Please login to the form below

Not currently logged in
Email:
Password:

Consort Medical hit by restructuring costs

Consort Medical reveals lower interim profits caused by restructuring charges over Pfizer's Exubera abandonment

UK-based drug inhalation company Consort Medical, which recently changed its name from Bespak, has revealed lower interim profits caused by restructuring charges.

Consort's business has been negatively affected by US-based Pfizer's decision to cease production of the inhalable insulin product Exubera. As a result, Consort has totally restructured its Inhaled Drug Delivery business. The restructuring plan includes the decision to close and sell the company's Milton Keynes site.

Profit before tax and special items in the half-year to 27 October increased to GBP 9.4m from GBP 8.5m in the same period of 2006. When special items are taken into account pre-tax profit falls to GBP 4.5m, compared with GBP 7.6m in 2006. The special items include an impairment charge of GBP4m relating to the closure of the Milton Keynes site.

Revenue from continuing operations increased slightly to reach GBP 62.6m, compared with GBP 62.1m, as record sales of HFA valves and strong growth in its US sales offset reduced sales of Exubera.

Consort's board says that current trading is in line with expectations and they are confident that the company is on track to achieve its target of doubling 2006 profit before tax by the year ending April 2011.

Jon Glenn, Consort's CEO, said: "These results, together with the FDA's recent guidance requiring all new aerosol drug dispensers to have dose counters, gives management considerable confidence for the future."

13th December 2007

Share

COVID-19 Updates and Daily News

Featured jobs

PMHub

Add my company
Havas Lynx Group

We are the Havas Lynx Group. Devoted to fresh thinking. Changing the way the world does healthcare communications for the...

Latest intelligence

DEMAND DIVERSITY REPORT 02: Why is the LGBTQ+ community facing poorer health outcomes due to COVID-19?
We’re all aware that clinical trials have been discussed more widely since the COVID-19 pandemic. While that’s a great thing for raising awareness of clinical trials in general, it’s also...
CHECKLIST 04: Let’s make your patient recruitment strategies a success
From how to generate insights to define your audience to drilling down those all-important key messages, our checklist has everything you need to think of, covered....
Multichannel engagement and the need for greater understanding of European markets
By Laurence Olding and Georgina James...

Infographics