Celebrating 25 years
of Continuous Growth
and Improvement in
Animal Health and Welfare

Download a PDF of the 2022 Annual Report

Dechra marks its 25th year anniversary since its inception in 1997.

The last 25 years were marked by many milestones, the completion of a number of acquisitions and growth of its footprint across the Globe.

Key Highlights

Revenue*

1998

£132m

2022

£681.8m

* For the year ended 30 June 1998.

Underlying Operating Profit

1998

£5.5m

2022

£174.3m

Employees†

1998*

343

2022

2,036

* For the year ended 30 June 1998.
† Monthly average.

Countries Distributed to

1998

2022

Manufacturing Locations*

1998

2022

* For the year ended 30 June 1998.

Sales and Marketing organisations

1998

2022

* For the year ended 30 June 1998.
† Monthly average.

Top Ten

Key Strategic Developments Over 25 Years

1997

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Highlights

Revenue
£681.8m

AER: +12.1.0% CER: +13.8%

Underlying Operating Profit
£174.3m

AER: +7.5% CER: +9.4%

Underlying Diluted Earnings Per Share
120.84p

AER: +11.7% CER: +14.0%

Dividend Per Share
44.89p

AER: +10.8% CER: +10.8%

Reported Operating Profit
£95.5m

AER: +13.7% CER: +16.2%

Reported Diluted Earnings Per Share
53.40p

AER: +4.6% CER: +7.5%

Financial Performance

Revenue growth of 13.8% to £681.8 million
Underlying operating profit increased by 9.4% to £174.3 million
Reported operating profit increased by 16.2% to £95.5 million
Strong cash generation of £163.3 million representing cash conversion of 93.7%
Underlying diluted EPS increase of 14.0% to 120.84 pence
Full year dividend increased by 10.8% to 44.8 pence

Strong organic growth in all key markets and across all therapeutic segments
Pipeline strengthened through own innovation and acquisition
International portfolio strengthened through numerous product approvals
Successfully completed two material company acquisitions post year-end: Piedmont and Med-Pharmex
Executed numerous bolt-on product acquisitions to complement existing equine and CAP portfolios

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Our Product Pipeline

A key strategic priority for the Group is the delivery and strength of the pipeline. We currently have 41 projects in the product development process:

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Performance

Chair's
View

We have delivered another strong set of financial results and we continue to execute our strategy successfully."

Alison Platt

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Chief Executive
Officer’s Statement

We have continued to progress on all aspects of our strategy; the product development pipeline was strengthened, material acquisitions were completed post year-end and a new subsidiary was established in South Korea as we continue our geographical expansion."

Ian Page

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Chief Executive Officer's Statement

Financial
Review

Our excellent trading performance has been facilitated by a robust global supply chain, supplemented by healthy contributions from our product acquisitions in the year."

Paul Sandland

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Financial Review

Our Key Strengths

As well as our ability to impact the Animal, Health and Welfare industry globally with our breadth of products and strong and innovative product pipeline, we have a key set of strengths, summarised below:

Well Recognised Brand

We are recognised as a global animal healthcare company with a strong and growing reputation as a provider of high quality, specialist veterinary medicines and related products.

Balance Sheet Strength

The Group targets 100% cash generation and this strong cash generation allows us to pay down debt quickly, resulting in a strong balance sheet which enables us to fund internally the majority of our strategic opportunities.

Successful Acquisition History

In January 2008 we made our first major acquisition which, at the time, was transformational to our EU Pharmaceuticals business. We have successfully replicated the model since then on several occasions and have consistently delivered pre-acquisition strategic and financial expectations on significant transactions.

Manufacturing Capabilities

Our manufacturing sites offer a wide range of dosage forms and packaging capabilities which can be produced in small to large-scale production batches. This flexibility is a key requirement in producing our varied product portfolio.

Skilled People

We have attracted and retained a qualified and skilled workforce throughout the organisation. This stable and motivated team has many years’ experience within the markets we serve. Our people strategy is underpinned by the Dechra Values.

Key Relationships

Our relationships with all key stakeholders are very important to the Group. Our sales approach revolves around partnership with key practice groups, individual veterinarians, key opinion leaders and distributors. The relationship with our supply chain partners is also important to establish continuity of supply. Furthermore, our networking within the industry is a key driver in finding new product development and acquisition opportunities.

Strong Product Development Pipeline

We have a strong pipeline of novel, generic and generic plus pharmaceuticals, vaccines and a specialist nutrition range. We have a track record of pipeline delivery.We are proactive and innovative in recognising new development opportunities to extend our portfolio.

Breadth of Products

We area global leader in veterinary endocrinology and topical dermatology, have a broad portfolio of analgesia, anaesthetics and products for the treatment of pain. We are also recognised as innovators in other specialisations such as the treatment of equine lameness, nutrition and differentiated generics (generic plus).

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Our Values and Culture

Our Values, entrepreneurial attitude and agile approach to the way we do things are the backbone of our Culture.

Everything we do is underpinned by our Culture and Values. They are important to us and have helped drive the Group’s success. We believe that our Values encapsulate our business ethics and set out the standards that we wish to achieve and ultimately exceed. They outline the type of people we are, the services we provide and the way we aim to do business. We deliver high quality products and services to veterinarians worldwide through our employees and a network of third parties with the aim of sustainably improving global animal health and welfare.