Profits up for Australian biotech company Peptech

Published: 21-Nov-2005

Australian Biotech company Peptech has reported a full-year net profit of almost A$26m, (€ 16m) up from the forecast of around A$24m, due to strong earnings from tumour necrosis factor (TNF) licences to US pharmaceutical companies Abbot Laboratories and Centocor. Group sales increased by 2.4% to A$49m while spending on research and development rose A$500,000 to A$2m.


Australian Biotech company Peptech has reported a full-year net profit of almost A$26m, (€ 16m) up from the forecast of around A$24m, due to strong earnings from tumour necrosis factor (TNF) licences to US pharmaceutical companies Abbot Laboratories and Centocor. Group sales increased by 2.4% to A$49m while spending on research and development rose A$500,000 to A$2m.

Commenting on the results, executive chairman Mel Bridges said: 'We are particularly bullish about the therapeutic potential for our two anti-inflammatory products. The firm's animal health product sales also increased from A$700,000 to A$1.3m following the initial sales of its pet contraceptive, Suprelorin, in Australia.'

  

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