Peter George, the six-year chief executive of Aim-listed pharmaceuticals company Clinigen, is to leave the helm in November - but he's going out on a high note.
It's been a good week for UK pharma firms. Clinigen has posted a 25 per cent growth in adjusted earnings per share for its full year to 35p, with reported revenue climbing 84 per cent to £339.9m, from £184.4m the year before, and coming in ahead of City expectations.
Underlying earnings grew 73 per cent to £56m, generating a whopping £49.4m cash in the last 12 months, up more than 200 per cent on the year before.
The pharma firm increased its full-year dividend by 18 per cent to 4p.
Shares climbed on the good results, up by some 3.5 per cent in early afternoon trading, despite the disappointment George will be stepping down. Shares are up almost threefold since the company listed in 2012.
Why it's interesting
George built Clinigen from a small private company to an Aim-listed pharma success story with a market capitalisation of some £800m.
During his time as boss, Clinigen’s revenues have soared from £21m in 2010 to £340m this year.
George will remain on the board as a non-executive director.
Shaun Chilton, chief executive-designate said:
Our focus now is to drive sustainable growth by capitalising on our market leading positions in clinical trial services and unlicensed medicines and continuing to expand our portfolio of specialty pharmaceuticals.
As well as guiding the company through its Aim float, George also completed two large acquisitions that have bolstered the company's bottom line.
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A £225m purchase of rival Idis in April 2015 and the acquisition of Link in October 2015 increased Clinigen’s footprint in Africa, Australasia and Asia and in the global supply of unlicensed drugs.
What Clinigen said
Outgoing chief executive Peter George said:
The acquisition and integration of Idis and Link Healthcare have transformed the group over the last 18 months. We have achieved our ambition to become the global market leader in the management and supply of both unlicensed and clinical trial medicines, and expanded our global footprint.
Chairman Peter Allen heaped praise on George, saying:
Peter has done a tremendous job developing and growing Clinigen over the last six years. The board looks forward to working with Shaun.
He has held a number of senior roles in Clinigen over the last four years and been closely involved in its development. He has the international industry knowledge, expertise and leadership skills to take this business forward.
Clinigen has had a very good year and now investors will be looking to Chilton to continue that good run.