Northern Ireland's biggest drugmaker, Galen, posted a sharp rise in quarterly profits and announced it intends to change its name to Warner Chilcott as it will focus on the US for future growth.
Second-quarter operating profit rose to $72.8 million a 39 per cent increase on last year as the company benefited from sales of birth-control and pre-menstrual- syndrome products.
Total revenues increased by 55 per cent to $138.2 million from $89.2 million. The Craigavon based company which specialises in contraceptive and dermatological treatments said products which performed strongly during the quarter included oral contraceptives Ovcon and Estrostep and HRT treatment, Femhrt.
The gross margin for the quarter was 85 per cent compared to 80 per cent in the same quarter last year.
Commenting on the results, Mr Roger Boissonneault, Galen's chief executive, described the results as "very solid." He said the company is now fully focused on the US market where it sees excellent opportunity for the continued growth.
Galen acquired Warner Chilcott in October 2000 as part of its strategy to focus on the US market.
Galen said the name Warner Chilcott has been widely recognised by physicians throughout the US since the 1950s and has an impressive heritage growing out of the developing pharmaceutical industry in the United States during the late 19th century.