Flash note: Trading update confirms progress on track
Dechra Pharmaceuticals has delivered another solid quarter with revenue growth up 6.0% (14.3% CER), resulting in nine-month growth of 6.6% (12.3% CER). Although boosted by phasing of pre-Easter ordering and competitor stock shortages in the US, the underlying growth confirms progress is on track and we leave our estimates unchanged. The core CAP products in Europe, coupled with the US product launches, more than offset the continuing weakness in FAP.Dechra Pharmaceuticals is engaged in the veterinary pharmaceuticals and related products business. Co. has three reportable segments: European Pharmaceuticals, manufactures and markets Companion Animal, Equine and Food producing Animal Products and also includes third party manufacturing; North American Pharmaceuticals, which consists of Dechra Veterinary Products US, Putney, Dechra Veterinary Products Canada, and Dechra-Brovel, which sells Companion Animal, Equine Products and Food producing Animal Products in those territories; and Pharmaceuticals Research and Development, which includes all of Co.'s pharmaceutical research and development activities.
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