Half Year Results For The Six Months Ended 31 December 2020

Clinigen Group plc (AIM: CLIN, ‘Clinigen’ or ‘the Group’), the global pharmaceutical Products and Services group, has today published its half year results for the six months ended 31 December 2020.


Six months ended 31 December 2020 2019 Growth
  £m £m Reported Organic4
Adjusted measures1        
Net revenue2 231.9 224.6 3% 4%
Gross profit 100.6 108.1 (7%) (5%)
EBITDA3 54.6 62.1 (12%) (9%)
Basic earnings per share 26.2p 30.8p (15%)  
Operating cash flow5 60.7 10.1 >100%  
Statutory measures        
Revenue 258.1 243.7 6% 7%
Gross profit 100.6 108.1 (7%) (5%)
Profit before tax 22.7 24.8 (8%)  
Basic earnings per share 13.5p 14.1p (4%)  
Interim dividend per share 2.15p 2.15p    
Operating cash flow5 27.5 10.1 >100%  
Net debt 351.5 322.3 9%  

  • Total net revenue up 4% on an organic basis to £231.9m (2019: £224.6m) in spite of COVID-19 headwinds. Organic net revenue growth for FY21 is now expected to be in the upper half of the 5% to 10% range, up from the lower end as previously guided, driven by the Services division.
  • As expected, adjusted EBITDA decreased by 9% on an organic basis to £54.6m (2019: £62.1m) reflecting the impact of COVID-19 (5%-10% headwind) and a change in gross profit mix partially offset by good cost control. Management expect a stronger H2 weighting to EBITDA in-line with prior guidance. Adjusted EPS down 15% to 26.2p (2019: 30.8p).
  • Excellent adjusted operating cash flow of £60.7m, reflecting continued reversal of prior year working capital headwind and continued focus on cash conversion.
  • Net debt as at 31 December 2020 of £351.5m, (£329.7m excl. IFRS 16 adjustment) representing leverage of 2.8x, well below temporary banking covenant of 3.5x. Group expected to de-lever significantly over the course of this year, with target leverage of below 2.0x still anticipated within calendar year.
  • Interim dividend of 2.15p (2019: 2.15p). Clinigen has not participated in any government funding scheme related to the COVID-19 pandemic.
  • Diversified business model continues to help mitigate the disruption caused by COVID-19 pandemic. Impact estimated to have taken 5%-10% off Group EBITDA.
  • Post period end, the Clinigen structure has been simplified, moving from three divisions to two: Products and Services6. As part of the reorganisation, Sam Herbert, who joined as COO in January, will also lead Products; Pete Belden, previously EVP Clinical, will head up Services.
  • Services: Net revenue growth of 21% ( 21% organic) to £102.6m (2019: £84.5m); EBITDA down 9% (-12% organic) to £13.6m (2019: £14.9m) due to COVID-19 reducing hospital demand for innovative medicines and clinical trial activity alongside investment in the platform.
    • High number of business wins across the division expected to drive H2. As pandemic alleviates Services is positioned well for future growth at improving margins.
  • Products: As expected, net revenue declined 9% (-8% organic) to £131.0m (2019: £144.3m); EBITDA down 13% (-10% organic) to £44.3m (2019: £51.0m) primarily due to COVID-19 hampering underlying hospital activity and demand alongside timing of shipments.
    • H2 supported by new partnered products and shipments to key customers. Onboarding of new product opportunities and revitalisation of Proleukin with new indications set to deliver meaningful medium to long-term growth.

Shaun Chilton, Chief Executive Officer, said:

“Clinical trial and hospital demand have been severely impacted by the pandemic as the focus remains on treating COVID-19 patients and the roll out of the vaccines. Like many companies focused on hospital-based treatments, and oncology in particular, we have seen some effect on our operations during the period, but the diversity of our business model has helped us to mitigate much of the disruption and we have ended the first half ahead of market expectations.

“During H1, we remained focused on our core business, on generating cash and improving synergies within Clinigen to support our future growth. We reorganised our structure, simplifying it from three to two divisions, to align us closer with our end-customers. We have made good progress in business development and continue to develop our digital solutions to help healthcare professionals’ source hard-to-find essential medicines quickly and easily.

“Moving into H2, we see strong cash conversion and improving operational performance reducing our leverage below 2.0x EBITDA within the calendar year. We may not be immune to the impact of the pandemic, but our business model gives us a degree of resilience. We continue to guide shareholders to an acceleration of growth in FY22.”


1. Group results on an adjusted basis exclude amortisation of acquired intangibles and products, and other non-underlying items (see note 3 and 4 of the condensed financial statements). Adjusted measures are presented as they allow a more effective year-on-year comparison and identification of core business trends by removing the impact of items occurring either outside the normal course of operations or as a result of intermittent activities such as business combinations and restructuring. The principles to identify adjusting items have been applied to the current and prior year comparative numbers on a consistent basis.
2. Adjusted net revenue excludes Managed Access pass through revenue which varies each period dependent on the mix of programs.
3. Adjusted EBITDA includes the Group’s share of EBITDA from its joint venture.
4. Organic growth is a measure of growth on a constant currency basis, excluding the impact of business and product acquisitions. There were no acquisitions within the last 12 months of the reporting date. Constant currency is derived by applying the prior period’s actual exchange rate to this period’s result.
5. Operating cash flow is net cash flow from operating activities before income taxes and interest. Adjusted operating cash flow excludes the element of CSM acquisition consideration recognised in operating cash flow. 6. The review of results within this half year announcement have been presented using the new segment approach as this is considered to be of most use for the reader and for consistency with the full year annual reporting for FY21.

Download the Results in full

- Ends -

A virtual analyst briefing will be held at 9:30am on Tuesday, 23 February 2021. To register interest, please contact Instinctif Partners at [email protected].

An audio replay file will be made available shortly afterwards via the Group’s website:

Contact details

Clinigen Group plc
Shaun Chilton, Group Chief Executive Officer
Nick Keher, Group Chief Financial Officer
Email: [email protected]
Tel: 44 (0) 1283 495010

Numis Securities Limited - Nominated Adviser & Joint Broker
James Black / Garry Levin / Freddie Barnfield
Email: [email protected]
Tel: 44 (0) 20 7260 1000

RBC Capital Markets - Joint Broker
Marcus Jackson / Elliot Thomas
Tel: 44 (0) 20 7653 4000

Instinctif Partners
Melanie Toyne-Sewell / Tim Linacre / Rozi Morris / Phillip Marriage
Tel: 44 (0) 20 7457 2020
Email: [email protected]

Notes to Editors

About Clinigen Group

Clinigen Group plc (AIM: CLIN) is a global pharmaceutical Products and Services group focused on providing ethical access to medicines. Its mission is to deliver the right medicine to the right patient at the right time. The Group operates from sites in North America, Europe, Africa and the Asia Pacific.

Clinigen has more than 1,250 employees across five continents in 16 countries, with supply and distribution hubs and operational centres of excellence in key long-term growth regions. The Group works with 34 of the top 50 pharmaceutical companies; interacting with over 22,000 registered users across more than 115 countries.

For more information on Clinigen, please visit

Cautionary statement

This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Clinigen Group plc. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Except as required by law, Clinigen undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.