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Unaudited Preliminary Results for the year ended 31 December 2021

Excellent performance in 2021 gives strong foundation to continue growth in 2022

Alliance Pharma plc (AIM: APH), the international healthcare group, is pleased to announce its unauditedpreliminary results for the year ended 31 December 2021 (“the Year”). The Group delivered a strongoperational and financial performance in 2021, positioning the Group to take advantage of furthergrowth opportunities in 2022.

Financial summary

Year ended 31 December





Revenue (see-through basis)*




Revenue (statutory basis)




Gross profit




Profit before taxation




Basic earnings per share




Free cash flow*




Cash from operations




Net debt*



Proposed total dividend per share




* The performance of the Group is assessed using Alternative Performance Measures (“APMs”), which are measures that are not defined under IFRS, but are used by management to monitor ongoing business performance against both shorter term budgets and forecasts and against the Group’s longer term strategic plans. APMs are defined in note 14.

Specifically, see-through revenue includes all sales from Nizoral™ as if they had been invoiced by Alliance as principal. For statutory accounting purposes the product margin relating to Nizoral sales made on an agency basis is included within Revenue, in line with IFRS 15.


  • Strong overall revenue growth driven by Consumer Healthcare, underpinned by continued market
    penetration via e-commerce activity which now represents around 25% of Group revenues
  • Consumer Healthcare see-through revenue* up 31% to £121.8m (2020: £93.0m) and up 36% at
    constant exchange rates (“CER*”) with excellent performance from Kelo-coteTM and the first full year of AmberenTM, acquired in December 2020
  • Robust Prescription Medicine performance with revenues up 8% to £47.8m (2020: £44.5m), with
    strong H2 recovery as the effects of COVID-19 receded
  • Strong free cash flow*, driving down Group leverage to 1.7x at 31 December 2021 (2.4x at 31
    December 2020)
  • Amberen fully integrated into the Group
  • Successfully implemented Group-wide ERP system, enhancing visibility across the business


  • US operating capabilities expanded to provide a platform for future growth
  • Strengthened European management team and expanded the Board to increase consumer brand
  • Dedicated Innovation and Development (“I&D”) team now in place to underpin Consumer
    Healthcare organic growth

Alliance Pharma plc

  • Rollout of strategic brand plan for NizoralTM now well underway
  • Committed to carbon neutral Scope 1 and 2 emissions from 2021
  • Certified as a Great Place To Work® again in UK and China, and now in Singapore with a Trust
    Index© rating of 76%

Commenting on the results, Peter Butterfield, Alliance Pharma’s Chief Executive Officer, said:

“I’m delighted with the strong operational and financial performance of the Group in 2021. Our
Consumer Healthcare business continued to perform well, with Kelo-cote enjoying another excellent
year as we capitalised on the opportunities identified for the brand. Group double-digit organic revenue growth was complemented by the acquisition of Amberen which, coupled with solid cost control, resulted in strong cash generation allowing us to reduce both net debt and leverage.

“2022 has got off to an encouraging start. We remain confident in our ability to further capitalise onidentified organic growth opportunities within the business and to deliver financial performance in linewith market expectations. In addition, we continue to evaluate opportunities to selectively addcomplementary acquisitions to our Consumer Healthcare platform, taking advantage of our strong cashflow and reduced leverage.”

Peter Butterfield, Chief Executive Officer

Outlook for 2022

Our clear focus on the core Consumer Healthcare business in addition to our well-established, scalable platform across EMEA, APAC and the US, should support significant organic growth this year and beyond.

We expect to see increased growth from Nizoral in 2022, as we accelerate the roll-out of our strategic plan for the brand, and as the impact of the pandemic recedes. We also anticipate sales growth acceleration for Amberen now that the business is fully integrated into our enlarged US operations, and we realise additional revenue opportunities. The new Kelo-cote distribution agreement put in place in2021 should enable us to drive further growth in cross-border e-commerce (“CBEC”) sales and provides an opportunity to extend the range of products made available through this channel, potentially increasing the growth of a number of our other consumer brands.

We now have a more balanced consumer portfolio around the globe and, as our net debt and leverage continue to reduce, we are increasingly well placed to participate in complementary acquisitions in the consumer healthcare space, especially those that can leverage our established infrastructure. With a proven ability to extract value from our key consumer brands and acquired consumer brands, we remain confident in our ability to realise our mid-term growth ambitions.

Analyst Meeting & webcast

A meeting for analysts will be held at 9.30am this morning, 22 March 2022, at Investec Bank plc, 30 Gresham Street, London EC2V 7QP. For further details, analysts should contact Buchanan at

A live webcast of the analyst meeting will be available at this link:

A recording of the webcast will be made available at the investor section of Alliance’s website,

For further information:

Alliance Pharma plc
Head of Investor Relations: Cora McCallum + 44 (0)1249 705168
+ 44 (0)1249 466966
+ 44 (0)1249 705168

Mark Court / Sophie Wills / Hannah Ratcliff
+ 44 (0)20 7466 5000

Numis Securities Limited
Nominated Adviser: Freddie Barnfield / Duncan Monteith
Corporate Broking: James Black
+ 44 (0)20 7260 1000

Investec Bank plc
Corporate Finance: Daniel Adams
Corporate Broking: Patrick Robb
+ 44 (0) 20 7597 5970

About Alliance

Alliance Pharma plc (AIM: APH) is an international healthcare group. Our purpose is to improve the lives of consumers and patients through making available a range of clinically valuable healthcare products.

Our core focus is on the marketing of Consumer Healthcare brands, complemented by a smaller Prescription Medicines business. In total, we hold marketing rights to around 80 brands, with revenues generated from a mix of direct, distributor and e-commerce sales.

Headquartered in the UK, the Group employs around 250 people based in locations across Europe, North America, and the Asia Pacific region. By outsourcing our manufacturing.

For more information on Alliance, please visit our website: