Group Plc
DELIVERING THE RIGHT DRUG 
TO THE RIGHT PATIENT 
AT THE RIGHT TIME 
ANNUAL REPORT AND ACCOUNTS 
2014 
CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014 CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
OUR MISSION IS SIMPLE:
DELIVERING THE RIGHT DRUG 
TO THE RIGHT PATIENT 
AT THE RIGHT TIME 
The Clinigen Group is a fast-growing global specialty 
pharmaceuticals and services business with offices in the 
UK, US and Japan. We serve an extensive customer base 
of pharmaceutical companies, biotechnology companies 
and contract research organizations.
Our global supply and distribution network enables us to 
manage the supply of drugs in more than 75 countries, ensuring 
that patients have access to the treatment they need.
IN THIS REPORT:
Overview
01 Highlights of our year
02 Chairman’s statement
Strategic review
04 What we do
06 How we do it
08 Chief Executive Officer’s statement
10 Our strategy and KPIs
12 Principal risks and uncertainties
14 Operational review
 14 Clinigen CTS
 16 Clinigen GAP
 18 Clinigen SP
20 Chief Financial Officer’s statement
Governance
22 Board of Directors
24 Report of the Directors 
Financial statements
27 Independent auditors’ report
28 Consolidated statement of comprehensive income 
29 Consolidated statement of financial position 
30 Consolidated statement of cash flows 
31 Consolidated statement of changes in equity 
32  Notes forming part of the consolidated 
financial statements 
57 Independent auditors’ report
58 Company balance sheet 
59 Notes to the Company balance sheet  STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  01
OVERVIEW
FINANCIAL HIGHLIGHTS
• Like for like revenues* on a constant exchange rate basis up 
7.5% on prior year. Reported revenues up by 3% to £126.6m 
(FY13: £122.6m).
• Gross margin improved in all three operating businesses, increasing 
to over 30% overall and delivering growth in excess of 17%.
• Underlying EBITDA** increased by 19.8% to £26.8m 
(FY13: £22.4m).
• Reported pre-tax profits up by 47% to £21.3m (FY13: £14.5m).
• Adjusted underlying earnings per share*** up 22% to 24.5 pence 
(FY13: 20.1 pence) and reported basic earnings per share up 30% 
to 19.6 pence (FY13: 15.1 pence).
• Cash generation continues to be strong. Net cash of £5.3m 
combined with the borrowing facility of £35.0m, provides 
opportunity for continued expansion.
• Final dividend of 2.1 pence per share proposed, bringing the 
total dividend to 3.1 pence per share (FY13: 2.6 pence per share), 
up 19.2%.
BUSINESS HIGHLIGHTS
Specialty Pharmaceuticals (“SP”)
• Total number of products increased from three to five following 
the acquisition of two oncology support products: Savene in 
March 2014 and Ethyol in August 2014.
• Suspension of marketing authorization lifted for Vibativ and 
product launched September 2014.
• New indications and price increases applied to Foscavir.
Clinical Trials Supply (“CTS”)
• Gross margins returned to 15.1%; deeper penetration of customer 
base with requests to supply and product sourced both up more 
than 30%.
• New exclusive supply agreement signed.
Global Access Programs (“GAP”)
• 58,000 units of drugs shipped to more than 75 countries, an 
87% increase, coming from both growth in existing programs 
and new programs.
• Cliniport launched and applied to all programs.
 * Like for like sales represent revenues adjusted for Foscavir stock fill (£3.0m) in FY13.
 ** Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortization excluding share based payments.
 *** Underlying earnings exclude share based payments and are adjusted for amortization and associated tax.
For more information and 
the latest news, visit our 
new investor website at
www.clinigengroup.com
Revenue (£m)
£126.6m
+3.3%
12 13 14
126.6
122.6
82.1
Gross profit (£m)
£41.2m
+17.3%
41.2
35.1
29.0
12 13 14
Reported pre-tax 
profits (£m)
£21.2m
+46.7%
21.3
14.5
10.3
12 13 14
� Clinigen CTS  � Clinigen GAP  � Clinigen SP 02  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
In our second year post IPO, I am 
pleased to report on another strong 
year of growth for Clinigen Group plc 
(‘Clinigen’ or the ‘Group’), where we 
have added further products to our 
portfolio and delivered year-on-year 
profit growth.
The Group overall has performed very well; whilst top-line growth 
(£126.6m +3.3%) has been impacted by prior year activities, such 
as CTS lumpy sales and Foscavir stock fill, an improvement across 
the divisions in gross profit has combined with the impact of IPO 
costs in prior year to drive a 47% increase in profit before tax. 
Importantly, all three operating businesses have contributed to 
this growth.
We continue to make significant progress in pursuit of our strategic 
objectives, evidenced by our ability to continue to increase business 
in our services businesses, CTS delivered more clinical trial drug 
supplies for more clinical trials than prior year, up 45%, and GAP 
delivered a 54% increase in sales. We also continue to successfully 
acquire further niche hospital-only medicines that we believe we can 
revitalize. We have added two oncology support products with the 
acquisition of Savene and Ethyol, together with Cardioxane bringing 
this portfolio to three and with our two anti-infectives (Foscavir and 
Vibativ), the total portfolio to five. Clinigen’s unique ability to distribute 
medicines globally to both licensed and unlicensed territories 
continues to resonate with our customers.
As discussed last year, we have a number of strategic imperatives, 
aimed at continuing to grow by extending our global footprint as well 
as our product and customer base. I believe you will see from further 
detail in this report, that besides adding the further products I have 
already mentioned, we have gone deeper with our existing key 
customers and added significant new customers. We still have many 
opportunities for organic growth and that remains a key focus. We 
will also continue to pursue further acquisitions, products that could 
add value to our SP portfolio and companies that would strengthen 
our global presence or broaden our service offering. In addition, the 
market dynamics remain strong with the trends affecting our 
business, although presenting challenges, looking positive.
CHAIRMAN’S STATEMENT
PETER ALLEN, NON-EXECUTIVE CHAIRMAN
HIGHLIGHTS
• All three operating businesses have 
contributed to a 47% increase in PBT.
• Two new products added to our SP 
portfolio bringing total to five.
• Dividend for year 3.1 pence, up 19%. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  03
OVERVIEW
To support continued organic growth the Group continues to 
invest in its support infrastructure to ensure scalability of our model. 
During FY14, as well as strengthening our management and 
divisional teams, we have improved and extended our head office 
and US facilities, invested in our IT infrastructure by adding Cliniport, 
our bespoke online GAP customer support tool, and we are in the 
process of implementing a new Group-wide ERP system, which 
is expected to go-live in 2015. 
Clinigen values corporate governance highly and the Board 
believes that effective corporate governance will assist in the 
delivery of our corporate strategy, the generation of shareholder 
value and the safeguarding of shareholders’ long-term interests. 
We are committed therefore, as far as is reasonably practicable 
and appropriate to our size and stage of development, to ensure 
the Group is managed in accordance with the principles set out 
in the UK Corporate Governance Code.
The Directors have maintained a progressive dividend policy. Subject 
to approval at the AGM on 30 October 2014, the Board proposes to 
pay a final dividend of 2.1 pence per share. Together with the interim 
dividend of 1.0 pence per share paid in March, this makes a combined 
dividend for the year of 3.1 pence per share.
We would like to thank all our stakeholders – customers, suppliers, 
employees and shareholders – whose continued support has 
contributed to our success.
Peter Allen
Non-executive Chairman
23 September 2014
READ MORE ABOUT OUR YEAR 
IN THE OPERATIONAL REVIEW
SEE PAGES 14 TO 19
“Clinigen’s unique ability 
to distribute medicines 
to both licensed and 
unlicensed territories 
continues to resonate 
with our customers.” 04  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
Clinical Trials Supply
Dedicated to providing commercial 
medicines solely for use in clinical 
trials, globally and across all 
therapeutic areas.
Clinigen’ s philosophy is total commitment to meeting 
the needs of the patient, this underpins every aspect 
of our work.
WHAT WE DO
DELIVERING THE RIGHT DRUG, TO THE RIGHT PATIENT AT THE RIGHT TIME
• Main revenue generator 
for the Group.
• Clinical trial comparator 
drugs market is estimated to 
be US $1.5-2.0 billion annually.
• Demand for products is predicted 
to become more specialized with 
increased demand for hard to 
source large molecule products 
and with supplier companies 
requiring greater expertise 
for handling, transportation, 
particularly cold chain.
• Underlying activity up 44% and 
medicines supplied up 28%.
• Source medicines using our 
secure, audited supply chain.
66%
Revenue share
• 54% revenue growth.
• Expanding customer base.
• Shipments under Global Access 
Programs up 87% from 31,000 
in FY13 to 58,000 in FY14.
• As with Clinigen CTS, aim 
to become the market leader 
through organic growth.
• Work closely with clients to 
launch and manage Global 
Access Programs.
• Offer 24 hour customer services 
specifically to meet emergency 
patient needs.
Global Access Programs
Bringing life-saving treatments 
to patients with high unmet 
medical need.
Revenue share
• Vibativ suspension lifted and new 
antibiotic launched in EU.
• Two new products added to 
the portfolio, Savene and Ethyol.
• Product portfolio up to five, three 
in oncology support, two in 
infectious disease.
• Distribute own product globally to 
licensed and unlicensed markets, 
working closely with Clinigen GAP .
• Work with Key Opinion Leaders 
(“KOLs”) to increase awareness 
of our products.
• Revitalize through new markets 
and new indications.
Specialty Pharmaceuticals
Acquires intellectual property for niche 
hospital-only medicine ensuring a 
secure supply chain worldwide.
Revenue share
12.8% 21.2% GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  05
STRATEGIC REPORT OVERVIEW
Our unique, synergistic 
business model works 
across all stages of the 
product lifecycle.
REGULATORY 
AND MARKETING 
LAUNCH PHASE
THROUGH CLINIGEN GAP
 
SMART SOURCING
We source commercial medical products for 
use in clinical studies, including comparator 
drugs, adjuvant and rescue therapies.
MEETING UNMET 
MEDICAL NEED
Providing critically ill patients access 
to unlicensed but potentially life 
saving treatments.
 
WE REVITALIZE
We acquire and in-license specialist, 
hospital-only medicines worldwide 
revitalizing and commercializing them 
within niche markets.
CLINICAL  
DEVELOPMENT 
PHASE
THROUGH CLINIGEN CTS
REGULATORY 
AND MARKETING 
LAUNCH PHASE
THROUGH CLINIGEN GAP
SUPPLY AND LATE 
STAGE PRODUCT 
WITHDRAWAL PHASE
THROUGH CLINIGEN SP 
AND GAP 06  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
HOW WE DO IT
SERVING AN EXTENSIVE CUSTOMER BASE ACROSS A GLOBAL NETWORK
The Group is headquartered in the UK, with offices in the US and 
Japan, and partners across the world enabling the Group to deliver 
to over 75 countries worldwide. By taking advantage of our global 
capabilities and unique skill in delivering our medicines into both 
licensed and unlicensed territories, we aim to continue the organic 
growth strategy going forward.
5
PRODUCTS
in our portfolio
>75
COUNTRIES
in our distribution network
>850k
UNITS SHIPPED
HOSPIRA
USA
IMS MEDICAL
RUSSIA
SENARU
INDIA
BL&H
SOUTH KOREA
ZUELLIG
SINGAPORE & ASIA
NOBEL PHARMA
JAPAN
CLINECT
AUSTRALIA & NZ
MEGAPHARM
ISRAEL
PROREO PHARMA
SWITZERLAND
CPDN
CANADA
TECHNOFARMA
SOUTH & LATIN AMERICA GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  07
STRATEGIC REPORT OVERVIEW
Clinigen GAP provides patient access to comparator drugs 
following their clinical trial, they benefit from relationships 
in the clinical trial market gained by Clinigen CTS.
Clinigen SP uses the relationships and insights gained from 
late stage product withdrawals run by Clinigen GAP to identify 
potential candidates for acquisition.
Clinigen CTS and Clinigen GAP benefit from Clinigen SP’s 
experience of regulatory, pharmacovigiliance and quality 
systems as a specialty pharmaceutical company.
Our strategy is 
to develop Clinigen 
CTS and Clinigen GAP 
into global leadership 
positions through 
new client growth, 
with further product 
acquisitions 
for Clinigen SP .
SHARED 
CUSTOMER 
BASE
SHARED  
PRODUCT 
OPPORTUNITIES
SHARED QUALITY  
AND  
REGULATORY EXPERTISE
GAP
SP CTS 08  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
Clinigen has once again exceeded 
expectation, particularly with regard 
to profit. Whilst overall sales growth 
was limited by CTS, where one-off 
prior year performance impacted 
FY14, both SP and GAP in particular 
demonstrated significant growth.
However, profit growth, both at gross profit (+17.3%) and PBT 
(+46.7%) was very strong. In addition we managed to further add 
to our product portfolio, bringing our number of products to five. 
I am also pleased that we have managed to further strengthen 
our management team, which will support us in continuing 
to achieve our strategic goals.
Our strategy
Clinigen’ s ambition remains clear: to become a recognized world-leading 
specialty pharmaceutical company, with an unrivalled global distribution 
capability for licensed and unlicensed medicines. To achieve this 
aim, the strategy is to maintain overall growth by developing both 
CTS and GAP into global leadership positions and SP through the 
revitalization of the products it has acquired and via further product 
or company acquisitions.
To date, good progress has been made in all three operating 
businesses. Both CTS and GAP remain on track to be the global 
leaders; a clear global number two position for CTS by sales has 
been confirmed in our recent market review and a further 50%+ 
growth in GAP continues to take us closer to our goal. In addition 
SP now has five products in its portfolio, well on its way to the ten 
we had targeted by the end of FY18.
As part of the overall strategy, two key strategic goals will be 
prioritized in FY15; the revitalization of the new products in our 
portfolio and the strengthening of the Group’s global capabilities.
Firstly, Clinigen’s dexrazoxane assets (Cardioxane and Savene) offer 
a great example of the type of efforts Clinigen is making to revitalize 
its assets. The development of a commercial plan to take advantage 
of both the unique position we hold with the dexrazoxane portfolio 
and the support for providing wider access to Cardioxane will be 
a key focus in FY15.
CHIEF EXECUTIVE OFFICER’S STATEMENT
PETER GEORGE, CHIEF EXECUTIVE OFFICER
HIGHLIGHTS
• Two further product acquisitions, Savene 
and Ethyol, bringing the total number of 
products to five.
• Lifting of marketing authorization 
suspension achieved for Vibativ and 
product launched into EU.
• CTS margins improved to 15%.
• GAP activity up 87% with 58,000 units 
shipped to more than 75 countries. GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  09
STRATEGIC REPORT OVERVIEW
Secondly, we believe that all three operating businesses will benefit 
from strengthening the Groups global footprint. Whether it is licensed 
and unlicensed product distribution or clinical trial sourcing and 
distribution greater global capabilities would be a benefit. This is 
true whether it be in developed markets like North America where 
we are developing stronger GAP partnerships and extending our 
office and warehousing capabilities or emerging markets where 
many of Clinigen’s products are in demand and where unlicensed 
supply is growing as part of patient and disease management. 
A recent independent market review, commissioned by Clinigen, 
indicates that a significant proportion of the GAP market is 
“on-demand” unlicensed supply to patients in countries where 
the requested medicine is no longer or has never been licensed. 
This on-demand, “International Pharmacy” type, supply is particularly 
prevalent in emerging markets. It is clear to the Board that Clinigen 
needs to develop its services and capabilities to serve this demand 
globally, particularly with reference to the pharmerging markets.
READ MORE ABOUT OUR STRATEGY 
PRIORITIES AND OUTLOOK
SEE PAGE 10
Clinigen is the only company to have the rights to 
both indications for dexrazoxane (cardioprotection 
and extravasation) and this puts us in a unique 
position. However, Cardioxane had a number of 
restrictions placed upon its usage subsequent to 
an EMA Article 31 referral in 2011, which led to a 
significant decrease in its usage when the 2010 
contraindication for use in children and adolescents 
and to it no longer being indicated for use in adult 
patients with malignancies other than advanced 
or metastatic breast cancer as well as the dose 
ratio for dexrazoxane being halved.
We believe that a broader patient population 
would benefit from the protective and lifesaving 
properties of Cardioxane and that the evidence 
leading to these restrictions was flawed. This view 
is supported by the academic community where 
a number of global key opinion leaders have been 
active in the study of dexrazoxane use as a 
cardioprotectant in the paediatric population. 
Significant additional data has been generated in 
at least seven studies related to both safety and 
efficacy. We will highlight this data to the EMA 
during its Periodic Safety Update Report (“PSUR”) 
and have requested to meet Agence Nationale de 
Sécurité du Médicament (“ANSM”), as France is 
the reference member state for Cardioxane. This 
is just the start of efforts to lift restrictions on 
Cardioxane’s usage and therefore extending its 
benefits to the broader oncology population 
treated with anthracyclines. 10  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
OUR STRATEGY
Our strategy is to develop CTS and GAP into global 
leadership positions through organic growth, 
with further product acquisitions for SP .
Strategic priority What we have achieved this year Our long-term goal
CLINIGEN CTS
Grow business with current customers
18 customers over £1m in sales (17 in FY13), 
with five over £5m (two in FY13)
Keep key customers whilst reducing overall 
dependency on top 20
READ MORE ABOUT 
CLINIGEN CTS IN THE 
OPERATIONAL REVIEW
SEE PAGE 14
Target top 50 pharma, top 20 CROs/
repackers, virtuals and Biosimilars
Good new business with key CROs Win key target customers over next 
three years
Develop US operations Plans approved for new warehouse/office 
in The Navy Yard, Philadelphia
CY2015 move into new premises and develop 
US presence across all three divisions
Develop global & direct 
sourcing capabilities
All suppliers audited, added a further 
exclusive supply agreement
Expand developing market capabilities 
& exclusivity
CLINIGEN GAP
Grow business with current customers
Added more multi-program customers in FY14 All customers are multi-program
READ MORE ABOUT 
CLINIGEN GAP IN THE 
OPERATIONAL REVIEW
SEE PAGE 16
Target top 50 pharma Eisai, AstraZeneca & Boehringer Ingelheim 
added in 2014
Win more key target customers over next 
three years
Develop global footprint Extended capabilities to more than 
75 countries and US capabilities
Develop/acquire distribution & management 
capabilities in pharmerging markets
Develop value added services Cliniport completed and launched FY14 Link Cliniport to ERP system, launch 
Clinigen Intelligence Database (CID) 
+ additional data services
Increase awareness of Clinigen 
and drive thought leadership
Numerous publications and presentations 
at key events
To be recognized as the market leader by 
recognition of expertise and involvement 
in industry forums
CLINIGEN SP
Acquire further products
FY14 added Savene, FY15 Ethyol added Grow to ten products over next four years
READ MORE ABOUT 
CLINIGEN SP IN THE 
OPERATIONAL REVIEW
SEE PAGE 18
Develop global footprint Strengthened South American capabilities 
during FY14 through Cardioxane
Develop/acquire distribution & management 
capabilities in pharmerging markets
Develop current assets Created dexrazoxane portfolio with 
acquisition of Savene and Cardioxane. 
Vibativ licence reinstated in EU, 
product manufactured
Develop dexrazoxane to take advantage of 
unique strategic position. Successful launch 
of Vibativ in Europe
CLINIGEN CENTRAL OPERATING PLATFORM
Drive synergies across the business
Extended and integrated multi-lingual 
customer services. Significant synergies 
developing between GAP and SP
Extend shared distribution network 
and Cliniport. Continue to drive 
GAP & SP synergies
OUR STRATEGY AND KPIs
OUR GROWTH STRATEGY IS PROVING SUCCESSFUL, WITH ALL OUR GOALS REMAINING ON TRACK GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  11
STRATEGIC REPORT OVERVIEW
KEY PERFORMANCE INDICATORS
The Board utilizes a number of key performance 
indicators to enable a consistent method of analysing 
performance, in addition to allowing the Directors to 
benchmark performance against similar businesses 
and the Group’ s business plan.
The key performance indicators utilized by the Board can be split into key financial 
performance indicators and key non-financial performance indicators.
The key financial performance 
indicators are:
Gross profit by operating business
Measures the profit achieved on sales after 
taking account of the direct costs incurred 
in bringing the goods to a saleable condition.
All the operating businesses show year on 
year growth in gross profit. Details can be 
seen in note 3.
Underlying EBITDA
Measures the profit achieved on sales after 
taking account of the direct costs and 
overheads but before interest, depreciation, 
amortization and non-underlying costs.
The Group achieved an underlying EBITDA 
for the year of £26.8m representing a 19.8% 
increase on the prior year.
The key non-financial performance 
indicators are:
Acquisition of further products
Clinigen has an acquisition strategy in place. 
The Group has made one acquisition this 
year, Savene, and a further acquisition post 
year end, Ethyol, taking the number of 
products in its own portfolio to five. 
The senior management continues 
to explore acquisition opportunities.
To become the global leaders, by 
revenue, within the Clinical Trial 
Supply and Global Access Programs
54% sales growth in GAP keeps Clinigen 
on track for achieving its goal of being the 
global market leader in the provision of 
Global Access Programs. Although CTS 
has not shown revenue growth in the year, 
there have been significant wins of key new 
customers who will be important for the 
growth of the business. The recent change 
in senior management will also help drive 
this growth.
Expansion of customer base
As referred to in the Operational review, 
both Clinigen GAP and Clinigen CTS have 
expanded their customer base during 
the year.
Overall, the Directors are satisfied with 
the Group’s progress against its key 
performance indicators for the year.
OUR STRATEGY
Strategic priority What we have achieved this year Our long-term goal
CLINIGEN CTS
Grow business with current customers
18 customers over £1m in sales (17 in FY13), 
with five over £5m (two in FY13)
Keep key customers whilst reducing overall 
dependency on top 20
READ MORE ABOUT 
CLINIGEN CTS IN THE 
OPERATIONAL REVIEW
SEE PAGE 14
Target top 50 pharma, top 20 CROs/
repackers, virtuals and Biosimilars
Good new business with key CROs Win key target customers over next 
three years
Develop US operations Plans approved for new warehouse/office 
in The Navy Yard, Philadelphia
CY2015 move into new premises and develop 
US presence across all three divisions
Develop global & direct 
sourcing capabilities
All suppliers audited, added a further 
exclusive supply agreement
Expand developing market capabilities 
& exclusivity
CLINIGEN GAP
Grow business with current customers
Added more multi-program customers in FY14 All customers are multi-program
READ MORE ABOUT 
CLINIGEN GAP IN THE 
OPERATIONAL REVIEW
SEE PAGE 16
Target top 50 pharma Eisai, AstraZeneca & Boehringer Ingelheim 
added in 2014
Win more key target customers over next 
three years
Develop global footprint Extended capabilities to more than 
75 countries and US capabilities
Develop/acquire distribution & management 
capabilities in pharmerging markets
Develop value added services Cliniport completed and launched FY14 Link Cliniport to ERP system, launch 
Clinigen Intelligence Database (CID) 
+ additional data services
Increase awareness of Clinigen 
and drive thought leadership
Numerous publications and presentations 
at key events
To be recognized as the market leader by 
recognition of expertise and involvement 
in industry forums
CLINIGEN SP
Acquire further products
FY14 added Savene, FY15 Ethyol added Grow to ten products over next four years
READ MORE ABOUT 
CLINIGEN SP IN THE 
OPERATIONAL REVIEW
SEE PAGE 18
Develop global footprint Strengthened South American capabilities 
during FY14 through Cardioxane
Develop/acquire distribution & management 
capabilities in pharmerging markets
Develop current assets Created dexrazoxane portfolio with 
acquisition of Savene and Cardioxane. 
Vibativ licence reinstated in EU, 
product manufactured
Develop dexrazoxane to take advantage of 
unique strategic position. Successful launch 
of Vibativ in Europe
CLINIGEN CENTRAL OPERATING PLATFORM
Drive synergies across the business
Extended and integrated multi-lingual 
customer services. Significant synergies 
developing between GAP and SP
Extend shared distribution network 
and Cliniport. Continue to drive 
GAP & SP synergies
Underlying EBITDA 
(£m)
£26.8m
+19.8%
12 13 14
26.8
22.4
17.3 12  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
Counterfeit product
Clinigen CTS sources product globally for supply into clinical trials; 
there is a risk that counterfeit products could be unknowingly 
acquired and supplied. To mitigate such risk Clinigen audits all 
suppliers and only sources from Clinigen-approved suppliers, 
completes annual training on counterfeit awareness for all 
relevant staff and inspects 100% of product upon receipt.
Foreign exchange
Foreign exchange risk arises because the Group sells to clients 
located in various parts of the world whose functional currency is not 
the same as the functional currency in which the Group operates.
The Group’s net assets arising from such overseas revenues are 
exposed to currency risk resulting in gains or losses on retranslation 
into sterling. Foreign currency risk is managed at Group level in order 
to optimize the matching of currency surpluses generated to the 
foreign currency needs of the wider group. The Group operates 
bank accounts in its principal foreign currencies in order to maintain 
currencies and not expose payments and receipts to foreign currency 
spot rates.
Clinigen does not issue or use financial instruments of a speculative 
nature. Where required and possible, significant transactions are hedged.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board has overall responsibility for ensuring 
risk is appropriately managed across the Group.
The Group maintains a consolidated risk register which is reviewed 
and updated quarterly. The risks are rated as to their likelihood of 
occurring and potential impact and each risk is assigned to an 
appropriate individual and all mitigation and action plans are 
recorded. In addition the Group has completed a disaster recovery 
plan to ensure ongoing operations are maintained in all circumstances. 
Below are discussed the principal risks identified in 2014. These 
risks are not intended to be an extensive analysis of all risk that 
may arise in the ordinary course of business or otherwise.
Competitive threat
There are a number of service providers around the world who compete 
with our individual operational businesses. The potential for high 
value revenues in CTS attracts other service providers such as 
Clinical Research Organisations (“CROs”) and repackers who can 
offer the sourcing of pharmaceuticals as additional services in 
competition with Clinigen.
Clinigen has recently completed comprehensive market reviews 
of the service sectors it supplies, including competitor analysis, 
in order to identify and implement strategy for risk management.
In addition there is the threat of generic competition or alternative 
treatments to Clinigen’s products. Clinigen SP mitigates this risk 
by securing the supply chain as evidenced by Foscavir, where 
the supply for active pharmaceutical ingredients has been secured. 
Competitors and generic activity are continually monitored. The 
impact of the threat is mitigated through further acquisitions, are 
which limit the reliance on any one product.
International trade: political risk and pharmaceutical regulations
As the Group expands its global footprint, the exposure to adverse 
political decisions increases, as experienced in Venezuela where we 
supply Cardioxane or, for example, in territories where there is a risk 
of compulsory government-imposed price reductions or limitations 
being enforced. Although, the adverse decisions may be out of our 
control we do all we can to mitigate the risk by looking for alternative 
distribution routes, continually monitoring the situation to ensure 
timely response once a change in circumstance is identified, and 
discussions with key people, wherever possible.
The Group’s activities involve importing and exporting products 
across many international borders and most activities are covered 
by numerous pharmaceutical regulations. Any changes to these 
regulations might affect the Group’s trading activities. To mitigate 
this risk the management closely monitors any changes to regulations 
and seeks to adapt its procedures wherever possible to ensure activities 
are not affected, whilst maintaining compliance. In addition the Group 
is regularly audited by customers and regulatory authorities to 
ensure it is compliant. GOVERNANCE
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  13
STRATEGIC REPORT OVERVIEW FINANCIAL STATEMENTS 14  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
OPERATIONAL REVIEW
CLINIGEN CTS: 
DEDICATED TO DELIVERING COMMERCIAL 
MEDICINES SOLELY FOR USE IN CLINICAL TRIALS
CLINIGEN CTS
CLINICAL TRIAL SUPPLY
Aiming to be the number one global supplier of 
medicines for clinical trials.
MINIMIZING RISK AND COST 
THROUGH CENTRAL SOURCING
Sourcing product for clinical sites can be complex, riddled with regulatory 
constraints and logistical hazards, and sourcing locally can bring a variety 
of problems, including price fluctuations and product shortages. Clients 
need a streamlined, cost-effective process while ensuring product 
integrity and quality systems are not compromised.
In late 2013, we were contacted by a US pharmaceutical company 
running two large, global oncology trials. They had originally planned to 
source product locally, but realized that prices would vary enormously 
between regions, while local drug shortages could pose a problem that 
might result in delays and money wasted. Knowing our reputation for 
unparalleled sourcing expertise, they asked us to help.
We worked directly with the product innovator to offer central sourcing 
that would supply drugs to be used in all countries for both global trials. 
We also became our client’s central distribution hub, providing cold-chain 
storage of freshly manufactured bulk supplies and shipping to depots on 
demand, so that every country had the exact quantity needed at the right 
time. This included managing communications with all country depots; 
liaising with the relevant authorities when required; and preparing the 
documentation to ensure a smooth import process. This streamlined 
approach mitigated financial, regulatory and operational risks and 
allowed our client a hassle-free service at a much lower cost. 
By the numbers:
1,590
Requests to supply 
clinical trials
741
Different  
medicines
73
Different  
customers
Cancer cells GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  15
STRATEGIC REPORT OVERVIEW
Clinigen CTS remains the largest 
contributor to sales (66%); in FY14 
it generated sales of £83.6m 
(FY13: £87.8m) and a gross profit 
of £12.6m (FY13: £11.4m).
Whilst the top-line reduced over prior year, this is explained by high 
one-off anti-viral sales in the prior year, which as previously explained 
were at very low margin. Consequently FY14 saw an improvement 
in gross margin, up 10.9% in real terms on prior year with a GM% 
of 15.1%. Even though the prior year anti-viral sales were with US 
customers, activity with US customers remained stable at £58m. 
Total customer numbers remained stable at 73 (FY13: 72) but, as 
evidenced by the improvement in GM, we were more selective with 
our customer group. Those customers generating over £1m in sales 
was up again to 18 (FY13: 17), with five over £5m, up from two in FY13. 
In total in FY14, Clinigen CTS had circa 1,600 requests (FY13: 1,100) 
to supply clinical trials, sourcing 741 medicines (FY13: 578) for 
73 different customers. The top 20 customers account for 96% 
sales, but there is a wide variation year-on-year in customers’ 
spends as highlighted in recent research from the Tuft’s Centre 
and as evidenced by changes to our top 20 each year. For example 
only 13 of last year’s top 20 remained in the top 20 for FY14. This 
explains the “lumpy” nature of CTS sales, which are driven by clinical 
trial demand and drug cost, which Tuft’s identified varies in leading 
pharma companies between $10m and $120m in any given year. 
The drug sourcing mix in FY14 shows Comparators account for 
84% of Clinigen’s total business with co and rescue therapies 
accounting for the remaining 16%.
Clinigen CTS has made particular efforts to drive smarter sourcing 
of products for its customers. A further exclusive supply agreement 
with an international pharma company for an oncology product has 
been added to those with AstraZeneca and Accord. These exclusive 
supply agreements accounted for 7.5% of total supplies by value in 
FY14. Direct sourcing from the product manufacturer accounted for 
38% of total supplies by value. Particular effort has been made to 
ensure the quality of supply through a strict supplier audit program 
and whilst we used 95 suppliers in total to deliver our global 
requirements, the top 20 suppliers accounted for 91% of total 
supplies by value.
The market dynamics remain strong for the clinical trial comparator 
drugs market, it is estimated to be US$1.5-2.0 billion annually and 
it is predicted to grow at an estimated growth rate of 8% per annum 
by volume over the next two to three years. Specialist suppliers like 
Clinigen are gaining market share as it becomes more complex with 
increased demand for expensive, hard to source large molecule 
products. Higher priced branded comparator and co-therapy 
products are used in 90% of all studies, a figure that has remained 
unchanged since 2009. Stricter traceability and control through the 
supply chain, single approval for products in Europe and regulations 
to reduce the threat of counterfeiting are further favouring specialist 
suppliers. It is estimated that between 30% and 55% of purchased 
clinical trial drugs are leftover, unused or wasted, a figure that better 
planning or purchase through specialist suppliers, like Clinigen, 
would reduce significantly.
KEY FINANCIALS
Revenue (£m)
£83.6m
-4.8%
87.8
58.8
83.6
Gross profit (£m)
£12.6m
+10.5%
11.4
9.9
12.6
12 13 14 12 13 14 16  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
OPERATIONAL REVIEW CONTINUED
CLINIGEN GAP: 
PROVIDING CRITICALLY ILL PATIENTS ACCESS TO 
UNLICENSED BUT POTENTIALLY LIFE SAVING TREATMENTS 
CLINIGEN GAP
GLOBAL ACCESS PROGRAM
Clinigen GAP specializes in the consultancy , development, 
management and implementation of programs providing access for 
patients and their clinicians to drugs not available in their markets.
MANAGING EARLY ACCESS TO NEW 
TREATMENTS
When patients have exhausted every other treatment option, their 
physicians sometimes find that the best way to meet their needs 
is to prescribe medicines that are not yet approved or licensed. 
This is a form of Global Access Program called ‘early access’.
In June 2012, we initiated a Global Access Program supplying an 
investigational medicine to prostate cancer patients. At the time, the 
product was not approved in any country, but during our program 
patients in the EU and Canada had access to it.
When European marketing authorization was granted in June 2013, 
the product became commercially available in EU member states. 
We managed the transition of patients from the access program to 
commercial supply, with some local health authorities allowing patients 
already in the program to continue until the end of their treatment rather 
than being converted to the commercial supply. While in other countries, 
we were required to end the Global Access Program as soon as 
commercialization was complete. 
By June 2014, Clinigen had provided 2,941 patients in 21 countries with 
access to the drug. Throughout the program, we have been contacted 
by physicians thanking us for our assistance and “real engagement” and 
letting us know that their patients have benefited from inclusion in the 
program. Both Clinigen and the sponsor have also received thanks direct 
from patients. 
By the numbers:
58,000
Units shipped
75
Number  
of countries
Prostate cancer GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  17
STRATEGIC REPORT OVERVIEW
Clinigen GAP once again demonstrated 
significant organic growth of 54% in 
sales and 39% in gross profit growth 
over prior year . In FY14, GAP had sales 
of £16.1m (FY13: £10.5m) and a gross 
profit of £5.4m (FY13: £3.9m).
The growth has been driven by more activity in existing programs 
as well as new programs, FY14 saw 58,000 units shipped, up by 
87% on FY13 when 31,000 were shipped. A number of smaller 
programs have closed during FY14, but as can be seen from 
the activity these have not impacted the growth. 
FY14 saw continued good activity from the large GAP programs; 
the largest in FY13 was Astellas’ Enzalutimide early access program, 
this reduced during FY14 as it became licensed in the majority of 
markets, delivering less than half the units of the prior year. However, 
a new withdrawal program for Eisai’ s Fycompa more than compensated 
for this. Sanofi’s Campath withdrawal program has now reached 
peak levels demonstrating more than two-fold growth in FY14. 
In addition BTG’s extended access programs for Voraxase, DigiFab 
and Uridine Triacetate delivered 60% growth in FY14. We expect 
both the Campath and BTG programs to be long-term business. 
There have also been good business wins which will start delivering 
sales in FY15 with new customers such as Boehringer Ingelheim, 
AstraZeneca, Taiho and Cubist. 
Clinigen is one of a few specialist service providers in this new market 
running exclusive programs on a global basis. However, a recent 
independent market review, commissioned by Clinigen, indicates 
that a significant proportion of the market is “on-demand” unlicensed 
supply in markets where the requested medicine is no longer or has 
never been licensed. This could be categorized as “International 
Pharmacy” type supply, an area in which Clinigen is currently not 
active; this appears to be particularly prevalent in emerging markets. 
Our desire to develop our services in the pharmerging markets has led 
us to review and develop our future plans on these types of services.
FY14 saw the launch of Cliniport, Clinigen’s bespoke online 
management support tool for GAP customers which has been 
developed to support scalability in this business. During 2014 
all active GAP programs have been migrated to Cliniport and 
during FY15 this will be further enhanced by linking the software 
to the new ERP system being implemented within the Group. 
Cliniport is also being developed as a tool for the CTS business.
KEY FINANCIALS
Revenue (£m)
£16.1m
+53.3%
10.5
4.0
31
1.6
0.7
2
16.1 5.4 58 Units shipped (’000)
58
+87%
Gross profit (£m)
£5.4m
+38.4%
12 13 14 12 13 14 12 13 14 18  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
OPERATIONAL REVIEW CONTINUED
CLINIGEN SP: 
FOCUSED ON ACQUIRING ITS OWN INTELLECTUAL PROPERTY, 
PARTICULARLY NICHE, HOSPITAL-ONLY MEDICINES AND REVITALIZING THEM
CLINIGEN SP
SPECIALITY PHARMACEUTICALS
SP focuses on acquiring and in-licensing specialist, 
hospital-only medicines worldwide revitalizing and 
commercializing them within niche markets.
Five products:
3
Oncology support 
products
2
Infectious disease 
products
VIBATIV, OUR FIRST LAUNCH PRODUCT
In March 2013, we in-licensed the first-in-class, bactericidal, once-daily, injectable antibiotic Vibativ (telavancin) from Theravance Inc., 
a product never launched in Europe and holding a suspended European marketing authorization. 
Vibativ is licensed in Europe for the treatment of adults with nosocomial pneumonia (also known as hospital acquired pneumonia – “HAP”), 
including ventilator associated pneumonia (“VAP”), known or suspected to be caused by methicillin-resistant Staphylococcus aureus 
(MRSA) when other alternatives are not suitable. HAP caused by MRSA is a considerable unmet need, with 30–70% of patients who 
acquire it dying. It is recognized as a public health priority in the EU. As recently highlighted by the UK and other governments, the 
lack of new antibiotics coming to market is a cause for concern and few 
pharmaceutical companies are investing in this complex area.
The European Marketing Authorization for the drug was suspended due to 
stopped operations at the previous manufacturer. Clinigen worked closely 
with the European Medicines Agency authorities to have the suspension of 
the Marketing Authorization lifted; we have also contracted a new 
manufacturer and worked with them to ensure the product is available.
To bring Vibativ to market, Clinigen has focused its efforts on a number 
of key areas including but not limited to:
• extensive work with regulatory authorities;
• brand awareness and market development activities;
• key opinion leader engagement and advocacy development;
• development and production of national labelling and packaging;
• ongoing development of microbial susceptibility testing methods;
• pricing and reimbursement negotiations at national levels; and
• ongoing commitment to post-marketing clinical studies.
Vibativ was launched on 18 September 2014. GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  19
STRATEGIC REPORT OVERVIEW
Clinigen SP’ s portfolio has recently 
been expanded to five products, 
currently focused on two therapeutic 
areas; anti-infectives (Foscavir & Vibativ) 
and oncology support (Cardioxane, 
Savene & Ethyol).
Whilst performance in FY13 was predominantly the result of sales of 
the anti-viral treatment Foscavir, FY14 saw contributions from three 
of the products. Vibativ and Ethyol did not contribute sales in FY14, 
they will start to contribute in FY15. 
In FY14 SP had sales of £26.9m (FY13: £24.3m) and gross profit 
of £23.2m (FY13: £19.8m). 
Foscavir
As expected, Foscavir sales are beginning to level off and grow at the 
rate of the underlying disease it treats. The best measure for Foscavir 
activity is “in-market sales” as it smooth’s out the peaks caused by 
quarterly shipments to the US and Japan. FY14 saw direct in-market 
sales of Foscavir of circa 263,000 units, a like-for-like increase on prior 
year of 4.2%, which is in line with trends in stem cell transplantation. 
The average selling price increased by 3.3%, significant price increases 
in some markets were offset by exchange rate changes in others. 
The top seven European markets (Germany, Italy, UK, France, Spain, 
US and Japan) accounts for 87% of units supplied in FY14. In addition, 
Clinigen runs a Global Access Program for Foscavir to unlicensed 
markets where there is unmet patient need, this accounted for 6% 
of total volume, 10.3% of sales and supplied 18 markets in FY14.
As stated last year, the big opportunities for Foscavir growth have 
now been realized, however, in FY14 Clinigen did manage to secure 
significant price increases in two of its top seven markets as well as 
continuing to secure and protect the supply chain for Foscavir by 
bringing a second active ingredient manufacturer online. During FY15 
Clinigen expects to license and distribute Foscavir in South Korea 
and further opportunities continue to be explored.
Cardioxane and Savene
The transfer of market authorizations for Cardioxane from Novartis 
remains on track to complete during Q1 CY15. The sales recorded 
in FY14 are largely the profit transfer from Novartis minus a distribution 
percentage. The larger markets, South Korea and Latin America have 
yet to transition. One key market, Venezuela, has been disrupted by 
political upheaval, this was the largest individual market in FY13 but 
we have been unable to ship product into this country for the past 
six months, we continue to monitor the situation in this market and 
look for solutions to supply. The underlying sales data shows total 
sales for FY14 of Cardioxane of c.US$10.4m, which is similar to the 
prior year reported by Novartis. However, lower than expected sales 
in Venezuela have been offset by stock fills following a fire in the 
warehouse of the main South American distributor and start-up 
supply for the Japanese license holder.
Savene sales were only recorded for the last two months and made 
a small impact, however the license transfers were completed for this 
product by the beginning of September and direct supply from Clinigen 
has commenced, we will see more of an impact on FY15 numbers.
Cardioxane is predominantly used for the prevention of chronic 
cumulative Cardiotoxicity caused by Doxorubicin or Epirubicin in 
adult breast cancer patients. It has had a number of restrictions 
placed upon its usage in other patient populations which has limited 
its sales in recent years. Clinigen believes that a broader patient 
population would benefit from the lifesaving properties of Cardioxane 
and this view seems to be supported by a number of global key opinion 
leaders and articles recently published. Therefore, during FY15 
Clinigen will be working to lift certain restrictions on Cardioxane’s 
usage and extend its benefits to the broader oncology population 
treated with anthracyclines. This together with Savene will form the 
broad basis of our Dexrazoxane growth strategy. Both Cardioxane 
and Savene have the same parent molecule, dexrazoxane. Clinigen, 
as the only company globally who has the rights to both indications, 
cardioprotection (Cardioxane) and extravasation (Savene), is in a 
unique position and during FY15 we will develop a clear commercial 
plan to take advantage of this position.
Vibativ
Vibativ, for the treatment of adults with hospital-acquired pneumonia, 
known or suspected to be caused by MRSA, is a medium to 
long-term growth product for Clinigen. It is patent-protected until 
2026 in Europe and it is a market entry product as it has yet to be 
sold in Europe where Clinigen holds the rights. During FY14 Clinigen 
transferred the European Marketing Authorization and reactivated 
the EU license. As planned and promised last year, as of the middle 
of September, European product is now available for supply and we 
are running a launch program to raise awareness during Q2 FY15.
Peter George
Chief Executive Officer
23 September 2014
KEY FINANCIALS
Revenue (£m)
£26.9m
+10.7%
24.3
19.9
21.8
18.4
26.9 23.2 Gross profit (£m)
£23.2m
+17.1%
12 13 14 12 13 14 20  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
CHIEF FINANCIAL OFFICER’S STATEMENT
ROBIN SIBSON, CHIEF FINANCIAL OFFICER
Revenue 
Clinigen revenues grew to £126.6m, an increase of 3% (FY13: £122.6m) 
and 5% at constant exchange rates. This is the result of strong organic 
growth in Clinigen GAP and the impact of product acquisitions in 
Clinigen SP . Growth in GAP and SP was partially offset by a reduction 
in Clinigen CTS revenues where prior year benefited from a small 
number of large anti-viral sales (£24m) at low margin; however CTS 
continued to increase its customer base and the strategy of selecting 
better quality business is being pursued.
Gross profit
Total gross profit increased by 17% to £41.2m (FY13: £35.1m), 
the result of significant growth in all three operating businesses with 
Clinigen GAP showing organic growth of 39%. Growth of 17% in 
Clinigen SP was driven by improved Foscavir margins, the full year 
impact of Cardioxane (acquired March 2013), and to a small extent 
by the recently acquired Savene. Clinigen CTS gross profit grew by 11%.
Administrative expenses 
Underlying administration costs of £17.9m (FY13: £14.6m) grew 
by £3.3m as planned. The increase is accounted for primarily by a 
£1.6m increase in amortization and £0.8m one-off costs associated 
with newly acquired products. Excluding amortization and these 
one-off costs, administration costs grew by 6.6%. Total administration 
costs of £19.7m (FY13: £20.5m) include share based payment charges 
of £1.8m (FY13: £2.3m) and are below prior year as FY13 included 
IPO related costs of £4m.
Earnings before interest, tax, depreciation and amortization 
(“EBITDA”)
Underlying EBITDA increased by 19.8% to £26.8m (FY13: £22.4m) 
and underlying pre-tax profit increased by 13% to £23.1m 
(FY13: £20.4m). Reported pre-tax profit of £21.3m is up 47% 
on the prior year, (FY13: £14.5m), the second year post IPO 
of growth in excess of 40%.
Taxation
The tax charge for the year of £5.1m is based on prevailing UK 
and US effective tax rates. This charge is calculated as £5.4m 
on underlying profits offset by a credit of £0.4m in respect of 
non-underlying costs. Tax payable is significantly better, at £3,7m, 
due to the utilization of losses brought forward arising from the 
exercise of equity-settled share options at IPO. A corporation tax 
refund in respect of FY12 of £3.5m was received in July 2014.
HIGHLIGHTS
• Like-for-like revenues up 7.5%.
• Underlying EBITDA up 19.8% to £26.8m.
• Underlying earnings per share up 22% to 
24.5 pence.
• Final dividend of 2.1 pence per share, total 
dividend of 3.1 pence. GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  21
STRATEGIC REPORT OVERVIEW
Earnings 
Underlying earnings per share, adjusted to exclude amortization, 
grew by 22% to 24.5 pence (FY13: 20.1 pence). The reported 
earnings per share is 19.6 pence (FY13: 15.1 pence). 
Dividend
The Directors have maintained a progressive dividend policy and 
expect interim and final dividend payments to be split one-third to 
two-thirds respectively. In view of trading performance this year the 
Directors are pleased to propose a final dividend of 2.1 pence per 
share, which when added to the interim dividend of 1.0 pence paid 
on 28 March 2014, will make a total dividend of 3.1 pence per share 
(2013: 2.6 pence).
The final dividend shall, subject to approval at the Company’s AGM 
on 30 October 2014, be payable on 7 November 2014 to all 
shareholders on the register at 17 October 2014.
Cash flow
Net cash generation from operating activities continues to be strong 
at £20.3m, despite an increase in working capital requirement. This 
cash has provided the vast majority of funding for the acquisition of 
Savene and the final stage payment for Cardioxane (both in March 2014).
Cash and cash equivalents at 30 June 2014 of £21.8m (FY13: £11.3m) 
are partly offset by a short-term bank loan of £16.5m (FY13: £nil), giving 
net cash of £5.3m (FY13: £11.3m). Net cash combined with the £35m 
bank facility provides funding for future acquisitions.
The cash increase in the period of £10.5m is generated by cash 
from operations of £20.3m, proceeds from loan of £16.5m, offset 
by investment activities of £22.4m, dividends of £2.5m, tax and 
interest payments of £1.4m.
R A J Sibson
Chief Financial Officer
23 September 2014
READ MORE ABOUT OUR PRINCIPAL 
RISKS AND UNCERTAINTIES 
SEE PAGE 12
“Despite acquiring two 
new products in 2014, 
funds remain available for 
future acquisitions.” 22  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
Peter Allen   
Non-executive Chairman
Peter joined Clinigen as Non-executive Chairman 
in August 2012. He has a wealth of experience on the 
Boards of both private and publicly owned companies, 
including Chairman, CEO and CFO positions. 
He is currently Chairman of Future plc, Chroma 
Therapeutics Limited and Advanced Medical 
Solutions Group plc and a Non-executive Director 
of Oxford Nanopore Technologies Limited and 
Mecom Group plc.
Peter is Chairman of the Nomination Committee 
and a member of the Audit and Risk Committee 
and the Remuneration Committee.
Peter George
Chief Executive Officer
Peter joined Clinigen when it formed in June 2010 
and has been at the forefront of the strategic decisions 
and resulting growth Clinigen has achieved.
Peter has an extensive range of experience, starting his 
career in the UK’s National Health Service before utilizing 
and strengthening his experience in the pharmaceutical 
industry where he has held a number of senior international 
roles including executive VP for Wolters Kluwer Health, 
with responsibility for European and Asia Pacific regions, 
CEO at Penn Pharma Limited where he led a £67m 
management buy-out in 2007 and Chief Operating 
Officer for Unilabs Clinical Trials International Limited.
BOARD OF DIRECTORS
Robin Sibson
Chief Financial Officer
Robin has over 30 years’ experience in the 
pharmaceutical industry, holding a number of senior, 
executive, finance roles for companies such as Abbott, 
Boots and BASF . He joined ADL Healthcare Limited, 
a forerunner of Clinigen, in 2003 and has provided 
a consistent, highly knowledgeable and skilled 
presence through the evolution of Clinigen.
Shaun Chilton
Chief Operating Officer 
Shaun joined Clinigen in January 2012 and now 
holds responsibility for the Group achieving its 
key performance indicators on a day to day basis. 
He previously held the position of president within 
KnowledgePoint360 Group, a global pharmaceutical 
information and services operation.
Shaun has 20 years’ experience in the industry across 
a range of disciplines, including commercial, strategic, 
operational and sales and marketing roles for companies 
such as Pfizer and Sanofi.
Our experienced Board has a significant track record and a wealth of knowledge across 
the biotechnology pharmaceutical and healthcare sectors spanning private and publicly 
quoted companies.
The Board is committed to ensuring that Clinigen CTS and Clinigen GAP become the global 
market leaders in their sectors, and the Group is the owner of a high value portfolio of specialist 
hospital-only medicines. CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  23
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OVERVIEW
John Hartup   
Non-executive Director
John joined Clinigen in May 2011. He has over 30 years’ 
experience as a corporate lawyer dealing with corporate 
finance and commercial contract issues across a 
number of industries.
Formerly managing partner at Ricksons LLP 
and subsequently became a partner at DWF LLP .
John is also a Director of Wichtig Publishing Srl. 
and a non-executive director of Ellis Pharma Limited, 
and Creo Pharma Limited.
John is Chairman of the Audit and Risk Committee 
and a member of the Nomination Committee and 
the Remuneration Committee.
Ian Nicholson   
Non-executive Director
Ian joined Clinigen as Non-Executive Director in 
September 2012. He has considerable experience 
as both an Executive Director and as a non-executive 
director and currently holds positions on the Boards of 
Symphogen AS, Consort Medical plc and Bioventix plc, 
where he is the Non-executive Chairman. Ian is also 
a member of the investment committee at Cancer 
Research UK Pioneer Fund, Chief Executive Officer of 
F2G Limited, Director of Casewell Consulting Limited 
and an Operating Partner at Advent Life Sciences LLP . 
Ian is Chairman of the Remuneration Committee 
and a member of the Audit and Risk Committee 
and the Nomination Committee.
ADVISER AND INVESTOR CONTACTS
Country of incorporation
United Kingdom
Company number
06771928
Directors
P L George
R A J Sibson
S E Chilton 
P Allen (Non-executive 
Chairman) 
J Hartup (Non-executive)
I Nicholson (Non-executive) 
Company Secretary 
and registered office
R A J Sibson
Pitcairn House 
Crown Square 
Centrum 100 
Burton on Trent 
Staffordshire DE14 2WW
Independent auditors
PricewaterhouseCoopers LLP
Cornwall Court 
19 Cornwall Street 
Birmingham B3 2DT
Nominated advisor 
Numis Securities Limited
The London Stock Exchange 
Building
10 Paternoster Square
London EC4M 7LT
Joint brokers
Numis Securities Limited
The London Stock Exchange 
Building
10 Paternoster Square
London EC4M 7LT
Peel Hunt LLP
Moor House
120 London Wall
London EC2Y 5ET
COMMITTEE MEMBERSHIP
 Audit and Risk Committee
 Remuneration Committee
 Nomination Committee 24  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
The Directors present their report 
together with the Strategic report 
and the audited consolidated 
financial statements for the year 
ended 30 June 2014.
Clinigen Group plc is a public limited company, which is listed on the 
Alternative Investment Market and incorporated and domiciled in the UK.
Principal activities
Clinigen is a specialty global pharmaceutical group headquartered 
in the UK, with offices in the US and Japan. The parent company 
is a holding company for the Group, holding the intangible assets of 
the Group and providing management services for the other Group 
companies which undertake the Group’s three operating businesses. 
Clinigen Healthcare Limited has two operating businesses: Specialty 
Pharmaceuticals (“Clinigen SP”) and Global Access Programs 
(“Clinigen GAP”). Clinigen SP focuses on acquiring and in-licensing 
specialist, hospital-only medicines worldwide, commercializing and 
revitalizing them within niche markets. Clinigen GAP specializes in the 
consultancy, development, management and implementation of global 
access programs for biotechnology and pharmaceutical companies. 
Clinigen CTS Limited and Clinigen CTS Inc. jointly form the operating 
business Clinical Trials Supply (“Clinigen CTS”), which sources 
commercial medical products for use in clinical studies, including 
comparator drugs, adjuvant drugs and rescue therapies.
The three operating businesses work in synergy to attain our primary 
aim of supplying “the right drug to the right patient at the right time”.
Business review and future developments
The business review is included within the Operational review and 
Financial review and can be found on pages 14 to 21.
Key performance indicators
The Group’s key performance indicators are discussed in the 
Strategic report.
Financial instruments
The Group’s operations expose it to a variety of financial risks that 
include credit risk, liquidity risk and foreign exchange risk. The Group 
has a risk management program that seeks to limit the adverse effects 
on the financial performance of the Group by monitoring levels of debt 
finance and related finance costs and managing foreign currency 
transactions. The Group has implemented policies that require 
appropriate credit checks before a sale is made. The Group hedges 
its exposure to foreign currency fluctuations by using bank accounts 
denominated in foreign currencies and forward contracts and 
managing currencies at Group level to reduce the impact of 
exchange rate movements.
Further detail is provided in note 20.
Creditor payment policy
It is the policy and normal practice of the Group to make payments 
due to suppliers in accordance with agreed terms and conditions, 
generally 30 days. Where suppliers offer early settlement discounts, 
these are taken advantage of. The policy will also be applied for FY15. 
Dividend
As explained in the Chief Financial Officer’s statement, the Directors 
propose a final dividend of 2.1 pence per share, subject to approval 
at the AGM on 30 October 2014. The dividend will be payable on 
7 November 2014 to all shareholders on the register at 17 October 2014. 
Together with the interim dividend of 1.0 pence per share paid on 
28 March 2014, this makes a combined dividend for the year of 
3.1 pence per share (2013: 2.6 pence per share).
Events after the reporting date
Details of significant events since the balance sheet date 
are contained in note 29 to the financial statements.
Directors and appointment of Directors
The Directors who served during the year and up to the date 
of signing the financial statements were as follows:
P L George 
R A J Sibson 
S Chilton  
P Allen (Non-executive Chairman)  
J Hartup (Non-executive) 
I Nicholson (Non-executive)
With regard to the appointment of Directors, the Company is 
governed by its Articles of Association, the Companies Act and 
related legislation. Directors are subject to re-election at intervals 
of not more than three years. I Nicholson, Non-executive Director 
and R Sibson, Chief Financial Officer, will be retiring by rotation 
and offering themselves for re-election at the AGM to be held 
on 30 October 2014. 
REPORT OF THE DIRECTORS 
FOR THE YEAR ENDED 30 JUNE 2014 CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  25
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OVERVIEW
Directors’ interests
The interests of the Directors over the ordinary share capital 
of the Company are as follows:
Number of 
shares at 
30 June 
2014
Number of 
shares at 
1 July 
2013
P L George 5,557,242 8,889,742
R A J Sibson 2,480,515 4,961,031
S Chilton 303,800 607,600
P Allen 45,732 45,732
J Hartup 33,934 33,934
I Nicholson 10,000 10,000
8,431,223 14,548,039
There has been no change in the interests set out above between 
30 June 2014 and 23 September 2014.
Directors’ responsibilities statement 
The Directors are responsible for preparing the Annual Report and the 
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements 
for each financial year. Under that law the Directors have prepared 
the Group financial statements in accordance with International 
Financial Reporting Standards (IFRSs) as adopted by the European 
Union, and the parent company financial statements in accordance 
with United Kingdom Generally Accepted Accounting Practice 
(United Kingdom Accounting Standards and applicable law). Under 
company law the Directors must not approve the financial 
statements unless they are satisfied that they give a true and fair view 
of the state of affairs of the Group and the Company and of the profit 
or loss of the Group for that period. In preparing these financial 
statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable 
and prudent;
• state whether IFRSs as adopted by the European Union 
and applicable UK Accounting Standards have been followed, 
subject to any material departures disclosed and explained in the 
Group and parent company financial statements respectively;
• prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the company will 
continue in business.
The Directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the Company’s transactions 
and disclose with reasonable accuracy at any time the financial 
position of the Company and the Group and enable them to ensure 
that the financial statements and the Directors’ Remuneration Report 
comply with the Companies Act 2006 and, as regards the Group 
financial statements, Article 4 of the IAS Regulation. They are also 
responsible for safeguarding the assets of the Company and the 
Group and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the 
Company’s website. Legislation in the United Kingdom governing the 
preparation and dissemination of financial statements may differ from 
legislation in other jurisdictions.
The Directors consider that the annual report and accounts, 
taken as a whole, is fair, balanced and understandable and 
provides the information necessary for shareholders to assess 
a company’s performance, business model and strategy. 
Each of the Directors, whose names and functions are listed in the 
Report of the Directors confirm that, to the best of their knowledge:
• the Group financial statements, which have been prepared 
in accordance with IFRSs as adopted by the EU, give a true 
and fair view of the assets, liabilities, financial position and 
profit of the Group; and
• the Directors’ report includes a fair review of the development 
and performance of the business and the position of the Group, 
together with a description of the principal risks and uncertainties 
that it faces.
Directors’ indemnities
The officers of the Company and its subsidiaries would be indemnified 
in respect of proceedings which might be brought by a third party. 
No cover is provided in respect of any fraudulent or dishonest actions.
Employees
The Group is committed to a policy of equal opportunities 
in the recruitment, engagement and retention of employees. 
The multi-lingual diversity of our team not only supports our 
global service offering but demonstrates our lack of barriers to 
employment. Employees are supported to undertake additional 
training, both internal and external, to develop their skills which 
are then often transferred across departments or enables 
their promotion. 26  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
Employees continued
Age, colour, gender, disability, ethnic origin, religious or political 
view is not seen as a barrier to employment and is evidenced by 
the Group’s diverse employment base. The Group would support 
employees if they were to become disabled whilst employed by 
the Group, those employees would be retained where possible 
and training provided as required.
It is important we listen to our employees and understand their views 
on Clinigen as an employer and for the senior management as their 
colleagues. The Group operates a culture of open communication 
through a range of two-way mediums including: CEO coffee mornings; 
monthly employee representative staff forum; newsletter; and monthly 
Group update from the CEO and Chief Financial Officer. For the second 
year running, the Group conducted a global staff survey at the 
Annual Staff Conference.
The strategic objectives of the Group are communicated to 
the employees, who are encouraged to be a part of the Group’s 
success through share ownership and the Group’s employee 
share schemes.
Corporate, social and ethical policies
Clinigen recognizes the importance of balancing the interests of its 
customers, shareholders, employees, suppliers and the communities 
in which it operates. Management of the environmental and social 
issues that play a part in the business is a key factor in the Group’s 
strategy for success and in the practice of good corporate governance. 
With this in mind the Group and its operating businesses audit all 
suppliers and manufacturers regularly to ensure they reach the standards 
set and respond to any improvement requests we make of them.
The Group aspires to carry out its business to the highest ethical 
standards, treating employees, suppliers and customers in a 
professional, courteous and honest manner. Ethical standards 
are included in our audit schedule when reviewing our suppliers 
and manufacturers to check the standards they follow meet 
those expected.
Clinigen participates in local community projects it feels are worthy 
and appropriate and encourages employees to get involved in local 
and national charitable events, as well as deciding where charitable 
donations are placed. For FY14, the Group has supported Foundation 
MEM, a charity focussing on developing a better life for a village in 
Cameroon which is very close to some of our employees as well as 
continuing to support The Anthony Nolan Trust, a charity very relevant 
to Foscavir, the first product acquired in 2010. To raise money for 
these charities, groups of employees have taken part in the London 
Marathon and the Three Peaks Challenge this year as well as hosting 
a Charity Golf Day and various other fundraising events.
The Group made no political donations during the year (FY13: £nil) 
and made charitable donations of £29k (FY13: £15k).
Investor relations
We believe it is important to have regular, open communication 
with existing and potential shareholders. In addition to the organized 
roadshows and AGM, we welcome all shareholder engagement. 
To widen our investor base, we have appointed an additional broker, 
Peel Hunt, which has become joint broker alongside Numis.
We also believe it is important for all employees to share in our 
success; through our share schemes, we encourage all employees 
to become shareholders. 
Provision of information to the auditors
Each of the Directors at the time when this Report of the Directors 
is approved has confirmed that:
• so far as that Director is aware, there is no relevant audit 
information of which the Company’s and the Group’s auditors 
are unaware; and
• that Director has taken all the steps that ought to have been taken 
as a Director in order to be aware of any information needed by 
the Company and the Group’ s auditors in connection with preparing 
their report and to establish that the Company and the Group’s 
auditors are aware of that information.
AGM notice
The notice convening the AGM to be held on 30 October 2014, 
together with an explanation of the resolutions to be proposed at 
the meeting, is contained in a separate circular to shareholders.
Independent auditors
The auditors, PricewaterhouseCoopers LLP , have expressed their 
willingness to continue in office and a resolution to re-appoint them 
will be proposed at the forthcoming AGM.
This report was approved by the Board and signed by order 
of the Board:
R A J Sibson
Company Secretary
23 September 2014
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  27
OVERVIEW
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF CLINIGEN GROUP PLC
Our opinion
In our opinion the financial statements, defined below:
• give a true and fair view of the state of the group’s affairs as at 
30 June 2014 and of its profit and cash flows for the year then ended;
• have been properly prepared in accordance with International 
Financial Reporting Standards (IFRSs) as adopted by the 
European Union; and
• have been prepared in accordance with the requirements 
of the Companies Act 2006.
This opinion is to be read in the context of what we say 
in the remainder of this report.
What we have audited
The group financial statements (the “financial statements”), which are 
prepared by Clinigen Group plc, comprise:
• the Consolidated statement of financial position as at 30 June 2014;
• the Consolidated statement of comprehensive income for the 
year then ended;
• the Consolidated statement of cash flows for the year then ended;
• the Consolidated statement of changes in equity for the year then 
ended; and
• the notes to the financial statements, which include a summary of 
significant accounting policies and other explanatory information.
The financial reporting framework that has been applied 
in their preparation is applicable law and IFRSs as adopted 
by the European Union.
In applying the financial reporting framework, the directors have 
made a number of subjective judgements, for example in respect 
of significant accounting estimates. In making such estimates, 
they have made assumptions and considered future events.
What an audit of financial statements involves
We conducted our audit in accordance with International Standards 
on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). An audit involves 
obtaining evidence about the amounts and disclosures in the 
financial statements sufficient to give reasonable assurance that the 
financial statements are free from material misstatement, whether 
caused by fraud or error. This includes an assessment of: 
• whether the accounting policies are appropriate to the group’s 
circumstances and have been consistently applied and 
adequately disclosed; 
• the reasonableness of significant accounting estimates made 
by the directors; and 
• the overall presentation of the financial statements. 
In addition, we read all the financial and non-financial information 
in the Annual report and accounts to identify material inconsistencies 
with the audited financial statements and to identify any information 
that is apparently materially incorrect based on, or materially inconsistent 
with, the knowledge acquired by us in the course of performing the 
audit. If we become aware of any apparent material misstatements or 
inconsistencies we consider the implications for our report.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the 
Report of the Directors for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
Other matters on which we are required to report by exception
Adequacy of information and explanations received
Under the Companies Act 2006 we are required to report to you if, in 
our opinion, we have not received all the information and explanations 
we require for our audit. We have no exceptions to report arising 
from this responsibility. 
Directors’ remuneration
Under the Companies Act 2006 we are required to report to you if, 
in our opinion, certain disclosures of directors’ remuneration specified 
by law are not made. We have no exceptions to report arising from 
this responsibility. 
Responsibilities for the financial statements and the audit
Our responsibilities and those of the directors
As explained more fully in the Directors’ Responsibilities Statement 
set out on page 25, the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true 
and fair view.
Our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and ISAs (UK & Ireland). 
Those standards require us to comply with the Auditing Practices 
Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only 
for the company’s members as a body in accordance with Chapter 3 
of Part 16 of the Companies Act 2006 and for no other purpose. We 
do not, in giving these opinions, accept or assume responsibility for 
any other purpose or to any other person to whom this report 
is shown or into whose hands it may come save where expressly 
agreed by our prior consent in writing.
Other matter
We have reported separately on the company financial statements 
of Clinigen Group plc for the year ended 30 June 2014.
Andrew Hammond (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Birmingham
23 September 2014 28  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
FOR THE YEAR ENDED 30 JUNE 2014
2014 2013
Note
Underlying
 £’000
Non-
underlying
(note 6)
 £’000
Total
 £’000
Underlying
 £’000
Non-
underlying
(note 6)
 £’000
Total
 £’000
Revenue 3 126,639 — 126,639 122,580 — 122,580
Cost of sales (85,436) — (85,436) (87,457) — (87,457)
Gross profit 3 41,203 — 41,203 35,123 — 35,123 
Administrative expenses (17,887) (1,801) (19,688) (14,614) (5,909) (20,523)
Profit/(loss) from operations 4 23,316 (1,801) 21,515 20,509 (5,909) 14,600
Finance income 7 2 — 2 7 — 7
Finance cost 8 (234) — (234) (95) — (95)
Profit/(loss) before income tax 23,084 (1,801) 21,283 20,421 (5,909) 14,512
Income tax (expense)/credit 9 (5,437) 367 (5,070) (5,158) 1,978 (3,180)
Profit/(loss) for the year attributable 
to owners of the parent 17,647 (1,434) 16,213 15,263 (3,931) 11,332
Other comprehensive income
Items that may be reclassified 
to profit or loss:
Exchange (losses)/gains arising in the year 
on translation of foreign operations (254) — (254) 61 — 61
Total comprehensive income/(expense) 
attributable to owners of the parent 17,393 (1,434) 15,959 15,324 (3,931) 11,393
Earnings per share for profit attributable 
to the owners of the parent during the year 10
Basic (p) 19.6 15.1
Diluted (p) 19.0 13.8
All amounts relate to continuing operations.
The Company has elected to take exemption under section 408 of the Companies Act 2006 not to present the Company Statement 
of Comprehensive Income.
The notes on pages 32 to 56 form an integral part of the consolidated financial statements. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  29
OVERVIEW
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AS AT 30 JUNE 2014
Note
2014
£’000
2013
£’000
Assets
Non-current assets
Property, plant and equipment 12 968 748
Intangible assets 13 50,508 38,893
Deferred tax assets 21 1,956 1,983
Total non-current assets 53,432 41,624
Current assets
Inventories 15 2,466 3,151
Trade and other receivables 16 23,644 18,721
Corporation tax recoverable 3,535 3,932
Cash and cash equivalents 17 21,787 11,326
Total current assets 51,432 37,130
Total assets 104,864 78,754
Liabilities
Current liabilities
Trade and other payables 18 19,502 27,804
Loans and borrowings 19 16,500 —
Corporation tax liability 2,555 —
Total current liabilities 38,557 27,804
Net assets 66,307 50,950
Issued capital and reserves attributable to owners of the parent company
Share capital 22 83 83
Share premium account 23 8,660 8,660
Merger reserve 23 5,413 5,413
Own shares 23 (328) —
Foreign exchange reserve 23 (145) 109
Retained earnings 23 52,624 36,685
Total equity 66,307 50,950
The notes on pages 32 to 56 form an integral part of the consolidated financial statements.
The financial statements on pages 28 to 56 were approved and authorized for issue by the Board of Directors on 23 September 2014 and 
were signed on its behalf by
P L George R A J Sibson
Director Director 30  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
CONSOLIDATED STATEMENT OF CASH FLOWS 
FOR THE YEAR ENDED 30 JUNE 2014
Note
2014
£’000
2013
£’000
Cash flows from operating activities
Profit for the year before tax 21,283 14,512 
Adjustments for:
Depreciation of property, plant and equipment 212 130
Amortization of intangible fixed assets 8 3,290 1,746
Loss on disposal of property, plant and equipment 18 18
Currency gain on contract creditors (367) —
Interest receivable (2) (7)
Interest expense 234 95
Share based payment expense 13 1,190 2,323
25,858 18,817
Increase in trade and other receivables (4,923) (4,157)
Decrease/(increase) in inventories 685 (359)
(Decrease)/increase in trade and other payables (1,278) 6,235
Decrease in provisions — (912)
Cash generated from operations 20,342 19,624
Income taxes paid (1,067) (1,301)
Net cash generated from operating activities 19,275 18,323
Investing activities
Purchases of property, plant and equipment (641) (467)
Purchase of intangible fixed assets (21,371) (18,272)
Purchase of own shares (340) —
Interest receivable 2 7
Net cash used in investing activities (22,350) (18,732)
Financing activities
Proceeds from issue of shares — 8,693
Proceeds from loan 10 16,500 —
Loan repayments — (1,626)
Interest paid (234) (95)
Dividends paid 7 (2,476) (495)
Net cash generated from financing activities 13,790 6,477
Net increase in cash and cash equivalents 10,715 6,068
Cash and cash equivalents at beginning of year 9 11,326 5,197
Exchange gains (254) 61
Cash and cash equivalents at end of year 9 21,787 11,326 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  31
OVERVIEW
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 30 JUNE 2014
Share 
capital
£’000
Share 
premium 
account
£’000
Merger 
reserve
£’000
Own 
shares
£’000
Foreign 
exchange 
reserve
£’000
Retained 
earnings
£’000
Total 
equity
£’000
At 1 July 2012 — — 5,463 — 48 24,395 29,906
Profit for the year — — — — — 11,332 11,332
Other comprehensive income — — — — 61 — 61
Total comprehensive income — — — — 61 11,332 11,393
Share based payment scheme — — — — — 2,323 2,323
Deferred taxation on share based 
payment scheme — — — — — (8,945) (8,945)
Tax credit in respect of tax losses 
arising on exercise of share options — — — — — 8,075 8,075
Dividend paid (note 11) — — — — — (495) (495)
Bonus issue of shares 50 — (50) — — — —
Issue of new shares 33 10,221 — — — — 10,254
Cost of new issue — (1,561) — — — — (1,561)
At 30 June 2013 and 1 July 2013 83 8,660 5,413 — 109 36,685 50,950
Profit for the year — — — — — 16,213 16,213
Other comprehensive income — — — — (254) — (254)
Total comprehensive income — — — — (254) 16,213 15,959
Share based payment scheme — — — — — 1,190 1,190
Deferred taxation on share based 
payment scheme — — — — — 405 405
Tax credit in respect of tax losses arising 
on exercise of share options — — — — — 619 619
Dividend paid (note 11) — — — — — (2,476) (2,476)
Own shares acquired in the year — — — (340) — — (340)
Own shares distributed on exercise 
of share options — — — 12 — (12) — 
Total contributions by and distributions 
to owners of the parent, recognized 
directly in equity — — — (328) — (274) (602)
At 30 June 2014 83 8,660 5,413 (328) (145) 52,624 66,307 32  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 30 JUNE 2014
1. Accounting policies
The principal accounting policies adopted by the Group and applied in the preparation of these consolidated financial statements are set out 
below. The policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of Clinigen Group plc have been prepared in accordance with International Financial Reporting Standards, 
International Accounting Standards and Interpretations (collectively “IFRSs”) issued by the International Accounting Standards Board (“IASB”) 
as adopted by the European Union (“adopted IFRSs”) and with those parts of the Companies Act 2006 that are applicable to companies that 
prepare financial statements in accordance with IFRSs. The consolidated financial statements have been prepared under the historical cost 
convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit 
or loss.
The preparation of financial statements in conformity with adopted IFRS requires the use of certain critical accounting estimates. It also 
requires Group management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving 
a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial 
statements are disclosed in note 2.
Going concern
The Group’s strategy and forecasts, taking account of sensitivities within the trading projections and possible changes in trading performance, 
show that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group has further funds 
available in the undrawn proportion of the bank facility, which combined with the Group’s cash balance and positive cash generation from 
each of its operations provides funding for future acquisitions in line with the Group’s acquisitional growth strategy. The Group therefore 
continues to adopt the going concern basis in preparing its consolidated financial statements. Further information on the Group’s borrowing 
facilities is given in note 19.
Presentation of financial statements in accordance with IAS 1 (as amended 2012)
The financial statements are presented in accordance with IAS 1 ‘Presentation of Financial Statements’ (as amended 2012). The Group 
has elected to present the ‘Statement of comprehensive income’ in one statement.
Changes in accounting policies
(a) New and amended standards, interpretations and amendments adopted by the Group
The following IFRSs or IFRIC interpretations are effective for the first time for the financial year beginning on or after 1 July 2014 and have 
been adopted by the Group.
• IFRS 10 ‘Consolidated Financial Statements’ builds on existing principles by identifying the concept of control as the determining factor 
in whether an entity should be included within the consolidated financial statements. Adoption of this standard had no impact on the 
financial statements.
• IFRS 11 ‘Joint Arrangements’ provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the 
arrangement, rather than its legal form. There are two types of joint arrangement: joint operations and joint ventures. Joint operations arise 
where a joint operator has rights to the assets and obligations relating to the arrangement and hence accounts for its interest in assets, 
liabilities, revenue and expenses. Joint ventures arise where the joint operator has rights to the net assets of the arrangement and hence 
equity accounts for its interest. Proportional consolidation of joint ventures is no longer allowed. Adoption of this standard had no impact 
on the financial statements.
• IFRS 13 ‘Fair Value Measurement’ aims to improve consistency and reduce complexity by providing a precise definition of fair value 
and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements, which are largely 
aligned between IFRSs and US GAAP , do not extend the use of fair value accounting but provide guidance on how it should be applied 
where its use is already required or permitted by other standards within IFRS or US GAAP . Adoption of this standard had no impact on 
the financial statements. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  33
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
1. Accounting policies continued
Changes in accounting policies continued
(b) New standards, interpretations and amendments not yet adopted
A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 July 2014 
and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on 
the consolidated financial statements of the Group, except the following:
• IFRS 9 ‘Financial Instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. 
It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets 
to be classified into two measurement categories: those measured at fair value and those measured at amortized cost. The determination 
is made at initial recognition. The classification depends on the entity’s business model for managing its financial instruments and the 
contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. 
The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s 
own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. 
The standard is effective for accounting periods beginning on or after 1 January 2015. The Group is yet to assess IFRS 9’s full impact.
Basis of consolidation
The consolidated financial statements present the results of the Company and entitles where the Company has the ability to control the 
activities of and decisions made by that entity and to receive a variable return that can be affected by that control (the “Group”) as if they 
formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
Foreign currency
(a) Functional and presentation currency
Items included in the financial statements of each of the Group’ s entities are measured using the currency of the primary economic environment 
in which the entity operates (the “functional currency”). The consolidated financial statements are presented in sterling, being the currency 
of the primary economic environment in which the Company operates. This is the Group’s presentation currency.
(b) Transactions and balances
Transactions entered into by Group entities in a currency other than the currency of the primary economic environment in which they operate 
(their “functional currency”) are recorded at the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. 
Foreign currency monetary assets and liabilities are translated at the exchange rates prevailing at the reporting date. All foreign exchange 
gains and losses are presented in the consolidated statement of comprehensive income within administrative expenses. 
(c) Group companies
The results and financial position of all the Group entities (none of which has the currency of a hyper-inflationary economy) that have 
a functional currency different from the presentation currency are translated into the presentation currency as follows: 
a) assets and liabilities for each balance sheet presented are translated at the mid rate on the date of that balance sheet;
b) income and expenses for each income statement are translated at average exchange rates for the financial period; and
c) all resulting exchange differences are recognized in other comprehensive income and accumulated in the foreign exchange reserve. 
On disposal of a foreign operation, the cumulative exchange differences recognized in the foreign exchange reserve relating to that operation 
up to the date of disposal would be transferred to the consolidated statement of comprehensive income as part of the profit or loss on disposal. 34  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
1. Accounting policies continued
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. 
The chief operating decision maker has been identified as the Board of Directors.
The Board considers that the Group’s activities constitute three operating segments, as defined under IFRS 8. Management reviews 
the performance of the Group by reference to the results of the operating segments against budget and the total results against budget. 
Gross profit is the profit measure, as disclosed on the face of the consolidated statement of comprehensive income that is reviewed by 
the chief operating decision maker at the segmental reporting level. The performance measures used by management are prepared under 
UK GAAP whereas the figures in the Group financial information have been prepared in accordance with International Financial Reporting 
Standards (“IFRSs”) and IFRIC Interpretations issued by the International Accounting Standards Board as adopted by the European Union. 
Share based payments
Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated 
statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number 
of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period 
is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value 
of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting 
conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting 
condition is not satisfied.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately 
before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.
Non-underlying items
Non-underlying items are those significant items which the Directors consider are not related to the normal trading activities of the Group 
and are therefore separately disclosed to enable full understanding of the Group’s financial performance. Share based payments are classified 
as non-underlying items due to their significance and in order to provide the reader of the consolidated financial statements with a consistent 
view of the underlying costs of the operating Group.
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation. As well as the purchase price, cost includes 
directly attributable costs. 
Depreciation is provided on all items of property, plant and equipment at rates calculated to write off the cost of each asset on a straight line 
basis over its expected useful economic lives, as follows:
• Leasehold improvements – 17% 
• Plant and machinery – 20% 
• Fixtures, fittings and equipment – 20% to 33% straight line STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  35
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
1. Accounting policies continued
Intangible assets
Goodwill
Goodwill represents the excess of the cost of a business combination over, in the case of business combinations completed prior 
to 1 July 2010, the Group’s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.
For business combinations completed after 1 July 2010, goodwill represents the excess of the cost of a business combination over the 
Group’s interest in the fair value of identifiable assets, liabilities and contingent liabilities including those intangible assets identified under 
IFRS 3 ‘Business Combinations’. 
Goodwill is capitalized as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive 
income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess 
is credited in full to the consolidated statement of comprehensive income on the acquisition date.
Goodwill is not amortized. 
Trademarks and licences
Separately acquired trademarks and licences are initially recognized at cost, being the purchase price of the asset which comprises 
the purchase price and any directly attributable cost of preparing the asset for its intended use. Where licences have outstanding capital 
commitments at the time of acquisition, these are accrued for and capitalized as part of the purchase cost. The carrying value of trademarks 
and licences is calculated as cost less accumulated amortization. Amortization is calculated using the straight line method to allocate the cost 
of the trademarks and licences over their estimated useful lives of between seven and 15 years. 
The amortization expense is recognized within administrative expenses in the consolidated statement of comprehensive income.
Computer software
Computer software purchased to improve the Group’s ability to deliver its goods and services and is intended to be used over a number 
of years is capitalized and recognized at cost, being the purchase price of the asset and any directly attributable cost of preparing the asset 
for its intended use. No internal cost for time spent is capitalized as part of the asset. The carrying value of computer is calculated as cost less 
accumulated amortization. Amortization is calculated using the straight line method to allocate the cost of the computer software over their 
estimated useful lives of three to five years. 
The amortization expense is recognized within administrative expenses in the consolidated statement of comprehensive income.
Impairment reviews
Impairment reviews are undertaken annually at the end of the financial year or more frequently if events or changes in circumstances indicate 
a potential impairment. The carrying value of individual intangible and tangible assets are compared to the recoverable amount, which is the 
higher of value in use and the fair value less costs to sell. An impairment loss is recognized for the amount by which the asset’s carrying value 
exceeds its recoverable amount. 
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest Group of 
assets to which it belongs for which there are separately identifiable cash flows; its cash generating units (“CGUs”). Goodwill is allocated on 
initial recognition to each of the Group’s CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill.
Non-financial assets, other than goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. 36  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
1. Accounting policies continued
Inventories
Inventories are initially recognized at cost and subsequently stated at the lower of cost and net realizable value. Cost is determined using first expiry, 
first out method. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present 
location and condition. Net realizable value is the estimated selling price less applicable variable selling expenses. Provisions are made for slow 
moving and damaged inventories. Inventories which have expired are fully provided for until they are destroyed, when they are written off.
Financial assets
The Group does not have any financial assets which it would classify as fair value through profit or loss, available for sale or held to maturity. 
Therefore all financial assets are classed as loans and receivables as defined below.
Loans and receivables
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Group’s 
loans and receivables comprise ‘trade and other receivables’ and ‘cash and cash equivalents’ in the consolidated statement of financial 
position. They are included in current assets, except for maturities greater than twelve months after the end of the reporting period, which 
are classed as non-current assets. 
Trade receivables arise principally through the provision of goods and services to customers in the ordinary course of the business. They are 
recognized initially at fair value plus transaction costs that are directly attributable to their acquisition or issue and subsequently measured at 
amortized cost using the effective interest method, less provision for impairment.
Cash and cash equivalents include cash in hand, deposits held at call with banks and other highly liquid cash investments.
Impairment provisions are recognized when there is objective evidence (such as significant financial difficulties on the part of the counterparty 
or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the terms receivable, the amount 
of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated 
with the impaired receivable. For trade receivables, which are reported net; such provisions are recorded in a separate allowance account 
with the loss being recognized within administrative expenses in the consolidated statement of comprehensive income. On confirmation that 
the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
Financial liabilities
The Group does not have any material financial liabilities that would be classified as fair value through the profit or loss. Therefore all financial 
liabilities are classified as other financial liabilities, as defined below. 
Other financial liabilities 
Other financial liabilities include the following items:
Borrowings are initially recognized at fair value. Such interest bearing liabilities are subsequently measured at amortized cost using the effective 
interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability 
carried in the consolidated statement of financial position. Facility fees paid on the establishment of facilities and for the maintenance of the 
facility are recognized as bank charges within administrative expenses. 
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. They are 
classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are 
initially recognized at fair value and subsequently carried at amortized cost using the effective interest method. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  37
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
1. Accounting policies continued
Retirement benefits: defined contribution schemes
Contributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year 
to which they relate. The Group has no further payment obligations once the contributions have been paid.
Leased assets
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. 
Benefits received and receivable as an incentive to sign and operating lease are similarly spread on a straight line basis over the lease term, 
except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the 
full lease term, in which case the shorter period is used.
Dividends
Dividends are recognized when they become legally payable. In the case of interim dividends to equity shareholders, this is when paid. 
In the case of final dividends, this is when approved by the shareholders.
Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognized in the income statement, except to the extent 
that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other 
comprehensive income or directly in equity, respectively.
The current tax charge, including UK corporation tax and foreign tax, is calculated on the basis of the laws that have been enacted 
or substantively enacted by the balance sheet date. Provisions are established, where appropriate, on the basis of amounts expected 
to be paid.
Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated statement of financial 
position differs from its tax base, except for differences arising on:
• the initial recognition of goodwill;
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects 
neither accounting nor taxable profit; and
• investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference and 
it is probable that the difference will not reverse in the foreseeable future.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which 
the differences can be utilized. 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the balance sheet date 
and are expected to apply when the deferred tax liabilities or assets are settled or recovered, respectively.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities 
and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:
• the same taxable Group Company; or
• different Company entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle 
the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets and liabilities are expected to be 
settled or recovered. 38  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
1. Accounting policies continued
Share capital
Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability. 
The Group’s ordinary shares are classified as equity instruments.
Revenue 
Revenue represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, 
VAT and other sales-related taxes. The revenue recognition for the operational areas of the business is:
Supply of products and Clinical Trials Supply
Revenue from the supply of products is recognized when the Group has transferred the significant risks and rewards of ownership to the 
buyer and it is probable that the Group will receive the previously agreed upon payment. These criteria are considered to be met when 
the goods are delivered to the buyer. Revenue is recognized at the fair value of consideration received or receivable.
Global Access Programs
All services provided in relation to Global Access Programs are contractually agreed with the product originator, revenue for these services 
is recognized in the period when the services set out in the contract can be assessed as being fulfilled with reasonable certainty, they can 
be measured reliably and it is probable that the Group will receive any consideration. Revenue in respect of program management fees 
is recognized when goods, provided under the program, have been dispatched to the customer for which the management fee relates. 
Revenue is recognized at the fair value of consideration received or receivable.
Revenue in all years principally arises from the provision of goods and services. Further information is available in note 3, Segment information. 
2. Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on 
historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk 
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(a) Impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in note 1. 
The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future 
cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. Actual outcomes may vary. 
More information including carrying values is included in note 13. 
(b) Carrying value of intangible assets excluding goodwill
The carrying value of intangible assets is at cost less amortization and any impairment. Annual impairment trigger reviews are undertaken 
at the end of the financial year or more frequently if events or changes in circumstances indicate a potential impairment. Trademarks and 
licences are not traded in an active market hence the fair value of the asset is determined using discounted cash flows which involves the 
Group using judgement and assumptions.  STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  39
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
2. Critical accounting estimates and judgements continued
(c) Share based payment charge
In relation to equity-settled share based remuneration schemes, employee services received, and the corresponding increase in equity, 
are measured by reference to the fair value of the equity instruments at the date of grant. The fair value of share options is estimated 
by using valuation models, such as Black-Scholes, on the date of grant based on certain assumptions. 
(d) Deferred taxation 
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which 
the difference can be utilized. The future taxable profits are based on forecasts and thus actual may vary.
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the balance sheet date 
and are expected to apply when the deferred tax liabilities or assets are settled or recovered. A change in rate would change these calculations. 
The deferred tax asset recognized on share options, not yet exercised, is calculated based on the market price of the shares at the end 
of the reporting period. The market price at the exercise date would be expected to be different, hence the actual asset recognizable 
at exercise is likely to differ to the one recognized at the reporting date.
3. Segment information
The Group has three main reportable segments, being the Group’s operating businesses:
Clinical Trials Supply (“Clinigen CTS”) sources commercial medical products for use in clinical studies, including comparator drugs, adjuvant 
drugs and rescue therapies. This operating business accounts for the largest proportion of the Group’s revenue, generating 66% (2013: 71%) 
of its external revenues.
Specialty Pharmaceuticals (“Clinigen SP”) manufactures and distributes its own and in-licensed specialist, hospital-only medicines worldwide 
and contributed 21% (2013: 20%) of the Group’s external revenues.
Global Access Programs (“Clinigen GAP”) specialises in the consultancy, development, management and implementation of global access 
programs for biotechnology and pharmaceutical companies. It is the smallest of the Group’s three operating businesses contributing 13% 
(2013: 9%) of the Group’s external revenues.
Factors that management used to identify the Group’s reportable segments
The Group’s reportable segments are strategic operating business units that provide different products and service offerings into different 
market environments. They are managed separately because each operational business focuses on a different product or service offering 
to a different customer group.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief 
operating decision maker has been identified as the Board of Directors including the Chief Executive Officer, Chief Operating Officer and the 
Chief Financial Officer. 
Measurement of operating segment profit or loss, assets and liabilities
The accounting policies of the operating segments are the same as those described in note 1, Accounting policies.
The Group evaluates performance of the operational segments on the basis of gross profit or loss from operations. 40  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
3. Segment information continued
Classes of business
2014
£’000
2013
£’000
Revenue arises from:
Clinical Trials Supply 83,622 87,753 
Specialty Pharmaceuticals 26,874 24,342
Global Access Programs 16,143 10,485
126,639 122,580
Gross profit arises from:
Clinical Trials Supply 12,608 11,367
Specialty Pharmaceuticals 23,159 19,847
Global Access Programs 5,436 3,909
41,203 35,123
Administrative expenses relating to underlying operations (17,887) (14,614)
Administrative expenses relating to non-underlying operations — (3,098)
Share based payment expense (1,190) (2,323)
Social security costs in respect of share based payments (611) (488)
Finance income 2 7
Finance costs (234) (95)
Profit before tax 21,283 14,512
Geographical analysis
2014
£’000
2013
£’000
Revenue arises from the following locations:
UK 19,744 33,164
Germany 11,824 14,044
Republic of Ireland 13,109 3,487
Rest of Europe 25,288 11,978
USA 51,606 55,479
Japan 1,566 1,898
Rest of World 3,502 2,530
126,639 122,580
Gross profit arises from the following locations:
UK 7,409 3,915 
Germany 5,342 5,821
Republic of Ireland 2,597 604
Rest of Europe 6,952 4,617
USA 15,282 17,305
Japan 1,021 1,222
Rest of World 2,600 1,639
41,203 35,123
Analysis of concentration of customers (based on customers contributing at least 10% of revenue):
Customer A – Clinical Trials Supply 17,138 27,600
Customer B – Clinical Trials Supply 3,452 16,132
Other 106,049 78,848
126,639 122,580 STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  41
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
4. Profit/(loss) from operations
Profit/(loss) from operations is stated after charging:
2014
£’000
2013
£’000
Staff costs 8,695 10,758
Amortization of intangible fixed assets 3,290 1,746
Depreciation 212 130
Operating lease rentals – land and buildings 264 159
Difference on foreign exchange 575 (452)
Auditors’ remuneration
Fees payable to the Company’s auditors for the audit of the parent company and consolidated financial statements 67 70
Fees payable to the Company’s auditors for other services:
– The audit of the Company’s subsidiaries 20 22
– Tax advisory services 69 14
– Tax compliance services 20 19
– IPO related costs — 260
– Other services 12 —
Included in staff costs are share based payments of £1,190k (2013: £2,323k).
5. Staff costs
2014
£’000
2013
£’000
Staff costs (including Directors) comprise:
Wages and salaries 6,079 6,784
Share based payments 1,190 2,323
Social security costs 1,236 1,475
Other pension costs 190 176
8,695 10,758
Employee numbers
The average monthly number of staff employed by the Group during the financial year amounted to: 
 
2014
Number
2013
Number
Directors 3 2
Staff 104 85
107 87
Directors’ emoluments
2014 2013
Salary/fees
£’000
Bonus
£’000
Benefit 
in kind
£’000
Total
£’000
Salary/fees
£’000
Bonus
£’000
Benefit 
in kind
£’000
Total
£’000
P L George 351 239 2 592 336 325 2 663
R A J Sibson 190 156 2 348 176 170 2 348
S Chilton 178 248 2 428 — — — —
P Allen 78 — 2 80 69 — — 69
J Hartup 48 — — 48 42 — — 42
I Nicholson 47 — — 47 38 — — 38 42  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
5. Staff costs continued
Directors’ emoluments continued
The bonus disclosed for S E Chilton includes an accrual for current year bonus and prior year bonus paid during the year, less accrual. 
The bonus paid in respect of the prior year was higher than accrued due to a change in remuneration package. 
There were three Directors (2013: two) who were members of the defined contribution pension scheme.
The amount payable to the highest paid Director in respect of emoluments was £592k (2013: £663k), pension contributions made on their 
behalf £34k (2013: £34k) and share based payments of £275k (2013: £826k). 
No Directors (2013: three, including the highest paid Director) exercised share options in the year. The aggregate gain on the exercise of these 
share options was £nil (2013: £25,242,397).
Directors who held share options at 30 June were as follows:
 Plan
2014
Number
2013
Number
P L George Clinigen Group Long Term Incentive Plan 825,556 825,556
S Chilton Clinigen Group Long Term Incentive Plan 619,167 412,778
P Allen Chairman’s Option Agreement 91,464 91,464
P L George and R Sibson waived share options of 58,386 and 30,540, respectively, in the year.
All share options are over the Company’s ordinary shares of 0.1 pence each.
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities 
of the Group. These are considered to be the Executive Directors of Clinigen Group plc.
2014
£’000
2013
£’000
Directors’ remuneration included in staff costs:
Wages and salaries 1,362 1,008
Defined contribution pension cost 69 50
Share based payment expense 562 1,172
1,993 2,230
6. Non-underlying items
The non-underlying items relate to the following:
2014
£’000
2013
£’000
Share based payment charge 1,190 2,323
Social security costs in respect of share based payments 611 488
PAYE and national insurance in respect of payments made to the Remuneration Trust — (383)
Non-equity IPO costs — 3,481
Credit in respect of deferred tax (367) (1,978)
1,434 3,931
Details of the share based payment charge of £1,190k (2013: £2,323k) are in note 26. Social security costs of £611k (2013: £488k) 
relates to amounts that are payable on the exercise of share options granted under unapproved share option plans.
Non-equity IPO costs of £nil (2013: £3,481k) are also disclosed as non-underlying administrative costs.
The deferred tax credit relates to the share based payment charge and related proportion of tax loss which will be created at exercise. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  43
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
7. Finance income
2014
£’000
2013
£’000
Interest income on short-term bank deposits 2 7
Total finance income 2 7
8. Finance cost
2014
£’000
2013
£’000
Bank interest 234 95
Total finance cost 234 95
9. Income tax
2014
£’000
2013
£’000
Current tax expense
Current tax on profits of the year 5,262 4,705
Adjustment in respect of prior years 37 (679)
5,299 4,026
Deferred tax expense
Origination and reversal of temporary differences (229) (846)
Total tax expense 5,070 3,180
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the UK applied to profit 
for the year as follows:
2014
£’000
2013
£’000
Profit before tax 21,283 14,512
Expected tax charge based on corporation tax rate of 22.5% (2013: 23.75%) 4,789 3,338
Depreciation in excess of capital allowances 42 30
Expenses not deductible for tax purposes other than goodwill amortization and impairment 22 346
Adjustments to tax charge in respect of prior years 37 (679)
Short-term timing differences 260 505
Higher rates of taxes on overseas earnings 153 4
Loss arising in year – recognized within deferred tax asset (4) 344
Effect of change in rate in the year — 138
Current tax expense 5,299 4,026
The standard rate of corporation tax in the UK changed from 23% to 21% with effect from 1 April 2014 following a previous reduction 
from 24% to 23% with effect from 1 April 2013. 
In addition to the change above, legislation to reduce the main rate of corporation tax from 21% to 20% from 1 April 2015 was substantively 
enacted at the balance sheet date and so the deferred tax balance has been calculated at 20%.  44  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
10. Earnings per share (“EPS”)
Profit
2014
£’000
2013
£’000
Profit used in calculating basic and diluted EPS 16,213 11,332
Number of shares Number Number
Weighted average number of shares for the purpose of basic EPS 82,555,585 74,814,829
Effect of:
Employee share options 2,654,055 7,511,178
Weighted average number of shares for the purpose of diluted EPS 85,209,640 82,326,007
EPS Pence Pence
Basic 19.6 15.1
Diluted 19.0 13.8
EPS is calculated based on the share capital of Clinigen Group plc and the earnings of the combined Group. 
Diluted EPS takes account of the weighted average number of outstanding share options being 2,654,055 (2013: 7,511,178). During the prior 
year, share options granted under the Enterprise Management Incentive Scheme exercised.
The adjusted EPS, based on the following earnings figure for the year and number of shares in issue of 82,555,585 is 24.5 pence (2013: 20.1 pence). 
2014
£’000
2013
£’000
Underlying profit after tax 17,647 15,263
Add back of amortization 3,290 1,746
Less tax associated with amortization (740) (415)
Adjusted underlying earnings 20,197 16,594
The adjusted diluted earnings per share based on the total number of shares in issue and granted under employee share option schemes 
at 30 June 2014 of 85,179,050 (2013: 84,825,546) is 20.7 pence (2013: 18.0 pence). 
11. Dividends
2014
£’000
2013
£’000
Final dividend in respect of the year ended 30 June 2013 of 2.0 pence (2013: nil pence) per ordinary share 1,651 —
Dividend waived (1) —
Interim dividend of 1.0 pence (2013: 0.6 pence) per ordinary share paid during the year 826 495
2,476 495
The Board proposes to pay a final dividend of 2.1 pence per ordinary share, subject to approval at the AGM on 30 October 2014.  STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  45
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
12. Property, plant and equipment
Leasehold
improvement
£’000
Plant and
machinery
£’000
Fixtures,
fittings and
equipment
£’000
Total
£’000
Cost
At 1 July 2012 5 5 477 487
Additions 3 32 432 467
Disposals — — (29) (29)
At 30 June 2013 8 37 880 925
Accumulated depreciation
At 1 July 2012 5 2 48 55
Charge for the year — 4 126 130
On disposals — — (8) (8)
At 30 June 2013 5 6 166 177
Net book value
At 30 June 2013 3 31 714 748
At 30 June 2012 — 3 429 432
Cost
At 1 July 2013 8 37 880 925
Reclassifications — — (191) (191)
Additions 563 — 78 641
Disposals — — (29) (29)
At 30 June 2014 571 37 738 1,346
Accumulated depreciation
At 1 July 2013 5 6 166 177
Charge for the year 28 7 177 212
On disposals — — (11) (11)
At 30 June 2014 33 13 332 378
Net book value
At 30 June 2014 538 24 406 968 46  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
13. Intangible assets
Trademarks 
and licences
£’000
Computer 
software
£’000
Goodwill
£’000
Total
£’000
Cost
At 1 July 2012 9,271 — 8,742 18,013
Additions 25,297 — — 25,297
At 30 June 2013 34,568 — 8,742 43,310
Accumulated amortization
At 1 July 2012 2,671 — — 2,671
Charge for the year 1,746 — — 1,746
At 30 June 2013 4,417 — — 4,417
Net book value
At 30 June 2013 30,151 — 8,742 38,893
At 30 June 2012 and 1 July 2012 6,600 — 8,742 15,342
Cost
At 1 July 2013 34,568 — 8,742 43,310
Reclassifications — 191 — 191
Additions 13,693 1,021 — 14,714
At 30 June 2014 48,261 1,212 8,742 58,215
Accumulated amortization
At 1 July 2013 4,417 — — 4,417
Charge for the year 3,232 58 — 3,290
At 30 June 2014 7,649 58 — 7,707
Net book value
At 30 June 2014 40,612 1,154 8,742 50,508
The goodwill is deemed to have an indefinite useful life. It is currently carried at cost and is reviewed annually for impairment.
The goodwill relates to the Clinical Trials Supply CGU; for goodwill impairment testing the valuation has been prepared on a value in use basis. 
Value in use is calculated as the net present value of the projected risk-adjusted post-tax cash flows plus a terminal value of the CGU. A post-tax 
discount rate is applied to calculate the net present value of post-tax cash flows. The discount rate is based on the Group’s weighted average 
cost of capital. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  47
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
13. Intangible assets continued
Details relating to the discounted cash flow model used in the impairment tests are as follows:
Valuation basis Value in use
Key assumptions Sales growth 5% per annum
Profit margins 14%
Determination of assumptions Growth rates are based on management estimates and forecasts based 
on internal and external market information. 
Margins are based on past experience and cost estimates.
Discount rate is based on weighted average cost of capital, 
and is a pre-tax rate of 10%.
Period of specific projected cash flow 
used in forward cash flow forecasts Three years
Discount rate 10%
Terminal growth rate 0%
If any one of the following changes were made to the above key assumptions, the carrying amount and recoverable amount would be equal.
Valuation basis Value in use
Sales growth A reduction from 5% to -12%
Gross profit margin A reduction from 14% to 10%
Discount rate Increase from 10% to 48%
Management do not consider any of the above sensitivities to be probable. 
During the year the Group acquired the trademarks and licences of Savene, a new product for the Group’s portfolio. The acquisition cost 
recognized is the purchase price plus the directly attributable costs incurred to date as a result of the acquisition. The Group has also 
capitalized costs incurred, during the year, in lifting the suspension of the Vibativ licence.
14. Subsidiaries
The principal subsidiaries of Clinigen Group plc at each reporting date have been included in these consolidated financial statements. 
The principal subsidiaries at the end of the reporting year were as follows:
Name Country of incorporation Nature of business
Clinigen Healthcare Limited United Kingdom Sales and distribution of pharmaceutical products
Keats Healthcare Limited United Kingdom Dormant
Clinigen CTS Inc. USA Sales and distribution of pharmaceutical products
Clinigen Pharma Limited United Kingdom Dormant
Clinigen Clinical Trials Limited United Kingdom Holding company 
Clinigen CTS Limited United Kingdom Sales and distribution of pharmaceutical products
Clinigen GAP Limited United Kingdom Dormant
Clinigen SP Limited United Kingdom Dormant
All shareholdings in subsidiaries are owned 100% (2013: 100%) through the subsidiaries’ ordinary share capital. Clinigen Healthcare Limited, 
Clinigen Pharma Limited and Clinigen Clinical Trials Limited are owned by Clinigen Group plc.
The shares in Clinigen CTS Inc., Keats Healthcare Limited and Clinigen CTS Limited are held via Clinigen Group plc’s holding 
in Clinigen Clinical Trials Limited. 
The shares in Clinigen GAP Limited and Clinigen SP Limited are held via Clinigen Group plc’s holding in Clinigen Healthcare Limited.  48  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
15. Inventories 
2014
£’000
2013
£’000
Raw materials and consumables 914 310
Work in progress 340 —
Finished goods and goods for resale 1,212 2,841
2,466 3,151
Finished goods include an amount of £nil (2013: £nil) carried at fair value less costs to sell.
The cost of inventories recognized as an expense and included in cost of sales amounted to £83,480k (2013: £85,905k).
16. Trade and other receivables
2014
£’000
2013
£’000
Trade receivables 20,388 11,118
Less: provision for impairment of trade receivables (237) (358)
Trade receivables – net 20,151 10,760
Prepayments and accrued income 2,003 1,234
Payments made on account 1,004 6,727
Other receivables 486 —
Total trade and other receivables 23,644 18,721
Due to the short-term nature of trade and other receivables and as the credit risk has been adjusted for through the provision for impairment 
of trade receivables, the book value approximates to their value. When assessing for impairment, the trade receivables are reviewed for age 
and due date. The past payment history with the customer is taken into account, where applicable.
The following table provides information on the movement in the provision for impairment in the year:
 £’000
At 1 July 2013 358
Released to the Consolidated income statement (138)
Charged to the Consolidated income statement 17
237
As at 30 June 2014 trade receivables of £8,862k (2013: £721k) were past due but not impaired.
They relate to the customers with no default history. The ageing analysis of these receivables is as follows:
2014
£’000
2013
£’000
Up to three months 7,591 576
Three to six months 1,271 145
8,862 721 STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  49
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
17. Cash and cash equivalents
2014
£’000
2013
£’000
Cash at bank and in hand 21,787 8,133
Short-term bank deposits — 3,193
21,787 11,326
Due to the short-term nature of cash at bank and short-term deposits, and as the credit risk has been adjusted for where required, the carrying 
value approximates to their value. The credit risk of the banks was very low and therefore the carrying amount has not been adjusted; RBS 
has a credit rating of 86 and JP Morgan has a credit rating of A+(100).
18. Trade and other payables
Current
2014
£’000
2013
£’000
Trade payables 10,275 6,249
Payments received on account 2,326 6,250
Tax and social security 791 188
Other payables 53 7,064
Accruals and deferred income 6,057 8,053
19,502 27,804
Due to the short-term nature of trade and other payables, the fair value approximates to their value. Creditors are unsecured. 
19. Loans and borrowings
The book value and fair value of loans and borrowings are as follows:
2014
£’000
2013
£’000
Current liability
Bank loan 16,500 — 
Total loans and borrowings 16,500 —
The Group has a bank facility of £35.0m (2013: £20.0m). The loan is a revolving credit facility which is repayable within three months. 
Interest is payable on a tiered scale based on the level of borrowing. The bank loan is secured on the assets of the Group.
20. Financial instruments – risk management
The Group is exposed through its operations to the following financial risks:
• credit risk;
• foreign exchange risk; and
• liquidity risk.
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes 
the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative 
information in respect of these risks is presented throughout these financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
• trade and other receivables; 
• cash and cash equivalents;
• trade and other payables; and
• loans and borrowings.
The Group does not issue or use financial instruments of a speculative nature. 50  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
20. Financial instruments – risk management continued
Principal financial instruments continued
A summary of the financial instruments held by category is provided below:
2014
£’000
2013
£’000
Loans and receivables
Cash and cash equivalents 21,787 11,326
Trade and other receivables 21,641 17,487
Total financial assets 43,428 28,813
Financial liabilities measured at amortized cost
Trade and other payables 18,711 27,616
Loans and borrowings 16,500 —
Total financial liabilities 35,211 27,616
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining ultimate 
responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the 
objectives and policies to the Group’s finance function. The Board receives monthly reports from the Chief Financial Officer through which 
it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. 
The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly affecting the Group’s 
competitiveness and flexibility. Further details regarding these policies are set out below:
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual 
obligations. The Group is mainly exposed to credit risk from credit sales and payments made on account to suppliers. It is Group policy, 
implemented locally, to assess the credit risk of new customers, by obtaining credit ratings, before entering contracts or offering credit terms. 
The credit terms are then continually assessed on an individual basis, and amended accordingly, as a trading history is developed with the 
customer. Purchase limits are established for each customer, which represents the maximum open amount without requiring approval from 
the Group Finance Controller or Group Finance Director.
Quantitative disclosures of the credit risk exposure in relation to financial assets are set out below. Further disclosures regarding trade 
and other receivables at the end of the reporting period, which are past due but not impaired, are provided in note 16.
2014
£’000
2013
£’000
Financial assets – maximum exposure
Cash and cash equivalents 21,787 22,303
Trade and other receivables 21,641 17,487
Total financial assets 43,428 39,790
Foreign exchange risk
Foreign exchange risk arises because the Group has operations located in various parts of the world whose functional currency is not the 
same as the functional currency in which the Group companies are operating. The Group’s overseas subsidiaries contribute approximately 
19% (2013: 20%) to the Group’s revenue, all of which is transacted in non-sterling currencies. The overseas subsidiaries operate separate 
bank accounts, which are used solely for that subsidiary, thus managing the currency in that country. When currency is to be repatriated to 
the UK, this is planned in order to minimize the exposure to foreign exchange rate fluctuations. The Group’s net assets arising from such 
overseas operations are exposed to currency risk resulting in gains or losses on retranslation into sterling. Given the levels of materiality, 
the Group does not hedge its net investments in overseas operations as the cost of doing so is disproportionate to the exposure. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  51
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
20. Financial instruments – risk management continued
General objectives, policies and processes continued
Foreign exchange risk continued
Foreign exchange risk also arises when individual Group entities enter into transactions denominated in a currency other than their functional 
currency where these transactions are significant to the Group. The Group hedges currency transactions internally through currency bank accounts, 
this limits the currency risk exposure and allows retranslation of these balances into sterling to be planned in order to minimize the exposure 
to foreign exchange rate fluctuations. The Group uses forward contracts on large contracts for supply of product within the Clinigen CTS 
operating business where the contract is not naturally hedged. This eliminates the risk to fluctuating foreign exchange rates and permits the 
management of that operating business to have visibility of gross profit margins.
At the reporting date the Group had entered into time option contracts with the bank for Swiss francs, US dollars, euros and sterling. 
These options all mature within six months of the reporting date, and have an immaterial fair value so have not been separately identified 
from trade and other payables.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital and the finance charges and principal repayments on its debt 
instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.
The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. 
The Board receives annual twelve month cash flow projections based on working capital modelling as well as information regarding cash 
balances monthly. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources 
to meet its obligations under all reasonably expected circumstances.
The following table sets out the contractual maturities (representing undiscounted contractual cash flows) of financial liabilities:
Up to
3 months
£’000
Between
3 and 12
months
£’000
At 30 June 2014
Trade and other payables 18,711 —
At 30 June 2013
Trade and other payables 20,592 7,024
Total 20,592 7,024
More details in regard to the line items are included in the respective notes:
• Trade and other payables – note 18
• Loans and borrowings – note 19
Capital management
The Group monitors “adjusted capital” which comprises all components of equity (i.e. share capital, share premium account, merger reserve, 
foreign exchange reserve and retained earnings.
The Group’s objectives when maintaining capital are:
• to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits 
for other stakeholders; and
• to ensure the Group has the cash available to develop the products and services provided by the Group in order to provide an adequate 
return to shareholders.
Pricing, sale and acquisition decisions are made by assessing the level of risk in relation to the expected return.
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the 
light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the 
Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Net debt is calculated as total debt (as shown in the consolidated statement of financial position) less cash and cash equivalents. 52  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
21. Deferred tax assets
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 20% (2013: 23%). The reduction in the 
main rate of corporation tax to 20% for financial years starting after 1 April 2015 has been applied to deferred tax balances.
The movement on the deferred tax account is as shown below:
2014
£’000
2013
£’000
Deferred tax assets – opening balance (1,983) (10,122)
Tax expense recognized in the statement of comprehensive income (229) (846)
Utilized in year in respect of losses offset against profit and loss charge based on effective tax rates 1,253 8,115
Adjustment in respect of prior years (753) —
Tax expense recognized in equity (411) 870 
Effect of change in rate in the year 167 —
Deferred tax assets– closing balance (1,956) (1,983)
The deferred tax balance is made up as follows:
2014
£’000
2013
£’000
Losses (1,022) (1,684)
Share based payment scheme (934) (299)
(1,956) (1,983)
Deferred tax assets have been recognized in respect of temporary differences giving rise to deferred tax assets where the Directors believe 
it is probable that these assets will be recovered. 
22. Share capital
Number of shares (‘000s)
Authorized, issued and fully paid
‘A’ ordinary 
shares of
1p each
‘A’ ordinary 
shares of
0.1p each
‘B’ ordinary
shares of 
0.1p each
‘C’ ordinary 
shares of 
0.1p each
‘D’ ordinary 
shares of 
0.1p each
‘F’ ordinary 
shares of 
0.1p each
Ordinary 
shares of 
0.1p each
At 1 July 2012 16 — — — — — —
Bonus issue of shares 4,992 — — — — — — 
Subdivision of shares (5,008) 50,080 — — — — —
Placement on Alternative Investment 
Market – shares issued — — — — — — 6,098
Employee share option 
scheme – shares issued — — 9,557 5,352 3,823 4,779 2,867
Reclassification — (50,080) (9,557) (5,352) (3,823) (4,779) 73,591 
At 30 June 2013 — — — — — — 82,556
At 1 July 2013 and at 30 June 2014 — — — — — — 82,556
2014
£’000
2013
£’000
Ordinary shares of 0.1 pence each 83 83
On 20 August 2012, a special resolution was passed to issue a bonus issue of shares on the basis of 312 ‘A’ ordinary shares of 1 pence each 
for every ‘A’ ordinary share of 1 pence each. The bonus issue of new shares was made fully paid at par by crediting the Company’ s merger reserve.
On 29 August 2012, the ‘A’ ordinary shares were subdivided into 50,080,000 ‘A’ ordinary shares of 0.1 pence each. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  53
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
22. Share capital continued
On 25 September 2012, the following new shares were issued:
Class of share Number
Nominal 
value of 
issued share 
capital 
£’000
‘B’ ordinary shares of 0.1 pence each 9,557,252 10
‘C’ ordinary shares of 0.1 pence each 5,352,062 5
‘D’ ordinary shares of 0.1 pence each 3,822,901 4
‘F’ ordinary shares of 0.1 pence each 4,778,631 5
Ordinary shares of 0.1 pence each 8,964,739 9
Also, on 25 September 2012, all classes of ordinary shares were designated as ordinary shares of 0.1 pence each and as such all shares 
have the same rights.
23. Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share premium account Amount subscribed for share capital in excess of nominal value, except where recognition in merger reserve 
is used (see below).
Merger reserve Amount subscribed for share capital in excess of nominal value when shares are issued in exchange 
for at least a 90% interest in the shares of another company. 
Own shares Acquisition price of shares purchased and held to satisfy share options on exercise.
Foreign exchange reserve Gains/losses arising on retranslating the net assets of overseas operations into sterling.
Retained earnings All other net gains and losses and transactions with owners (e.g. dividends) not recognized elsewhere.
Included within the retained earnings reserve as at 30 June 2014 is £2,237k (2013: £168k) which is not distributable.
During the year The Clinigen Group Employment Benefit Trust purchased 82,500 shares at market value.
24. Leases
Operating leases 
The total future value of minimum lease payments is due as follows:
2014
£’000
2013
£’000
Land and buildings:
In one year or less 331 170 
Between one and five years 1,233 238
In five years or more 1,238 105
2,802 513
25. Post employment benefits
The Group operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately 
from those of the Group in an independently administered fund. Pension costs represent the contributions payable by the Group to the funds 
and amounted to £190,099 (2013: £175,583). 54  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
26. Share based payments
The Company operated the following schemes:
Plan Tax authority status Employees Granting, vesting conditions and exercise of share options
Clinigen Group 
Limited Enterprise 
Management 
Incentive Share 
Option Scheme
HMRC approved Senior 
management
An exercise event is triggered by either a sale of the Company’s shares or assets, 
or a listing, or the exercise date of 30 June 2014 is reached. In the event of a 
withdrawal from listing or sale, the exercise event was deemed to have occurred.
Clinigen Group 
Unapproved Share 
Option Plan 2012
Unapproved Senior 
management
Individual employed at occurrence of an exercise event;
An exercise event is triggered by the earlier of a sale, transfer, assignment or disposition 
of the share capital of the Company giving rise to a change of control of the Company, 
or a listing, or the reclassification of shares in accordance with Article 21 of the Articles 
of Association; and
within six months of the grant date, an AIM admission document or prospectus is 
approved for issue in connection with a listing and the corresponding placing price, 
if achieved, would result in the Company having an aggregate market capitalization 
immediately following such listing or admission equal to or in excess of £125m or 
within six months of the grant date, a sale would represent a net present value 
(at the time of completion) on the Company equal to or in excess of £125m.
Chairman’s Option  
Agreement
Unapproved Chairman The option vests at the earliest of a change in control or 18 September 2015.
If the Chairman ceases to be a Director of any Group Company, the option may 
be exercised for a period of twelve months from the date he ceases to be a Director.
Clinigen Group  
Long Term  
Incentive Plan
Unapproved All employees Performance condition based on growth in total shareholder return (TSR) over 
a three year period. Share options granted at IPO have a requirement of at least 
25% growth. Other grants under the Scheme require Clinigen growth in TSR to 
be in excess of the FTSE Small Cap Index (excluding investment companies).
If the individual leaves earlier than the earliest vesting date, they may, if certain 
conditions are met, be still entitled to a proportion of the shares.
Clinigen Group 
Sharesave Plan
HMRC approved All employees Options are exercisable at a price equal to the average opening price as published 
in the Financial Times on the date of invitation and the two dealing days preceding 
the date of invitation, less 20%. 
Three year vesting period.
If options remain unexercised after a period of six months from the vesting date 
the options expire. 
If monthly contributions are not made for more than six months over the three year 
period, the options lapse. 
Clinigen Group 
Company Share 
Option Plan 
HMRC approved 
for UK employees
Unapproved for 
US employees
All employees Options granted to employees who have invested in the shares of the Company.
Options are granted to match the shares acquired by the employee or those granted 
through the initial grant under the Sharesave or US Stock Purchase Plan.
Three year vesting period.
Options vest if employee still owns shares in three years or exercises their options 
under the Sharesave or US Stock Purchase Plan.
Clinigen Group 
US Stock 
Purchase Plan
US tax authority 
approved
All employees Options are exercisable at a price equal to the average opening price as published 
in the Financial Times on the date of invitation and the two dealing days preceding 
the date of invitation, less 15%. 
Two year vesting period.
Clinigen  
Group Employee 
Share Scheme 
October 2013
Unapproved All employees 
excluding 
Directors
Options vest if employee is still employed on 1 October 2014.
All options granted under the Enterprise Management Incentive Scheme and the Clinigen Group Unapproved Share Option Plan 2012 vested, 
and were exercised, during the year ended 30 June 2013. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  55
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
26. Share based payments continued
Details of the share options outstanding during the year are as follows:
2014 2013
Weighted 
average 
exercise 
price (p) Number
Weighted 
average 
exercise 
price (p) Number
Outstanding at start of year 42.13 2,269,961 2,661 8,256
Granted in the period prior to subdivision of shares — — 5,800 938
42.13 2,269,961 2,981 9,194
Adjusted options to reflect bonus issue of shares and subdivision — — 0.95 28,777,220
Granted during year 34.85 701,272 35.65 2,682,739
Cancellation of shares during year — — 0.84 (1,201,920)
Forfeited during the year 26.27 (342,076) — (412,778)
Dilution on new share issue — — 0.95 (1,197,277)
Exercised during year — (5,692) 0.96 (26,378,023)
Outstanding at end of year 42.35 2,623,465 42.13 2,269,961
Of the total number of options outstanding at 30 June 2014, none had vested.
The weighted average share price (at the date of exercise) of options exercised during the period was 486 pence (2013: 164 pence).
The exercise price of options outstanding at 30 June 2014 ranged between £nil and £4.42 and their weighted average contractual life was 
two years eleven months. None of these were exercisable at 30 June 2014.
The weighted average fair value of each option granted during the year was 320.4 pence (2013: 54.7 pence).
The following information is relevant in the determination of the fair value of options granted during the period under the equity-settled share 
based remuneration schemes operated by the Group. The Black-Scholes pricing model is used for all schemes except for the Long Term 
Incentive Plan and the Chairman’s Award, where a Stochastic valuation model is used.
2014 2013
Option pricing model Black-Scholes Black-Scholes
Weighted average share price at grant date (pence) 467.9 289.3
Exercise price (pence) nil to 442 1.9 to 298
Weighted average contractual life (in years) 2.7 3
Expected volatility (%) 39 to 40 40
Expected dividend yield (%) 0.4 to 0.6 0.6
Risk free interest rate (%) 0.4 to 0.9 0.4
Expected volatility was determined by calculating the historical volatility of the Company’s share price over the period since the Company listed.
The share based remuneration expense comprises equity-settled schemes of £1,190k (2013: £2,323k).
The Group did not enter into any share based payment transactions with parties other than employees during the current or previous year. 56  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
27. Related party transactions
Ultimate controlling party
The Company’s shares are listed on the Alternative Investment Market (“AIM”) and are widely held. There is no one controlling party or group 
of related parties who have control of the Group.
Transactions with related parties
The remuneration payable to the Directors of the Company is disclosed in note 5.
During the year and the preceding year, the Group had the following transactions with related parties: 
2014
£’000
2013
£’000
ADL Healthcare Limited – a company of which A D Leaver is a director and shareholder
– Paid sales commissions — 176
– Paid management charges — 242
– Loan interest charges — 67
Sales commission and management services with ADL Healthcare Limited ceased on 25 September 2012 when Clinigen Group plc underwent 
an IPO and agreements with ADL Healthcare Limited were terminated. Loan interest was paid up to the final loan settlement on 31 December 2012 
at which point it ended.
During the year The Clinigen Group Employment Benefit Trust purchased 82,500 shares at market value.
28. Contingent liabilities
The marketing authorization for Vibativ has commitments for post marketing authorization studies which current estimates predict to be in the 
region of £1.7m (2013: £2.4m).
29. Events after the reporting date
On 18 August 2014, Clinigen Group plc acquired the intellectual property for the product Ethyol. The assets acquired are the trademarks, marketing 
authorizations and associated inventory of £232k. The acquisition is in line with Clinigen’s strategy as outlined in the Strategic report. Ethyol 
will contribute positively to the revenues and gross profits of the Group in FY15; however the Group will incur regulatory costs in the manufacturing 
technical transfer. The acquisition is being paid for in milestone based stage payments connected to the technical transfer.
Post-acquisition, the Group had net cash which, combined with the borrowing facility of £35m, provides cash reserves for future acquisitions.
NOTES FORMING PART OF THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014 STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  57
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF CLINIGEN GROUP PLC
Our opinion
In our opinion the financial statements, defined below:
• give a true and fair view of the state of the company’s affairs 
as at 30 June 2014;
• have been properly prepared in accordance with United Kingdom 
Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements 
of the Companies Act 2006.
This opinion is to be read in the context of what we say in the 
remainder of this report.
What we have audited
The company financial statements (the “financial statements”), which 
are prepared by Clinigen Group plc, comprise:
• the Company balance sheet as at 30 June 2014; and
• the notes to the financial statements, which include a summary of 
significant accounting policies and other explanatory information.
The financial reporting framework that has been applied in their 
preparation is applicable law and United Kingdom Accounting 
Standards (United Kingdom Generally Accepted Accounting Practice).
In applying the financial reporting framework, the directors have 
made a number of subjective judgements, for example in respect 
of significant accounting estimates. In making such estimates, 
they have made assumptions and considered future events.
What an audit of financial statements involves
We conducted our audit in accordance with International Standards 
on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). An audit involves 
obtaining evidence about the amounts and disclosures in the 
financial statements sufficient to give reasonable assurance that the 
financial statements are free from material misstatement, whether 
caused by fraud or error. This includes an assessment of: 
• whether the accounting policies are appropriate to the company’s 
circumstances and have been consistently applied and 
adequately disclosed; 
• the reasonableness of significant accounting estimates made 
by the directors; and 
• the overall presentation of the financial statements. 
In addition, we read all the financial and non-financial information in the 
Annual report and accounts to identify material inconsistencies with the 
audited financial statements and to identify any information that is 
apparently materially incorrect based on, or materially inconsistent with, 
the knowledge acquired by us in the course of performing the 
audit. If we become aware of any apparent material misstatements 
or inconsistencies we consider the implications for our report.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the 
Report of the Directors for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
Other matters on which we are required to report by exception
Adequacy of accounting records and information and 
explanations received
Under the Companies Act 2006 we are required to report to you if, 
in our opinion:
• we have not received all the information and explanations 
we require for our audit; or
• adequate accounting records have not been kept by the 
company, or returns adequate for our audit have not been 
received from branches not visited by us; or
• the financial statements are not in agreement with the accounting 
records and returns.
We have no exceptions to report arising from this responsibility.
Directors’ remuneration
Under the Companies Act 2006 we are required to report to you if, in 
our opinion, certain disclosures of directors’ remuneration specified 
by law are not made. We have no exceptions to report arising from 
this responsibility. 
Responsibilities for the financial statements and the audit
Our responsibilities and those of the directors
As explained more fully in the Directors’ Responsibilities Statement 
set out on page 25, the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true 
and fair view.
Our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and ISAs (UK & Ireland). 
Those standards require us to comply with the Auditing Practices 
Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for 
the company’s members as a body in accordance with Chapter 3 of 
Part 16 of the Companies Act 2006 and for no other purpose. We do 
not, in giving these opinions, accept or assume responsibility for any 
other purpose or to any other person to whom this report is shown or 
into whose hands it may come save where expressly agreed by our 
prior consent in writing.
Other matter
We have reported separately on the group financial statements 
of Clinigen Group plc for the year ended 30 June 2014.
Andrew Hammond (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Birmingham
23 September 2014 58  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
2014
Restated 
2013
Note £’000 £’000 £’000 £’000
Fixed assets
Tangible fixed assets 3 951 557
Intangible assets 4 37,522 24,875
Investments 5 9,141 9,141 
47,614 34,573
Current assets
Debtors 6 4,328 8,252
Deferred tax asset 8 1,956 887
Cash at bank and in hand 8,125 960 
14,409 10,099
Creditors: amounts falling due within one year 7 (19,840) (9,373) 
Net current (liabilities)/assets (5,431) 726
Net assets 42,183 35,299
Capital and reserves
Called up share capital 9 83 83
Share premium account 10 14,073 14,073
Profit and loss account 10 28,027 21,143
Total shareholders’ funds 11 42,183 35,299
The financial statements on pages 28 to 56 were approved by the Board of Directors on 23 September 2014 and were signed on its behalf by:
P L George R A J Sibson
Director Director
COMPANY BALANCE SHEET 
AS AT 30 JUNE 2014 STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  59
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
NOTES TO THE COMPANY BALANCE SHEET 
FOR THE YEAR ENDED 30 JUNE 2014
1. Accounting policies
The principal accounting policies adopted by the Company and applied in the preparation of these financial statements are set out below. 
The policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared on a going concern basis, under the historical cost convention and in accordance with 
the Companies Act 2006 and applicable accounting standards in the United Kingdom. 
Cash flow statement 
The Company has taken advantage of the exemption conferred by Financial Reporting Standard 1 ‘Cash Flow Statements (Revised 1996)’ 
not to prepare a cash flow statement on the grounds that at least 90% of the voting rights in the Company are controlled within the Group 
headed by Clinigen Group plc and the Company is included in consolidated financial statements.
Going concern
The forecast trading activity and the financial position of the Company has been reviewed for a period of twelve months from the signing of the 
accounts and there are no going concern issues. The borrowings of the Company are secured against the assets of the Company and its subsidiaries.
Share based payments
Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit and 
loss account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments 
expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number 
of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. 
As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. 
The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately 
before and after the modification, is also charged to the profit and loss account over the remaining vesting period.
On the exercise of share options the charges recognized during the vesting period are recharged to the subsidiary undertaking where 
the associated benefit generated by the employee is recognized.
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation. As well as the purchase price, cost includes 
directly attributable costs. 
Depreciation is provided on all items of property, plant and equipment at rates calculated to write off the cost of each asset on a straight line 
basis over its expected useful economic lives, as follows:
Leasehold improvements – 17% 
Plant and machinery – 20% 
Fixtures, fittings and equipment – 20% to 33% straight line 60  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
NOTES TO THE COMPANY BALANCE SHEET CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
1. Accounting policies continued
Intangible assets
Trademarks and licences
Separately acquired trademarks and licences are initially recognized at cost, being the purchase price of the asset which comprises 
the purchase price and any directly attributable cost of preparing the asset for its intended use. Where licences have outstanding capital 
commitments at the time of acquisition, these are accrued for and capitalised as part of the purchase cost. The carrying value of trademarks 
and licences is calculated as cost less accumulated amortization. 
Amortization is calculated using the straight line method to allocate the cost of the trademarks and licences over their estimated useful lives 
of 15 years. 
Impairment reviews
Impairment reviews are undertaken annually at the end of the financial year or more frequently if events or changes in circumstances indicate 
a potential impairment. The carrying value of trademarks and licences is compared to the recoverable amount, which is the higher of value 
in use and the fair value less costs to sell. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds 
its recoverable amount. 
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group 
of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units (“CGUs”). 
Provisions
A provision is made when an obligation exists for a future liability relating to a past event and where it is probable there will be an outflow of 
economic benefit. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date.
Retirement benefits: defined contribution schemes
Contributions to defined contribution pension schemes are charged to the profit and loss account in the year to which they relate. The Company 
has no further payment obligations once the contributions have been paid.
Leased assets
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. 
Benefits received and receivable as an incentive to sign and operating lease are similarly spread on a straight line basis over the lease term, 
except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the 
full lease term, in which case the shorter period is used.
Dividends
Dividends are recognized when they become legally payable. In the case of interim dividends to equity shareholders, this is when paid. 
In the case of final dividends, this is when approved by the shareholders.
Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognized in the profit and loss account, except to the extent 
that it relates to items recognized directly in equity. In which case, the tax is also recognized directly in equity.
The current tax charge, including UK corporation tax and foreign tax, is calculated on the basis of the laws that have been enacted 
or substantively enacted by the balance sheet date. Provisions are established, where appropriate, on the basis of amounts expected 
to be paid. STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  61
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
1. Accounting policies continued
Current and deferred tax continued
Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the balance sheet differs from 
its tax base, except for differences arising on:
• the initial recognition of goodwill;
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction 
affects neither accounting nor taxable profit; and
• investments in subsidiaries and jointly controlled entities where the Company is able to control the timing of the reversal of the difference 
and it is probable that the difference will not reverse in the foreseeable future.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which 
the differences can be utilized. 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the balance sheet date 
and are expected to apply when the deferred tax liabilities or assets are settled or recovered, respectively. 
Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities 
and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:
• the same taxable Group Company; or
• different Company entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle 
the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets and liabilities are expected to be 
settled or recovered.
Share capital
Financial instruments issued by the Company are treated as equity only to the extent that they do not meet the definition of a financial liability. 
The Company’s ordinary shares are classified as equity instruments.
2. Staff costs
2014
£’000
2013
£’000
Staff costs (including Directors) comprise: 
Wages and salaries 3,386 3,518
Share based payments 1,190 2,323
Defined contribution pension cost 120 97
Social security costs 1,012 1,593
5,708 7,531 62  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
2. Staff costs continued
Employee numbers
The average monthly number of staff employed by the Company during the financial year amounted to: 
2014 
Number
2013
Number
Directors 3 2
Staff 57 45
60 47
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the 
Company. These are considered to be the Executive Directors.
2014
£’000
2013
£’000
Directors’ remuneration included in staff costs:
Wages and salaries 1,362 1,008
Defined contribution pension cost 69 50
Share based payment expense 562 1,172
1,993 2,230
There were three Directors (2013: two) who were members of the defined contribution pension scheme.
The amount payable to the highest paid Director in respect of emoluments was £592k (2013: £663k), pension contributions made on their 
behalf £34k (2013: £34k) and share based payments of £275k (2013: £826k). 
No Directors (2013: three, including the highest paid Director) exercised share options in the year. The aggregate gain on the exercise of these 
share options was £nil (2013: £25,242,397).
Directors who held share options at 30 June were as follows:
 Plan
2014
Number
2013
Number
P L George Clinigen Group Long Term Incentive Plan 825,556 825,556
S Chilton Clinigen Group Long Term Incentive Plan 619,167 412,778
P Allen Chairman’s Option Agreement 91,464 91,464
P L George and R Sibson waived share options of 58,386 and 30,540, respectively, in the year.
All share options are over the Company’s ordinary shares of 0.1 pence each.
NOTES TO THE COMPANY BALANCE SHEET CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014 STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  63
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
3. Tangible fixed assets
Leasehold
improvement
£’000
Plant and
machinery
£’000
Furniture,
fittings and
equipment
£’000
Total
£’000
Cost
At 1 July 2013 8 37 689 734
Additions 563 — 60 623
Disposals (1) — (29) (30)
At 30 June 2014 570 37 720 1,327
Accumulated depreciation
At 1 July 2013 5 6 166 177
Charge for the year 28 7 176 211
On disposals (1) — (11) (12)
At 30 June 2014 32 13 331 376
Net book value
At 30 June 2014 538 24 389 951
At 30 June 2013 3 31 523 557
4. Intangible assets
Trademarks 
and licences
£’000
Computer 
software
£’000
Total
£’000
Cost
At 1 July 2013 25,297 — 25,297
Additions 13,693 862 14,555
At 30 June 2014 38,990 862 39,852
Accumulated amortization
At 1 July 2013 422 — 422
Charge for the year 1,908 — 1,908
At 30 June 2014 2,330 — 2,330
Net book value
At 30 June 2014 36,660 862 37,522
At 30 June 2013 24,875 — 24,875
During the year the Company acquired the trademarks and licences of Savene and incurred costs on the reinstatement of the Marketing 
Authorization for Vibativ, which was suspended when the license was acquired. The acquisition cost recognized for Savene is the purchase 
price plus the directly attributable costs incurred to date as a result of the acquisition of the trademarks and licences.
The computer software is still under development; amortization will commence on completion. 64  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
5. Investments
Investments 
in subsidiary 
companies
£’000
Cost or valuation
At 1 July 2013 and 30 June 2014 9,141
Net book value
At 30 June 2014 9,141
At 30 June 2013 9,141
Subsidiary undertakings
The principal subsidiaries of Clinigen Group plc at each reporting date are as follows:
Name Country of incorporation Nature of business
Clinigen Healthcare Limited United Kingdom Sales and distribution of pharmaceutical products
Clinigen CTS Limited United Kingdom Sales and distribution of pharmaceutical products
Clinigen CTS Inc. USA Sales and distribution of pharmaceutical products
Clinigen Pharma Limited United Kingdom Dormant
Clinigen Clinical Trials Limited United Kingdom Holding company 
Keats Healthcare Limited United Kingdom Dormant
Clinigen GAP Limited United Kingdom Dormant
Clinigen SP Limited United Kingdom Dormant
All shareholdings in subsidiaries are owned 100% (2013: 100%) through the subsidiaries’ ordinary share capital. Clinigen Healthcare Limited, 
Clinigen Pharma Limited and Clinigen Clinical Trials Limited are owned by Clinigen Group plc.
The shares in Clinigen CTS Inc., Keats Healthcare Limited and Clinigen CTS Limited are held via Clinigen Group plc’s holding in Clinigen 
Clinical Trials Limited. 
The shares in Clinigen GAP Limited and Clinigen SP Limited are held via Clinigen Group plc’s holding in Clinigen Healthcare Limited. 
The Directors have reviewed the carrying value of the investments and believe the value is recoverable.
6. Debtors
2014
£’000
Restated
2013
£’000
Trade debtors 177 1,015
Amounts owed by Group undertakings 3,501 6,080
Other debtors 256 148
Corporation tax recoverable 84 427
Prepayments and accrued income 310 582
4,328 8,252
The amounts owed by Group undertakings has been restated as at 30 June 2013 for the recharge of the share based payment charge 
recognized during the vesting period to the associated subsidiary undertaking employing the individual.
NOTES TO THE COMPANY BALANCE SHEET CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014 STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  65
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
7. Creditors: amounts falling due within one year
2014
£’000
2013
£’000
Bank loan 16,500 —
Trade creditors 598 163
Amounts owed to Group undertakings 11 —
Tax and social security 791 132
Other creditors 44 51
Accruals and deferred income 1,896 9,027
19,840 9,373
The Company has a bank facility of £35.0m (2013: £20.0m). The loan is a revolving credit facility which is repayable within three months. 
Interest is payable on a tiered scale based on the level of borrowing.
Creditors, apart from the bank loan, are unsecured. The bank loan is secured on the assets of the Company and its subsidiaries. 
8. Deferred tax
Deferred tax is calculated in full on temporary differences under the liability method using the effective tax rate of 20% (2013: 23%). 
The reduction in the main rate of corporation tax to 20% for financial years starting after 1 April 2015 has been applied to deferred tax. 
The movement on the deferred tax account is as shown below:
2014
£’000
2013
£’000
Deferred tax (asset)/liability – opening balance (887) 22
Recognized
Adjustment in respect of prior years (977) (10,102)
Charge to the profit and loss account (229) 673
Utilized in the year 382 84
Tax expense recognized in equity (412) 8,423
Effect of change in rate in the year 167 13
Deferred tax (asset)/liability – closing balance (1,956) (887)
The deferred tax balance is made up as follows:
2014
£’000
2013
£’000
Losses (1,022) (588)
Share based payment scheme (934) (299)
(1,956) (887) 66  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
9. Called up share capital
2014
Number
2013
Number
Authorized
Ordinary shares of 0.1 pence each 82,555,585 82,555,585
£’000 £’000
Ordinary shares of 0.1 pence each 83 83
Number Number
Issued and fully paid
Ordinary shares of 0.1 pence each 82,555,585 82,555,585
£’000 £’000
Ordinary shares of 0.1 pence each 83 83
On 20 August 2012, a special resolution was passed to issue a bonus issue of shares on the basis of 312 ‘A’ ordinary shares of 1 pence each 
for every ‘A’ ordinary share of 1 pence each. The bonus issue of new shares was made fully paid at par by crediting the Company’ s merger reserve.
On 29 August 2012, the ‘A’ ordinary shares were subdivided into 50,080,000 ‘A’ ordinary shares of 0.1 pence each.
On 25 September 2012, the following new shares were issued:
Class of share Number
Nominal 
value of 
issued share 
capital 
£’000
‘B’ ordinary shares of 0.1 pence each 9,557,252 10
‘C’ ordinary shares of 0.1 pence each 5,352,062 5
‘D’ ordinary shares of 0.1 pence each 3,822,901 4
‘F’ ordinary shares of 0.1 pence each 4,778,631 5
Ordinary shares of 0.1 pence each 8,964,739 9
Also, on 25 September 2012, all classes of ordinary shares were designated as ordinary shares of 0.1 pence each and as such all shares 
have the same rights.
NOTES TO THE COMPANY BALANCE SHEET CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014 STRATEGIC REPORT
CLINIGEN GROUP PLC WWW.CLINIGENGROUP.COM  67
OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
10. Reserves 
Share 
capital
£’000
Share 
premium 
account
£’000
Restated
Profit and 
loss account
£’000
At 1 July 2013 83 14,073 21,143
Profit for the year — — 6,933
Dividend paid — — (2,476)
Share based payment scheme — — 1,190
Own shares distributed on exercise of share options — — (12)
Deferred taxation on share based payment scheme — — 405
Tax credit in respect of tax losses arising on exercise of share options — — 844
At 30 June 2014 83 14,073 28,027
Included within profit and loss account as at 30 June 2014 is £2,237k (2013: £1,729k) which is not distributable.
11. Reconciliation of movements in shareholders’ funds
2014
£’000
2013
£’000
Opening shareholders’ funds 35,299 10,572
Profit for the year 6,933 12,540
Dividend paid (2,476) (495)
Share based payment scheme 1,190 2,323
Own shares distributed on exercise of share options (12) —
Deferred taxation on share based payment scheme 405 1,157
Tax credit in respect of tax losses arising on exercise of share options 844 509
Issue of new shares — 10,254
Cost of issue of new shares — (1,561)
42,183 35,299
The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own 
profit and loss account.
The profit for the year ended 30 June 2014 in the accounts of the Company was £6,933k (2013: £12,540k). This includes dividends received 
of £6,705k (2013: £13,000k). 68  CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
12. Related party transactions
Ultimate controlling party
The Company’s shares are listed on the Alternative Investment Market (“AIM”) and are widely held. There is no one controlling party or group 
of related parties who have control of the Group.
Transactions with related parties
The remuneration payable to the Directors of the Company is disclosed in note 2.
During the year and the preceding year, the Group had the following transactions with related parties: 
2014
£’000
2013
£’000
ADL Healthcare Limited – a company of which A D Leaver is a director and shareholder
– Paid sales commissions — 176
– Paid management charges — 242
– Loan interest charges — 67
Sales commission and management services with ADL Healthcare Limited ceased on 25 September 2012 when Clinigen Group plc underwent an 
IPO and agreements with ADL Healthcare Limited were terminated. Loan interest was paid up to the final loan settlement on 31 December 2012 at 
which point it ended.
During the year The Clinigen Group Employment Benefit Trust purchased 82,500 shares at market value.
13. Contingent liabilities
The marketing authorization for Vibativ has commitments for post marketing authorization studies which current estimates predict to be in the 
region of £1.7m (2013: £2.4m).
14. Events after the reporting date
On 18 August 2014, Clinigen Group plc acquired the intellectual property for the product Ethyol. The assets acquired are the trademarks, marketing 
authorizations and associated inventory of £232k. The acquisition is in line with Clinigen’ s strategy as outlined in the Strategic report. Ethyol will 
contribute positively to the revenues and gross profits of the Group in FY15; however, the Group will incur regulatory costs in the manufacturing 
technical transfer. The acquisition is being paid for in milestone based stage payments connected to the technical transfer.
Post-acquisition, the Group had net cash which, combined with the borrowing facility of £35m, provides cash reserves for future acquisitions.
NOTES TO THE COMPANY BALANCE SHEET CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  @WeAre_DP
consultancy, design and production by
design-portolio.co.uk Group Plc
CLINIGEN GROUP PLC ANNUAL REPORT AND ACCOUNTS 2014
Clinigen Group plc
Pitcairn House 
Crown Square 
Centrum 100 
Burton‑on‑Trent 
Staffordshire 
DE14 2WW
T 01283 495010 
F 01283 495011 
E info@clinigengroup.com
www.clinigengroup.com