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.
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