Revenues rise 94% at Galen Holdings

Galen Holdings of Northern Ireland says that for the first quarter endedDecember 31, 2000, revenues rose 94% to $41.8 million while operating profit increased 114% to $12.8 million, before goodwill amortization. The rises were principally due to the contribution of the US firm Warner Chilcott, which Galen acquired in September last year (Marketletters passim).

European acquisitions on the horizon?

Galen's chairman, John King, said that the integration of Warner Chilcottt is now complete and the latter firm has pushed up the group's pharmaceutical product revenues by some 130%. He also noted that Galen is now getting ready to commercialize its first intravaginal ring-based product, which has recently received an approvable letter from the UK Committee on Safety of Medicines (Marketletter January 29). The company is hoping that the product will also receive approval in the rest of Europe, and observers believe that Galen is on the lookout for more acquisitions in order to set up a marketing network on the continent.