Johnson Matthey’s API business flat in Q1 on timing of opiate API orders

By Gareth Macdonald contact

- Last updated on GMT

Johnson Matthey’s API business flat in Q1 on timing of opiate API orders
Johnson Matthey’s API business flat in Q1 on timing of opiate API orders

Related tags: Attention-deficit hyperactivity disorder, Johnson matthey

Johnson Matthey saw lower demand for opiate APIs in the three months to the end of June, which offsett more solid performance by its attention deficit hyperactivity disorder (ADHD) drug actives.

Johnson Matthey’s fine chemicals unit – which makes active pharmaceutical ingredients (APIs) – and catalysis chemicals – generated revenue of £78m ($121m) in fiscal 2015/2016, equaling sales seen in the comparable period in the previous fiscal year.

The firm said the figure reflected the fact that a good contribution from its ADHD business had been offset by lower demand for some opiate APIs. It attributed the lower demand  to differences in the timing of orders between the first and second quarters.

The fine chemical revenue also included the contribution from Alfa Aesar, a research chemicals business that Johnson Matthey agreed to sell to Thermo Fisher for £256m at the end of last month.

Johnson Matthey’s other business units – emission control technologies, process technologies and precious metals – all saw revenues increase.

The firm also generated £38m in sales through its ‘new businesses’ arm, which includes its battery systems division.

Outlook

Johnson Matthey predicted that – taking into account higher pension charges and its sale of both Alfa Aesar its gold refining business - it would finish fiscal 2015/2016 ‘slightly ahead’ of the previous financial year.

However, the firm also warned that if sterling maintains its strength against both the US dollar and the Euro, its results will be adversely impacted.

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