Hardman & Co Research: Alliance Pharma (APH): Entering the US market

Hardman & Co Research: Entering the US market

Alliance Pharma (APH) is continuing with its buy-and-build strategy having evolved through 35 acquisitions over a period of 20 years into a profitable, cash-generative, specialty pharma business. The company has a mix of international growth brands -Kelo-cote and MacuShield - and a bedrock of solid local low-growth products. Full-year results supported the January trading statement, with strong sales of Kelo-cote and MacuShield underpinning EBITDA growth, and helping to generate strong underlying operational cashflow. The acquisition of Vamousse (third international growth brand) appears to be integrating well already and opens up the US market.

Please click on the link below for the full report:

http://hardmanandco.com/docs/default-source/company-docs/alliance-pharma-documents/19.04.18-entering-the-us-market.pdf

Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.