Annual Report and Accounts for the Year Ended 30 June 2017
Dechra is a company that has consistently delivered on its strategic objectives resulting in a strong track record of growth.
Click on the blue flashing square to navigate though our 20 Years of Strategic Growth. Click on each segment to see more information on each milestone.
The Company was incorporated in May 1997 to effect the management buyout from Lloyds Chemist plc. Three years later, in 2000, the issued ordinary share capital of Dechra was listed on the London Stock Exchange. Since 2000, the Company has grown strongly through a combination of innovation, organic growth and acquisition.
Click on each segment to see more information on each milestone.
Management buyout from Lloyds Chemist plc supported by Mercury and Bank of Scotland.
Underlying Profit Before Taxation
Dividend per Share
Dechra listed on the London Stock Exchange at 120 pence per share, with a market capitalisation of £60.0 million.
Vetoryl® launched in the UK.
Acquired North Western Laboratories and Cambridge Specialist Laboratory Services for a consideration of £2.75 million, enabling Dechra to extend its service offering to the veterinary profession.
Felimazole® launched in the UK.
Acquired Anglian Pharma Plc for a consideration of £2.5 million which more than doubled Dechra's contract manufacturing revenues.
North Western Laboratories rebranded to NationWide Laboratories.
Entered into a sub-licence agreement with Bioenvision Inc. to develop Vetoryl for future marketing in the US and Canada.
Entered into a European marketing agreement with Janssen Animal Health, allowing Janssen full marketing and distribution rights to Felimazole and Vetoryl in mainland Europe.
Granted a full EU licence for Felimazole and granted a UK licence for a new 2.5mg Felimazole tablet.
Granted a range extension for a 30mg Vetoryl capsule.
Opened a US operation based in Kansas City.
Acquired Vetivex®, a licensed veterinary fluid therapy product for £0.8 million.
Received approval to market Vetoryl in 19 major European countries.
Signed a development and marketing agreement for Vetoryl in Japan with Kyoritsu Seiyaku.
Acquired the intellectual property for Equidone® Gel.
Acquired Leeds Veterinary Laboratories for £0.75 million.
Secured a long term trademark licence and marketing agreement with Pharmaderm Animal Health for a consideration of US$5.0 million, to supply a range of dermatological, ophthalmic and optic products to the US veterinary market.
New shares issued
Acquired VetXX Holding A/S, a leading developer, producer and marketer of companion animal products, for a total consideration of £61.7 million.
VetXX integrated and rebranded Dechra Veterinary Products.
Received FDA approval for Vetoryl in the USA.
New therapeutic canine diet developed and marketed to aid treatment of osteoarthritis in dogs, known as Specific®.
Received approval to market Felimazole in the US.
Achieved mutual recognition of Malaseb® in 17 European countries.
DVP UK's logistics and finance function integrated into an European central logistic and shared service centre in Uldum, Denmark.
Acquired DermaPet® Inc., a Florida based dermatological business, for a total consideration of US$64.0 million. The acquisition strengthened Dechra's position as a leader in the worldwide veterinary dermatological market.
Acquired Genitrix Limited, a privately owned veterinary company with a range of products complementary to Dechra's, for a total consideration of £6.4 million.
Acquired the worldwide rights (excluding Canada) to HY-50® for a cash consideration of CAD 8.03 million.
Acquired Eurovet® Animal Health B.V., an expert in developing, registering, producing and marketing added value, companion and farm animal veterinary pharmaceutical products, for a total cash consideration of €135 million.
Skipton and Bladel sites renamed Dechra Manufacturing. Announced the closure of our manufacturing site in Uldum, Denmark.
Divested Services Segment to Patterson Companies, Inc. for £87.5 million, creating a pure veterinary pharmaceuticals and related products business.
Commenced trading in Italy.
Acquired business and assets of PSPC, Inc. for a consideration of up to US$10 million.
Commenced trading in Canada.
Commenced trading in Poland.
Acquired 92.65% controlling interest in Genera® d.d., the oldest and largest manufacturer of animal health products in Croatia, for a total consideration of £26.8 million.
Acquired 100% of Laboratories Brovel S.A. de C.V., a family owned veterinary pharmaceutical company located in Mexico City, Mexico, for a consideration of £3.3 million and a further £0.6 million contingent upon reaching registrations milestones.
Commenced trading in Austria.
Acquired Putney®, Inc., a leading developer of FDA approved CAP in the US, for a consideration of £134.2 million.
Acquired business and assets of Apex Laboratories Pty Ltd, a veterinary pharmaceutical company which manufactures, markets and sells branded generic prescription products for companion animals in Australia and New Zealand for a total consideration of AUD$55.0 million (£34.2 million).
Entered a long term Intellectual Property Licensing Agreement with Animal Ethics Pty Ltd to sell and market Tri-Solfen® for all animal species in all international markets, excluding Australia and New Zealand. Acquired 33.0% of the issued share capital of Medical Ethics Pty Ltd (Medical Ethics), the parent company of Animal Ethics, for a total consideration of AUD$18.0 million (£11.0 million).
Underlying Profit Before Taxation is defined as operating profit excluding amortisation of acquired intangibles and impairment of acquired intangibles, impairment of investments, acquisition expenses, fair value uplift of inventory acquired through business combinations, rationalisation costs, loss on extinguishment of debt, and fair value and other movements on deferred and contingent consideration
† Adjusted for the bonus element of the Rights Issue.
Share price history
Dechra is an international specialist veterinary pharmaceuticals and related products business. Our expertise is in the development, manufacture, and sales and marketing of high quality products exclusively for veterinarians worldwide.
CER: +28.3% AER: +45.1%
CER: +36.9% AER: +53.7%
CER: +35.1% AER: +50.8%
CER: +16.1% AER: +16.1%
CER: +42.6% AER: +70.3%
CER: +69.1% AER: +100.9%
We have a defined strategy focused on four main drivers: portfolio focus, geographical expansion, pipeline delivery and targeted acquisition.
Our objectives are to innovate, develop, register, manufacture, supply and market high quality products to the veterinary profession worldwide.
We currently have our own sales and marketing organisations in 24 countries.
Our Strategy in Action case studies.
Although some products may have a slightly different path, most novel and generic products follow a fairly standard process containing five phases, defined as: Evaluation, Feasibility, Development, Registration and Launch.
A responsible approach to our stakeholders and the wider community is considered by the Board to be important to the business.
Effective risk management and control is key to the delivery of our business strategy and objectives.