Galen announces profits up 52% in Q4

Belfast-based pharmaceutical holding company Galen, has announced product revenues of $140.9m (€110.32m) and operating profits up 52% to $72.9m (€57.07m) for the first quarter to December 31, 2003.

Galen's largest segment is women's healthcare consisting of oestrogen replacement therapies, contraceptives, and prenatal vitamin supplements

Earnings per ordinary share, before goodwill, intangible assets and exceptional items are taking into account, increased to $0.30 (€0.23m), up 139% over the previous year.

During the quarter, the business generated cash of $47.3m (€37.03m). Cash at December 31, 2003 was $167.5m (€131.13m).

Net debt at the end of the quarter was $174.1m (€136.29m).

Other Galen subsidiaries provide such clinical trials products and services as data management systems, pharmaceutical development, manufacturing, and chemical development.