PowderJect shows significant growth
PowderJect, based in Oxford, UK, has enjoyed significant profitable growth during its first complete year as a fully integrated vaccines and immunotherapeutics business. With the vaccines market predicted to expand substantially in the coming years, particularly in the areas of PowderJect's strategic focus, the company is well positioned to maintain its financial performance.
PowderJect, based in Oxford, UK, has enjoyed significant profitable growth during its first complete year as a fully integrated vaccines and immunotherapeutics business. With the vaccines market predicted to expand substantially in the coming years, particularly in the areas of PowderJect's strategic focus, the company is well positioned to maintain its financial performance.
Revenues grew significantly to £158.5m (2002: £113.0m), an increase of 40%, with gross profit up nearly 30% to £73.8m (2002: £57.1m). Operating profit and profit before tax increased dramatically, reaching £24.4m (2002: £0.6m) and £23.5m (2002: £0.1m) respectively.
During the year PowderJect achieved a number of key milestones, both operationally and in r&d. Vaccine revenue and profits reached record levels, with the company's newly established UK sales force signifi-cantly improving sales in PowderJect's home market. Less than 12 months after winning its first smallpox vaccine tender, PowderJect has now delivered all of the doses required by the UK government, and gone on to bid for a second contract. In the same period the company attained excellent clinical results with its needle-free flu vaccine, PowderJect Fluvirin, which is now poised to enter phase II trials in the coming weeks.
Commenting on the results Dr Paul Drayson, PowderJect's chief executive said:
'This has been an exciting year for PowderJect, and I am extremely pleased to report that the company has achieved its best performance ever. We have continued to grow our core franchises in flu, travel and biodefence vaccines, having reached record sales in each area.
'Our operational achievements are matched by those in r&d, where we have completed phase I clinical studies of our needle-free flu vaccine, and phase II is now imminent. With the geographical expansion of our existing products well under way, and several new vaccines poised to enter the clinic, PowderJect continues to build on its position as the world's leading independent vaccines company.'