Alliance Pharma’s buy-and-build strategy to evolve into a profitable, cash generative, specialty pharma business is bearing fruit. Acquisition of the dermatology and wound care products from Sinclair Pharma has transformed the company into an internationally brand-oriented business. Performance of the enlarged group is being driven by two international growth brands, Kelo-cote and MacuShield, that are exceeding expectations, supported by bedrock products. Although the MHRA did not approve Diclectin, discussions continue which may or may not lead to reconsideration. Meanwhile, this will not impact the near-term financial performance.