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Interim Results for the six months ended 30 June 2022

Alliance Pharma plc (AIM: APH), the international healthcare group, is pleased to announce its interim results for the six months ended 30 June 2022 (“the Period”). The Group navigated the challenges of H1 well and is on track to accelerate revenues in H2 as supply constraints ease and our marketing and product development initiatives stimulate greater demand. We remain on track to meet market expectations for full year financial performance, noting that the timing of certain orders in Q4 is dependent on the rate of recovery in those markets.


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Unaudited six months ended
June 30 2022
Underlying (£m)
Underlying (£m)
Growth underlyingGrowth reported
Revenue (see-through basis)*81.681.680.980.9+1%+1%
Revenue (statutory basis)78.878.878.678.60%0%
Gross profit50.650.651.651.6-2%-2%
Profit before taxation19.716.520.116.5-2%0%
Basic earnings per share2.902.432.991.54-3%+58%
Free cash flow*5.16.5
Cash from operations8.414.5
Net debt*103.631 Dec: 87.0
Interim dividend per share0.592p0.563p
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  • H1 revenue growth impacted by lockdown in Shanghai, and associated temporary disruption to supply chain, therefore, as previously indicated, performance more heavily weighted to H2 due to order phasing
  • Consumer Healthcare see-through revenue* up 1% to £57.4m (H1 21: £56.8m) with 15% growth in Other Consumer Healthcare revenues offsetting softer performance in key brands
  • Robust Prescription Medicine performance with revenues of £24.1m in line with prior year (H1 21: £24.1m)
  • Free cash flow of £5.1m (H1 21: £6.5m). Highly strategic acquisition of ScarAway and US rights to Kelo-cote for $19.4m (£14.8m) led to an increase in net debt and Group leverage of 2.05x at Period end.


  • Integration of ScarAway and US rights to Kelo-cote completed, with revenues in-line with expectations
  • Last remaining Nizoral marketing authorisations transferred from J&J to Alliance in China and Vietnam, new top-tier Chinese distributor appointed and manufacturing supply consolidation progressing well which will result in improvements in efficiencies and COGS
  • Several new complementary proprietary products launched, or planned to launch this year, including Kelo-cote Kids and Kelo-cote Scar Sheets in China, and Canker-X in the USA, all of which will contribute to ongoing organic growth
  • ERP system successfully rolled out to further territories including North America
  • Scope 1 and 2 emissions target set to achieve net zero in 2030, with an interim reduction of 65% by 2025

* 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 17.

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.

Commenting on the results, Peter Butterfield, Chief Executive Officer of Alliance, said:

“I am pleased with the performance of the Group in the first half of 2022 against the backdrop of difficult global trading conditions. Our portfolio continues to provide a robust platform from which to grow our consumer healthcare brands. I was also delighted to close a highly strategic US acquisition in the Period which consolidates our position in the scar reduction market. The integration of ScarAway has gone very smoothly and we continue to evaluate opportunities to acquire selective complementary new products to enhance our Consumer Healthcare platform.

The second half of 2022 has got off to an encouraging start as lockdowns and supply constraints have eased. We anticipate strong sales growth in H2 as our marketing campaigns yield benefits, we integrate our new distribution partners and launch new products to grow our market share. Our FY 22 expectation includes several large distributor orders in Q4 to meet increased demand, with the timing of these orders dependent on the rate of recovery in those markets. Our base business remains strong with further new product launches expected in 2023 to secure future growth.”

Peter Butterfield, Chief Executive Officer of Alliance


A meeting for analysts will be held at 9.30am this morning, 20 September 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 466966
+ 44 (0)1249 705168

Mark Court / 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 and logistics operations, we remain asset-light and focused on maximising the value of our brands.

For more information on Alliance, please visit our website:

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