PET drugs firm Animalcare said recent trading has been “satisfactory”, aided by new product launches.
The York-based company, which makes medicines for cats, dogs, horses and other animals, told shareholders at its annual meeting in Wetherby yesterday that trading continues in line with its expectations.
In September, it launched an antibiotic for cattle called Tilmodil and earlier this month also launched Torphasol, an analgesic for horses, and Detonervin, an equine sedative. It plans to launch Emdocam Equine, an anti-inflammatory for horses, very soon.
The company added a “very important addition to our range” has finished its regulatory passage and should be launched soon. Analysts at house broker Brewin Dolphin said the new product, dubbed Project Bouquet, has received European Union marketing authorisation.
“It has been our recent aim to launch four new generic veterinary medicines each year,” said the company.
“This was achieved last year through the launch of Anivac VHD, Florgane, Sedastart and Sedastop and we are very pleased that we have launched four new products so early in our financial year with a fifth product looking to launch in the near future.” Animalcare has reported a 21 per cent rise in ongoing underlying pre-tax profits to £3m in the year to June 30 on the back of a five per cent rise in sales to £11.8m.
Yesterday it said underlying cash flow has been good and it plans to pay a final dividend of 3p per share on November 7.
Animalcare is hopeful of replacing sales lost when its Swedish pharmaceutical contract manufacturer Recipharm closed a production unit during the summer. The site produced the 1 millilitre ampoule version of Animalcare’s buprenorphine-based pain-killer, Buprecare.
“We understand market conditions remain tight, but Animalcare continues to trade well and the organic growth in the veterinary medicines portfolio should allow Animalcare to generate growth ahead of the market,” said Brewin Dolphin analysts.