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Final Results for the year ended 31 December 2022

Alliance Pharma plc (AIM: APH), the international healthcare group, presents its preliminary results for the year ended 31 December 2022 (“the Year”). Whilst trading performance in 2022 was not as strong as had been anticipated at the start of the Year, Alliance successfully completed the highly strategic acquisition of ScarAwayTM and the US rights to Kelo-CoteTM (“the US Acquisition”) in March 2022, and has robust mitigation plans in place to support a return to growth in 2023.


Year ended


Underlying (£m)


Reported (£m)


Underlying (£m)


Reported (£m)

Growth underlying

Growth reported

Revenue (see-through basis)*







Revenue (statutory basis)







Gross profit







Profit before taxation (“PBT”)







Basic earnings per share







Free cash flow*




Cash from operations




Net debt*




Proposed total dividend per share





  • Consumer Healthcare see-through revenue* up 3% to £125.2m (2021: £121.8m) and down 3% at constant exchange rates (“CER”) with 16% growth in other consumer brands offsetting softer performance in key brands
  • Revenue growth impacted by lockdown in China, associated temporary disruption to the supply chain, slower recovery in business to business (“B2B”) demand for Kelo-Cote and a one-off destocking effect, but boosted by the US Acquisition and FX gains
  • Prescription Medicine performance stable with revenues of £46.8m (2021: £47.8m), down 2% CER
  • Underlying PBT declined 28% largely due to less favourable product mix with a lower proportion of Kelo-Cote and AmberenTM Reported PBT declined 71%, due to higher non-cash impairment charges of £18.2m, including £12.0m for Amberen
  • Free cash flow was lower by 48% at £15.8m, primarily reflecting the timing of sales and cash receipts. Cash from operations declined by 45% to £24.9m
  • Following the highly strategic US Acquisition for $19.4m (£14.8m), net debt increased to £102.0m moving Group leverage to 2.57 times at 31 December 2022 (1.73 times at 31 December 2021)


  • Integration of the US Acquisition completed in just four months, successfully leveraging our established infrastructure, with revenues in-line with expectations
  • Last remaining NizoralTM marketing authorisations transferred from Johnson & Johnson (“J&J”) to Alliance in both China and Vietnam, new top-tier Chinese distributor appointed and manufacturing supply consolidation progressing well, which will result in improvements in cost efficiencies in the near future
  • Several new proprietary complementary products launched including Kelo-Cote Kids gel and Kelo-Cote Scar Sheets in China, and Canker-XTM in the US, all of which will contribute to ongoing organic growth
  • Scope 1 and 2 emissions target set to achieve net zero in 2030, with an interim reduction of 65% by 2025
  • Re-certified as a Great Place To Work® in UK, China and Singapore with new certifications in the US and France and a Trust Index© rating of 79% (2021: 76%)
  • Updated and refined our Purpose, Vision and Strategy to align better with the evolving dynamics of the Consumer Healthcare market


  • Peter Butterfield, Chief Executive Officer, has commenced a phased return to work as planned
  • Jeyan Heper appointed as Chief Operating Officer and Board member in February 2023
  • Martin Sutherland appointed as an Independent Non-Executive Director in February 2023

“Our portfolio continues to provide a robust platform from which to grow our Consumer Healthcare brands. In 2022, we successfully leveraged our existing infrastructure, acquiring ScarAway and the US rights to Kelo-Cote to create our first truly global brand and bringing additional growth opportunities into the business. We also started to realise the benefits of our investment in Innovation and Development with the launch of Kelo-Cote Kids gel.”

Andrew Franklin, Chief Financial Officer of Alliance

"We remain confident in our long-term performance having refreshed our strategy in 2022, to better align our business with the evolving dynamics of the Consumer Healthcare market. Going forward, our efforts will be focused on those market segments in which we already have a strong presence and expertise in order to drive solid organic revenue growth above that of the broader Consumer Healthcare market"

Outlook for 2023

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 good organic growth in the near term. Whilst 2022 presented some challenges to the business, we have robust plans in place to drive growth in 2023 and the Board’s expectations for full year performance are unchanged.

As indicated in the January trading update Kelo-Cote revenues are expected to build through the year, supported by strong end-consumer demand. The China Cross-border e-Commerce (“CBEC”) B2B market for Kelo-Cote has shown early signs of recovery with in-market demand and sales orders increasing over the first two months of the year, and we expect total revenue growth for the entire Kelo-Cote franchise to be above 20% in 2023. We expect to see high single digit revenue growth from Nizoral in 2023, as we accelerate the roll-out of our tested strategic plan for the brand in partnership with our new distributors in China and Vietnam.

Amberen faced some temporary headwinds in early 2023 due to supply challenges at Amazon which are being addressed. The underlying market conditions are positive and this, together with our revised marketing plans, mean that we still anticipate double-digit revenue growth for Amberen on a like-for-like basis.

Our portfolio of Other Consumer brands is expected to deliver high single digit revenue growth, substantially ahead of the broader consumer healthcare market.

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.

Underlying measures excludes certain items classed as non-underlying to allow the Group’s financial performance to be compared more easily against the majority of its peers. For further detail on non-underlying items please see note 4.


A meeting for analysts will be held at 10:00am this morning, 21 March 2023, at Buchanan, 107 Cheapside, London EC2V 6DN. 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 & Corporate Communications: 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 Broking: Patrick Robb
+ 44 (0) 20 7597 5970

About Alliance

Alliance Pharma plc (AIM: APH) is a growing consumer healthcare company. Our purpose is to empower people to make a positive difference to their health and wellbeing by making our trusted and proven brands available around the world.

We deliver organic growth through investing in our priority brands and channels, in related innovation, and through selective geographic expansion to increase the reach of our brands. Periodically, we may look to enhance our organic growth through selective, complementary acquisitions.

Headquartered in the UK, the Group employs around 285 people based in locations across Europe, North America, and the Asia Pacific region. By outsourcing our manufacturing and logistics we remain asset-light and focused on maximising the value we can bring, both to our stakeholders and to our brands.

For more information on Alliance, please visit our website: