
| Profit before taxation |
|
|
|
| 24.8 |
|
|
| 24.8 |
Segmental reporting for the year ended 30 June 2020
|
| Previous segmental results | New segmental results | |||||||
|
(In £m) | Commercial Medicines | Unlicensed Medicines | Clinical Services | Central | Total | Products | Services | Central | Total |
| Reported revenue | 156.7 | 197.0 | 162.2 | (11.6) | 504.3 | 287.8 | 228.1 | (11.6) | 504.3 |
| Net revenue | 156.7 | 158.9 | 162.2 | (11.6) | 466.2 | 287.8 | 190.0 | (11.6) | 466.2 |
| Adjusted EBITDA | 84.3 | 34.4 | 22.6 | (10.3) | 131.0 | 106.4 | 34.9 | (10.3) | 131.0 |
| Non-underlying cost of sales and admin expenses |
|
|
|
| (27.7) |
|
|
| (27.7) |
| Joint venture EBITDA |
|
|
|
| (0.6) |
|
|
| (0.6) |
| Amortisation and depreciation |
|
|
|
| (60.7) |
|
|
| (60.7) |
| Profit from operations |
|
|
|
| 42.0 |
|
|
| 42.0 |
| Finance cost |
|
|
|
| (19.7) |
|
|
| (19.7) |
| Share of profit of joint venture |
|
|
|
| 0.3 |
|
|
| 0.3 |
| Profit before taxation |
|
|
|
| 22.6 |
|
|
| 22.6 |
1. Group results on an adjusted basis exclude amortisation of acquired intangibles and products, and other non-underlying items.
2. Adjusted net revenue excludes Managed Access pass through revenue which varies each period dependent on the mix of programs.
3. Adjusted EBITDA includes the Group's share of EBITDA from its joint venture.
- Ends -
For further information, please contact:
| Clinigen Group plc | Tel: +44 (0) 1283 495 010 |
| Shaun Chilton, Group Chief Executive Officer Nick Keher, Group Chief Financial Officer | Email: Investors@clinigen.com |
|
|
|
| Numis Securities Limited - Nominated Adviser & Joint Broker | Tel: +44 (0) 20 7260 1000 |
| James Black / Garry Levin / Freddie Barnfield | Email: Numis@clinigen.com |
|
|
|
| RBC Capital Markets - Joint Broker | Tel: +44 (0)20 7653 4000 |
| Marcus Jackson / Elliot Thomas |
|
|
|
|
| Instinctif Partners Melanie Toyne-Sewell / Tim Linacre / Rozi Morris / Phillip Marriage | Tel: +44 (0)20 7457 2020 Email: clinigen@instinctif.com |
About Clinigen Group
Clinigen Group plc (AIM: CLIN) is a global pharmaceutical products and services group focused on providing ethical access to medicines. Its mission is to deliver the right medicine to the right patient at the right time. The Group operates from sites in North America, Europe, Africa and the Asia Pacific.
Clinigen has more than 1,150 employees across five continents in 16 countries, with supply and distribution hubs and operational centres of excellence in key long-term growth regions. The Group works with 21 of the top 25 pharmaceutical companies; interacting with over 22,000 registered users across more than 115 countries shipping approximately 6.5 million units in the year.
For more information on Clinigen, please visit www.clinigengroup.com.
Cautionary statement
This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Clinigen Group plc. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Except as required by law, Clinigen undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.
The information contained in this statement has not been audited and may be subject to further review.
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