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Alliance Pharma - Very strong free cashflow

October 2010

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Interims were better than expected, helped by the acquisition of 20 new drugs comprising the mini portfolio of eighteen from Cambridge Labs and the two Reckitt drugs (Timodine and Buccastem). On top of that, performance was sugared with another strong period for Deltacotril, the anti-inflammatory agent as well as the (unnamed) toxicology product supplied to the UK government. The latter contract comes once every three years and this is an â€œon year.â€Overall sales for H1 to 30 June went up 77% to Â£23.4m and pretax profit (adding back two exceptionals) was up 166% to Â£7.7m. Adjusted eps doubled to 2.4p. Alliance presently has a portfolio of 53 products, of which three quarters are low growth (circa 3% pa) and these brands ...

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Hutchison China Meditech

EMIS

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