Galen see revenue up 84% in year

Galen reported today that full-year total pharmaceutical product revenues increased by 84% to $432.3m (€375m) from $235.2m (€204m) to beat analysts’ forecasts.

Pre-tax profit at the Craigavon, Northern Ireland, based company fell to $116.3m (€100m) from $149.4m (€129m), however.

Earnings per ordinary share, before amortisation of goodwill, intangible assets and exceptional items, - including the gain on the sale of our Pharmaceutical Services business during 2002 - , increased to 85.2 cents, up 78% over the prior year.

Purchasing the US sales and marketing rights to Sarafem and receiving FDA approval for Femring and among the firm’s business highlights for the year.

Commenting on the results, Roger Boissonneault, Chief Executive said: “The past year established Galen’s pharmaceutical products business as the focus of the company.

"We have significantly strengthened our US presence through the execution of our growth strategy, to continue organic growth, new product development and selective acquisitions.

"Galen is well positioned to execute its growth strategy into '04 - and beyond," he added.