Northern Irish pharmaceutical group Galen has reported a strong set of full-year results, beating market expectations.
The Craigavon-based company said earnings per share before exceptional items increased by nearly 38 per cent to 32.2 pence (50.7 cents) per share, some 8-10 per cent ahead of forecasts.
Operating profit in the year ended September 30th was up by 29 per cent to £70.6 million sterling.
The company, which focuses on women's healthcare, dermatology and urology, said revenues rose by 10 per cent to £201.5 million. Sales of pharmaceutical products rose by 26 per cent to £160 million and accounted for 80 per cent of the total, reflecting the company's decision to concentrate on this area by selling off its services division.
Revenues were driven by strong growth in the company's three key products. Galen said its oral contraceptive, Ovcon, enjoyed sales growth of 27 per cent to £34.7 million, sales of its acne treatment Doryx were up by 103 per cent to £29.7 million while its Estrace Cream, a HRT product, recorded sales growth of 16 per cent to £23.6 million.
The board has recommended the payment of a final dividend of 2p per share, bringing the full-year dividend to 3p, up 20 per cent on last year.
Executive chairman Dr John King said Galen remained on the lookout for acquisition opportunities in the US in its three core areas. The company's balance sheet remains in very good shape, with net cash of £165.8 million at the end of September.
It is also continuing to work on developing its pipeline and will file three new drug applications with the US Food and Drug Administration next year, in addition to two this year.
In London, Galen shares fell by nearly 5 per cent to 457.50p following the results while they closed eight cents lower in Dublin at €7.40.