Company Announcements

Tuesday, 9 July 2019

Dechra^® Pharmaceuticals PLC

(Dechra, Group, Company)

Trading Update

The Board of Dechra issues the following unaudited Trading Update covering the Group's financial year ended 30 June 2019 (the Period) ahead of the announcement of its preliminary financial results.

Highlights

·    Trading in the year was strong and in line with management expectations

·    Reported Group revenue for the Period increased by c.17% at constant exchange rate (CER) (c.18% at actual exchange rate (AER))

·    European Pharmaceuticals revenue growth was c.18% at CER (AER c.17%)

·    North America Pharmaceuticals revenue growth was c.15% at CER (AER c.20%)

·    Completed the acquisitions of Caledonian in New Zealand and Australia and Laboratorios Vencofarma Brasil Ltda (Venco) in Brazil

·    Increased investment in Medical Ethics Pty Limited from 33% to 48% post year end

Ian Page, Chief Executive Officer, said:

"We are pleased to have delivered another year of strong revenue growth. This has been driven from our core portfolio, good market penetration and realisation of significant Le Vet revenue synergies. In addition the newly acquired Caledonian and Venco businesses have performed well."

Operational Review

European Pharmaceuticals

In the Period, our European Pharmaceuticals segment reported revenue increased by c.18% at CER (17% at AER). Excluding third party contract manufacturing, treating RX Vet and AST Farma/Le Vet on a like for like basis, and excluding the acquisitions of Caledonian and Venco, revenues increased by c.7% at CER (c.7% at AER).  This was achieved through the robust performance of our core business with FAP growth accelerating and through the realisation of significant synergies from Le Vet.

The integration of AST Farma/Le Vet, Caledonian and Venco, is proceeding well and trading is in line with expectations.

North American Pharmaceuticals

In the Period, our North American segment reported revenue increased by c.15% at CER (c.20% at AER). This was driven by our companion animal portfolio (CAP) and represents strong outperformance of the market.

Notice of Results

Dechra will announce its Preliminary Results for the Period on Monday, 2 September 2019.

Notes:

1) Foreign Exchange Rates:

FY2019 Average: EUR 1.1345: GBP 1.0; USD 1.2945: GBP 1.0

FY2019 Closing: EUR 1.1154: GBP 1.0; USD 1.2693: GBP 1.0

FY2018 Average: EUR 1.1286: GBP 1.0; USD 1.3465: GBP 1.0

FY2018 Closing: EUR 1.1286: GBP 1.0; USD 1.3157: GBP 1.0

2) Acquisitions:

February 2018: AST Farma B.V. and Le Vet Beheer B.V. (AST Farma/Le Vet)

October 2018: Laboratorios Vencofarma Brasil Ltda (Venco)

December 2018: Caledonian Holdings Ltd. (Caledonian)

About Dechra

Dechra is an international specialist veterinary pharmaceuticals and related products business.  Our expertise is in the development, manufacture and sales and marketing of high quality products exclusively for veterinarians worldwide.  Dechra's business is unique as the majority of its products are used to treat medical conditions for which there is no other effective solution or have a clinical or dosing advantage over competitor products. 

For more information, please visit: www.dechra.com

Stock Code: Full Listing (Pharmaceuticals): DPH

LEI: 213800J4UVB5OWG8VX82

Trademarks

Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC.

Forward Looking Statement

This document may contain certain forward-looking statements.  The forward-looking statements reflect the knowledge and information available to the Company during the preparation and up to the publication of this document.  By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involve a degree of uncertainty.  Therefore, nothing in this document should be construed as a profit forecast by the Company.

Market Abuse Regulation (MAR)

The information contained within this announcement may constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.