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Competition dents Alliance Pharma
Alliance Pharma (APHY) says 2011's results will show a 7.5 per cent turnover fall to £46 million, reflecting increased competition.
In a cautious trading update, the acquisutive Chippenham-based compay, whose first-half pre-tax profits rose 17 per cent to £7 million on turnover up 4.3 per cent to £24.4 million, indicates tougher competition and a trend towards uncoated tablets further dented sales of former mainstay, Deltacortril, a treatment for inflammatory and auto-immune conditions, which fell from £4.7 million in the first half year to £1.1 million in the second.
AIM-quoted Alliance, steered by chief executive John Dawson, says it expects last year's pre-tax profits to come out in line with market estimates, which see a fall from £12.9 million in 2010 to around £11.3 million. The company reports 14 per per cent sales growth in Ireland for its Nu-Seals heart attack and stroke treatment, despite a price cut early in the year and the launch of a generic competitor in the autumn, but remains 'cautious' about 2012 because of continuing efforts by the Dublin government to reduce its medicines bill.
However, Alliance argues the impact of its takeovers last year, including mouth ulcer treatment Abesol, Ashton & Parsons powder for infants teething or with cholic and six acne-related products linked to a treatment called Rizuderm, combined with 'efficiency measures and other cost savings', should 'largely compensate' for Deltacortril and Nu-Seals setbacks. The company owns or licences the rights to more than 50 pharmaceutical products and says it 'continues to explore opportunities to expand the range.'
Growth Company Investor first recommended Alliance shares at 4.38p in 2009, before suggesting partial profit taking at 29.25p last September. Having traded between 37.13p and 26.25p over the past year, the shares now change hands at 28.75p, down 3p this morning, valuing the company at £69 million and yielding nearly 2 per cent.
Long term prospects look fair. But there might be further weakness before that.
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