Dechra reported strong trading in line with management expectations in its half-yearly report on Monday, with reported group revenue improving 11.2% year-on-year at constant exchange rates and 12.5% at actual exchange rates, to £194.1m.
Jefferies upgraded its stance on veterinary pharmaceutical company Dechra Pharmaceuticals to 'buy' from 'hold' and lifted the price target to 2,322p from 2,221p following the group's acquisition of Dutch firms AST Farma and Le Vet
Veterinary pharma company Dechra said it was buying Netherlands-based AST Farma and Le Vet for 340m.
Dechra Pharmaceuticals reported a jump in half-year revenue on Tuesday as it said changes to US taxes are expected to have a positive impact on the group
Dechra Pharmaceuticals got off to a solid start across the board, the specialist veterinary medicines group said ahead of its annual shareholder meeting on Friday.
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Veterinary pharmaceutical business Dechra Pharmaceuticals posted a 45.1% improvement in revenue for its year to 30 June on Monday at £359.3m, or 28.3% growth at constant exchange rates.
Veterinary specialist Dechra Pharmaceuticals reported trading in line with forecasts for the full year to end June.
Dechra Pharmaceuticals on Friday struck a long term deal to license an ethical pain relief product in all markets outside of Australia and New Zealand and acquired a 33% stake in the manufacturer, Medical Ethics.
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Dechra Pharmaceuticals remained confident in its outlook for the full year as the veterinary specialist's half-year revenue grew strongly thanks to recent acquisitions.
As a result of several acquisitions veterinary pharmaceutical Dechra's half year revenue surged, while it gained regulatory approval in the US for its generic antibiotic.
Dechra Pharmaceuticals said its first-quarter performance was in line with management's views and that all of its recent acquisitions were performing well.
Veterinary product manufacturer Dechra Pharmaceuticals agreed to buy the business and assets of Apex Laboratories, which sells branded animal products in Australia and New Zealand, for AUD$55m (£31.3m).
Dechra Pharmaceuticals obtained its first approval for a product from its recently acquired US business Putney.
Dechra Pharmaceuticals reported a jump in underlying profit for the year as revenue grew following a number of acquisitions.
Veterinary products manufacturer Dechra Pharmaceuticals said on Tuesday that full-year trading was strong and expressed confidence that it would not be hit by recent market volatility.