Updates

Alliance Pharma

October 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Alliance Pharma sells 44 branded generic medicines, primarily in the UK. As we said in April, there were expected to be three challenges to results for the full year. Despite the latest interims bearing these out, H1 sales were up by 4% Â£24.2m whilst pretax profit was down 10% to Â£7m. Eps was 2.4p but this was boosted by a tax adjustment.Despite the H1 shortfall, Alliance still expects to produce its second best ever full year performance. The biggest issue, of course, has been the halving of sales of Deltacortril, Alliance's treatment for rheumatoid arthritis and asthma (from Â£7.1m in H1 10 to Â£3.6m in H1 11). That follows the emergence of a second generic competitor at the end of last year resulting in lost mark ...

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