Dechra revenue surges after several acquisitions
As a result of several acquisitions veterinary pharmaceutical Dechra’s half year revenue surged, while it gained regulatory approval in the US for its generic antibiotic.
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Revenue for the six months ended 31 December 2016 jumped 34% at a constant exchange rate, or 56% at actual rates, compared to the same period the previous year.
While revenue growth, excluding acquisitions, rose 7% at constant currency rates, or 22% at actual rates.
Revenue in the EU rose 6% at constant currency, or 20% at actual rates, and revenue from North America ticked 10% higher at constant currency, or 31% at actual rates.
The FTSE 250 company said that revenue included contributions from its recent acquisitions of Genera, Putney, Apex and Brovel,which was ahead of its expectations.
Meanwhile, in September 2016 the US Food and Drug Administration approved Amoxi-Clav, a companion animal product generic antibiotic, the first major product from the Putney business.
Chief executive Ian Page, said: "Our underlying business and acquisitions have performed well, resulting in significant growth in the first half of the 2017 financial year. The group pipeline has delivered new products and our global presence continues to increase. We remain confident in our strategy, our future prospects and our expectations for full year performance."
The company has continued to deliver on its pipeline of products with Altidox, a new food animal producing generic water soluble antibiotic, gaining regulatory approval in 13 EU territories, while Osphos, the company's equine lameness product, received approvals in Canada and Australia.
Registrations were also gained from the Genera business including Genoxytab-F, a food animal producing uterine antibiotic, in four EU territories, and Canihelmin, a dewormer, in six EU countries.
Apex Laboratories received approval in Australia for a liquid formulation of benazepril, a cardiac medication.