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IS Pharma

  • BY: Andrew Hore |
  • POSTED: 05/11/2008 |

IS Pharma more than doubled its pre-tax profits in the six months to September 2008.

This was helped by the $1.25m milestone payment from the US commercialisation partner for Haemopressin, which is used for the treatment of uncontrolled bleeding from oesophageal varices.

Revenues grew 87% to £5.8m, while profits increased from £659,000 to £1.48m. The business is cash generative before the cost of the acquisition of Speciality European Pharma International AG.

Plasma substitute Volplex increased its sales by 13%, sales of the anaesthetic Cryogesic jumped 64% and Mysoline (a treatment for epilepsy and essential tremor) improved sales by 28%.

The share price improved 1.5p to 71.5p each, valuing IS at £22m.

Edison Investment Research forecasts an increase in revenues from £7m to £11.4m in the year to March 2009, while profits before goodwill and exceptionals are expected to improve from £1.5m to £2.9m. The shares are trading on less than eight times forecast earnings. 

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