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Clinigen upgrades 2021 revenue guidance; H1 profit slips on Covid-19 hit
StockMarketWire.com
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Pharmaceutical company Clinigen upgraded its forecast on organic revenue growth to be in the upper half of its 2021 forecast, driven by growth in its services and product businesses.
FY21 organic net revenue growth was now expected to be in the upper half of the 5% to 10% medium term range, up from the lower end that was previously guided, the company said.
The update on guidance was provided alongside interim results that showed a fall in profit on higher costs and flat revenue growth in its management access segment of the services division.
For the six months ended 31 December 2020, pre-tax profit fell 8% to £22.7 million year-on-year, while revenue rose 3% to £231.9 million.
'COVID-19 has created some headwinds for the services division with the impact of delayed or cancelled studies and lower uptake on managed access programs being felt,' the company said.
The company declared an unchanged interim dividend of 2.15p a share.
At 9:08am: (LON:CLIN) Clinigen Group PLC share price was 0p at 683p
Story provided by StockMarketWire.com
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