News blog
IS Pharma
- BY: Andrew Hore |
- POSTED: 03/06/2009 |
IS Pharma has succeeded in integrating its acquisitions and growing sales of all its main products.
The pharmaceuticals company grew its profit 70% to £2m in the year to March 2009. Revenues increased 73% to £12.2m. Some of the growth came from the inclusion of Speciality European Pharma International AG from April 2008, but there was organic growth.
It initially appears that the second half profit contribution was flat and that all the profit growth came in the first half, which included the $1.25m milestone payment from the US commercialisation partner for Haemopressin. However, there is a £526,000 stock provision that was caused by switching the manufacturing of Haemopressin to a new company. That means that underlying second half profits doubled.
Sales of the freeze spray anaesthetic Cryogesic jumped 38% and Aloxi, which is a treatment for nausea and vomiting related to cancer chemotherapy, doubled its revenues.
IS is near to achieving marketing authorisations for Haemopressin in 14 European countries. Haemopressin, Aloxi and Cryogesic are expected to be the main growth drivers in the current year. Mysoline (a treatment for epilepsy and essential tremor) and OptiFlo (catheter maintenance) are likely to be more stable.
Net cash was £2.6m at the end of March 2009 and IS has spare debt facilities of £4.5m. The business is cash generative and this will help in the potential payment of contingent consideration of £3.87m over the next year. There is also £8.15m of contingent consideration that could be payable over more than one year.
At 77.5p a share, IS is valued at £23.8m.
Piper Jaffray was appointed as nominated adviser and broker in May 2009.
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