NEWRY pharma giant Norbrook has reported a record-breaking year in the US, where it has broken the £100 million sales barrier for the first time and had a record number of products approved across that key market.
It came as the company, a world-leading provider of veterinary pharmaceuticals for the health of farm and companion animals, posted a generally flat financial performance in the year to July 2022.
Overall sales were up less than half a percentage point to £232 million (still a long-way off the company's benchmark high of £275m in 2018), and it generated operating profit of £20.2 million (down from £28.4m in its 2021 financial year).
But the company, established in 1969 by the late Lord Ballyedmond and which employs close to 2,000 people, said its continued programme of significant capital investment has provided a platform for strong growth in a buoyant veterinary pharmaceutical market.
Norbrook has continued to invest in the future of the business, with capital investment of £15 million in 2022, representing 6 per cent of revenue, bringing the total invested in the last seven years to £90 million.
Its output and delivery performance has stabilised following the manufacturing supply chain challenges and difficult operational conditions due to the Covid-19 pandemic, the latter of which the company says "appears to be behind us".
Norbrook's chairman and chief executive Liam Nagle said: “It was a satisfactory 2022 for the company. We had strong growth in the US market along with a record number of products approved, and globally we continue to work with our customers with whom we have strong, long term, close relationships.
“Our team has tirelessly supported the business, delivering significant process improvements alongside our ongoing capital investments. We have continued to invest in our people, as well as continuing to add strength and capability to our very committed team. We are very appreciative of our employees’ continued support.”
He added: “We expect to realise benefits from our capital investments over recent years and from our planned strong pipeline of new product launches. We are experiencing significant inflationary pressure and increased competitiveness in all our markets, however we are cautiously optimistic for the future.”
Norbrook said new product development continues to be a key focus for the business, with investments of £10 million in research and development during the year.
It launched four new products during the year, comprising Closantel Pour On in UK and Ireland, Enroflox tablets in US, and Midamox in US for dogs and cats.
“With further new product launches planned for the coming year, our new product pipeline continues to add to our significant product portfolio," Mr Nagle added.
