Amersham is bubbling again: The Investment Column
Wednesday 13 November 1996
The figures received a one-off boost from the steady build up in the period of Amersham's stake in Nihon Medi-Physics, a Japanese radio-pharmaceutical joint venture with Sumitomo Chemical, which chipped in pounds 4.3m in the half year.
But things are going right for Amersham on several fronts. The pounds 106m cost of the NMP holding now looks cheap. Last year's profits growth of over 20 per cent is impressive enough, but the combination of a ready- to-use version of Amersham's Myoview heart imaging product from January with NMP's marketing muscle opens up a Japanese market expected soon to be worth pounds 40m.
Meanwhile, the recent introduction of Myoview to the US launches it on to the largest market in the world, valued at around pounds 75m and growing at 15 per cent a year. Myoview, which saw first half sales soar 126 per cent, is set to emerge as Amersham's lead product.
But there was also good news for Ceretec, Amersham's more elderly brain imaging agent, which reversed a three-year decline induced by the launch of Du Pont's rival Neurolite. Overall, the sturdy performance of Amersham's branded products helped lift margins in the healthcare division from 8.9 to 12.2 per cent. It brings them much closer to the long-term target of matching the 20 per cent or more notched up by the core life science side.
That will be boosted by the end of the research and development expenditure pause at the big drugs groups, which now account for more than half the division's sales. Longer-term, yesterday's three-way licensing deal between Amersham, Perkin Elmer of the US and Roche will cement the British group's already strong position in advanced genetics.
Raised full-year profit forecasts of pounds 67m would put the shares on a forward p/e of 16, after a 22.5p rise to pounds 10.25 yesterday. Now only back where they were at the start of 1994, they should have further to go.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
Much-loved cartoon character returns - without Sir David Jason
Actress to appear in second series of the hugely popular crime drama
- 1 Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
- 2 Scottish independence: What you shouldn't tweet about if you want to avoid jail today
- 3 Scottish independence: Five reasons Salmond is secretly hoping for a 'No' vote
- 4 Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
- 5 Scottish independence: Andy Murray backs Yes campaign in eleventh hour decision
Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
Scottish independence referendum live: Latest news as Scotland votes Yes or No
Scottish independence: Final opinion polls show undecided voters could swing result either way
Scottish independence: Almost half of No voters have felt 'personally threatened' by the Yes campaign
Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence referendum: A nation divided against itself
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...