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Hardman & Co Issues Research Report on Alliance Pharma

ALLIANCE PHARMA PLC

("Alliance" or the "Group")

Set for resumption in growth: Alliance Pharma released a solid set of full year numbers, demonstrating the resilience of its underlying core businesses. As the company emerges from the loss of its toxicology product the business appears ready to resume growth with FY 14 underlying pre-tax profit growth having been 15%. The 2015 acquisition of MacuVision provides an additional franchise upon which to build. Coupled with a robust balance sheet and the capacity to fund quite significant opportunities, the outlook for growth looks better than it has done for 3 years.

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About Hardman & Co: For the past 20 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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