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Last close As at 08/06/2023
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Ergomed is a global full-service contract research outsourcing (CRO) business focused on the United States and EU. It provides Phase I–III clinical services in addition to post-marketing pharmacovigilance (PV) services and is predominantly focused on oncology, orphan drugs, rare diseases and PV.
Innovation in healthcare is driving sales and growth in the number of clinical trials being initiated, as pharmaceutical and biotechnology companies continue to invest substantially. Tight operational control and execution will enable Ergomed to drive market share in high-growth orphan drug trials as well as in larger indications.
Dr Miroslav Reljanović
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Ergomed FY22 results re-emphasised its robust business model and resilient growth despite the challenging macro environment. Revenues grew 22.5% y-o-y to £145.3m, underpinned by sustained demand for both the CRO and PV segments and supported by the ADAMAS acquisition (£10.2m revenue contribution) and foreign exchange benefit. The order book, a leading indicator of near-term sales potential, remained robust at £295m (up 23.1% over FY21). The February 2022 acquisition of ADAMAS Consulting Group (a UK-based quality assurance services provider) helps to diversify revenue sources (its offerings do not overlap with Ergomed’s). With year-end net cash of £19.1m over the £12m reported in H122 (after the £24.2m net cash purchase of ADAMAS) and £80m in undrawn credit facilities, Ergomed remains well-capitalised to fund future growth.
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