StockMarketWire.com - Pharmaceutical and services company Clinigen said it expected to report a rise in revenue and earnings despite Covid-led disruptions on performance.

For the year ended 30 June 2020, revenues were expected to increase by at least 13% on a reported basis, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at least 29% on-year.

'We have delivered a robust performance, showing strong organic growth despite the difficult trading conditions in the last few months of the financial year and in line with our previous guidance,' the company said.

Looking ahead, Clinigen reiterated its medium-term organic gross profit growth guidance of between 5% to 10% with fiscal 2021 to be at the lower end due 'to the impact of COVID-19 and an expected launch of a generic Foscavir in the EU.'

The contingent consideration of up to $90m, payable for CSM was now expected to be paid in the first half of FY21.

'As we look beyond FY21, we see growth significantly accelerating as we onboard new asset Erwinase and we continue to gain share in the end-markets we serve,' it added.

Final results for the year ended 30 June 2020, were expected to be released on Thursday 17 September 2020.




At 9:06am: [LON:CLIN] Clinigen Group PLC share price was -77.75p at 717.25p



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