Northern Ireland pharmaceuticals group Galen will seek further US acquisitions after reporting a 134 per cent rise in third-quarter operating profits to £14.1 million sterling (€22.8 million) from £6 million.
The rise, which excluded charges for the amortisation of intangible assets and goodwill, reflected a 118 per cent increase in revenues to £46.7 million in the three months to the end of June from £21.4 million in the previous comparable period.
Sales were boosted by the group's acquisition last September of the US group Warner Chilcott. The group increased its portfolio again on June 29th when it acquired the Estrace hormone replacement therapy business from Bristol Myers Squibb.
Earnings per share grew 62 per cent to 6p from 3.7p at the end of June. The results were ahead of expectations although the stock closed three cents weaker at €12.17 on the Dublin exchange yesterday. It lost 2.5p in London, closing at 750p.
Galen's executive chairman, Mr John Keane, said it was comfortable with anaysts' forecasts. Some have said Galen's earnings per share would grow 30 per cent in the next financial year. He said: "We're not too disturbed by what they're expecting us to achieve."
A $250 million share placing in June meant it would continue to seek acquisitions, in the US mainly. A intravaginal ring (IVR) for the delivery of hormone replacement therapy was in "early experience" trials in Britain, Mr Keane said. Galen has sought planning approval to develop a plant at Ardee, Co Louth, which will employ 200 people.
