Update: Expansion strategy set to accelerate earnings
Clinigen’s FY15 results demonstrated strong underlying fundamentals, with earnings and net debt better than our forecasts. The integration of Idis and the purchase of Link further its strategy as the global leader in the supply of rare and difficult-to-source drugs. We raise our FY16-17 EBITDA estimates by 7% and 16% respectively and our valuation from 771-883p to 882-975p/share. Our FY16-17 EPS forecasts are above consensus by 9% and 16% respectively.Clinigen Group is engaged in the pharmaceutical and services industry, with a combination of businesses focused on providing access to medicines. Co. has three synergistic operations: Clinical Trial Services, which is engaged in the specialist supply and management of comparator medicines and services to clinical trials and Investigator Initiated Trials; Unlicensed Medicines, which is engaged in sourcing and supplying unlicensed medicines, manages early access programs, and provides on-demand access globally to medicines which remain unlicensed at the point of care; and Commercial Medicines, which has global rights to niche hospital-only and critical care products.
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