June 3, 2020 / 4:09 PM / a month ago

BRIEF-Dechra Pharma Says Trading To Most Likely Be Challenging Until Year End After "Record" March

June 3 (Reuters) - Dechra Pharmaceuticals PLC:

* CONFIRM THAT OUTLOOK FOR FULL YEAR 2020 IS BROADLY IN LINE WITH MANAGEMENT EXPECTATIONS

* HAS MADE SIGNIFICANT PROGRESS WITH PREVIOUSLY DISCUSSED MANUFACTURING ISSUES, WITH IN-HOUSE SUPPLY ISSUES MOSTLY RESOLVED

* NORTH AMERICA HAS RETURNED TO GROWTH, AS ANTICIPATED AT TIME OF HALF-YEAR RESULTS IN FEBRUARY

* NET DEBT FOR YEAR ENDING 30 JUNE 2020 EXPECTED TO BE £386 MILLION.

* GROUP REVENUE FOR PERIOD INCREASED BY C.10.5% AT CONSTANT EXCHANGE RATES

* TRADING AND WILL MOST LIKELY REMAIN CHALLENGING UNTIL YEAR END,

* IN KEY MARKETS IN WHICH DECHRA OPERATES, MAJORITY OF VETERINARY PRACTICES ARE STILL OPERATING

* GROUP EXPECTS TO INVEST C.£4.5 MILLION IN FY21 ON DEVELOPMENT OF AKSTON

* BOARD REMAIN CONFIDENT OSURNIA ACQUISITION WILL BE CLEARED BY RELEVANT AUTHORITIES AND THAT IT WILL COMPLETE SHORTLY

* DECHRA - IMPACT OF COVID-19 ON REVENUES IS DIFFICULT TO PREDICT, EXPECT THERE TO BE SOME STOCK UNWIND AT WHOLESALERS, SOME WEAKNESS IN DEMAND

* AN UNDERSPEND ON PRODUCT DEVELOPMENT PIPELINE IN FY20 IS ANTICIPATED DUE TO COVID-19 RELATED DELAYS

* “RECORD MARCH” AS VETERINARIANS STOCKED UP ON ESSENTIAL MEDICINES Source text for Eikon: Further company coverage:

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