Dechra sees full year at upper end of management expectations

Dechra Pharmaceuticals said on Thursday that the full-year outlook was towards the upper end of management expectations as it reported a jump in first-half revenues.

In an update for the period from 1 July to end of December 2021, the veterinary pharmaceuticals company said group net revenue rose around 15% at constant exchange rates (CER), or 10% at actual exchange rates (AER).

European pharmaceuticals net revenue growth was around 10% at CER, or 5% at AER, including the acquisitions of Osurnia® and Tri-Solfen® in Australia and New Zealand. Existing net revenues increased 8% at CER and 3% at AER.

North American pharmaceuticals net revenues grew around 26% at CER and 21% at AER.

Dechra said the outlook for the full financial year was positive and in line with the upper end of management expectations despite continuing disruption from Covid-19.

Chief executive Ian Page said: "Group performance in the first half has been excellent. Global trading continues to be strong and our supply chain has been robust despite Covid-19 related challenges. As expected, group revenue growth slowed slightly from the extraordinary levels experienced in the prior year as markets return to more normal levels, albeit from a higher base."