Update: Strong performances across all four divisions
Clinigen’s FY15 trading update highlights solid fundamentals, with all divisions delivering organic revenue and profit growth. The results are ahead of our forecasts, with revenues of at least £183.6m (versus our £178.0m) and underlying EBITDA of £32.2m (£31.9m). The Idis businesses, acquired in April, are being integrated well and contributing attractive organic growth rates. Cash generation has remained strong, net debt is £78.0m (our forecast was £83.7m). Our current valuation range, based on earnings metrics and a DCF model, is £854-978m (771-883p a share).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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