Sigma is bouncing back
September 14, 2011
Pharmaceuticals today
announced a $26.7m net profit for
the half year ending 31 July 2011,
with a net profit from continuing
operations of $27.9m, compared to
a $9.2m net loss for the same
period last year.
Total sales revenue dipped 2.4%
to $1.37 billion, reflecting the
impact of Pfizer Direct’s withdrawal
from the full line wholesaling
network, which hit Sigma’s sales
revenue by around 15%.
The figure also includes the
contribution from Aspen sales
which were not added into the
previous corresponding figures.
Excluding the impacts of Pfizer
and Aspen sales, Sigma revenue
grew 9% for the year to 30 Jun, in
contrast to PBS growth of 5%.
Sigma said this “reflected market
share gains” - including the new
contract with the Pharmacy
Alliance Group/IPAG (PD 01 Jul).
Longsuffering Sigma shareholders
will also be buoyed by a planned
1.5c per share dividend, which is
subject to resolution of an ATO issue.
CEO Mark Hooper said he was
pleased with the results, which
“reflect the progress we have made
to date rebuilding Sigma.
But “there is still more to ensure
Sigma is well positioned to keep
ahead of industry changes.
“Calendar year 2012 will be
impacted by ongoing PBS reform
and we must work to ensure we
can sustain the positive momentum
in this new industry environment,”
Hooper added.
He warned that any further
increases in exclusive supply
arrangements such as Pfizer Direct
“may require further review of
current service arrangements”.
He also forecast that Apr 2012
PBS reform may lead to “no PBS
growth in 2012,” and could see
further adjustments to discounts.
Sigma has allocated additional
resources to grow its Amcal and
Guardian brands as well as improve
its Private Label offerings, which
saw a 19% boost in sales.
The above article was sent to subscribers in Pharmacy Daily's issue from 14 Sep 11To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 14 Sep 11
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