Strong Growth At Galen Holdings, Profits Rise 34%

Galen Holdings, a Northern Ireland pharmaceutical business, hasreported a 34% jump in pretax profits, which reached L11.4 million ($18.6 million) for the year ended September 30, 1997. In its first year as a stock exchange listed company, Galen's turnover was L39.3 million, up 26% compared with 1996.

Operating profits increased 40% to L10.5 million, helped by improved showings from ethical pharmaceuticals, sales of which rose 24% to L28.9 million, representing 74% of group turnover. Galen launched seven new products during the year and plans another seven in 1998.

Galen said considerable progress was being made in the development of its intravaginal ring drug delivery system for another hormone replacement therapy, and has three products in development for HRT. The lead product, for the delivery of estradiol alone, successfully completed Phase II clinical trials, and is on target for first applications for marketing authorization in the second half of 1998.