Galen 2nd-qtr profits and revenues soar

Galen Holdings of Northern Ireland says that for the quarter ended March31, 2001, revenues rose 113% to $44.4 million while operating profit increased 119% to $12.8 million, before goodwill and intangible assets amortization. The considerable rises were principally due to the contribution of the US firm Warner Chilcott, which Galen acquired in September last year (Marketletters passim).

Galen's chief executive, Roger Boissonneault, noted that the business is being driven by the USA, which accounted for 60% of revenues in the first six months of fiscal 2001, and by sales of the firm's Ovcon (norethindrone and ethinylestradiol) oral contraceptives and the acne treatment Doryx (doxycycline). He added that being granted clearance in the UK to market the estradiol-based intravaginal ring product (Marketletter April 16) "is a fitting conclusion to an excellent quarter's performance."