Alliance Pharma, an AIM-listed healthcare group, announced a 1.1% increase in revenue for the first half of the year and anticipates continued growth throughout the second half.
For the six months ending June 30, revenue reached £82.4 million ($107.7 million), compared to £81.6 million in the first half of 2022. On a constant exchange rate basis, revenue for the period declined by 1.7%.
During the first half, Alliance Pharma experienced a mixed performance, facing manufacturing delays for certain smaller products due to regulatory issues. However, the Kelo-Cote franchise and the Nizoral product exceeded management expectations in terms of revenue growth. On a like-for-like basis, the Amberen product revenue also returned to growth in the second quarter.
Looking ahead, Alliance Pharma remains optimistic about the second half of the year, expecting revenue to continue growing. The company also foresees significant improvements in gross margin and considerable earnings expansion. Additionally, it anticipates a substantial reduction in net debt and leverage during the second half.
Alliance Pharma maintains its unchanged expectations for full-year operating performance.
At 0809 GMT, shares were up by 3.0 pence or 6.6%, reaching 48.55 pence.