TIDMDPH
RNS Number : 8484P
Dechra Pharmaceuticals PLC
05 September 2017
5 September 2017
Dechra(R) Pharmaceuticals PLC
(Dechra or the Company)
Availability of 2017 Annual Report and Accounts
The 2017 Annual Report and Accounts is now available to view at
www.dechra.com.
The following documents are scheduled to be mailed to registered
shareholders of the Company on 18 September 2017:
-- 2017 Annual Report and Accounts
-- Notice of the 2017 Annual General Meeting; and
-- Proxy Form for the 2017 Annual General Meeting.
In accordance with Listing Rule 9.6.1 a copy of each of these
documents will be submitted to the National Storage Mechanism and
will be available for viewing shortly after posting.
The information below, which is extracted from the 2017 Annual
Report and Accounts, is included solely for the purpose of
complying with DTR 6.3.5. This information should be read in
conjunction with the Company's 4 September 2017 announcement of its
2017 Preliminary Results (available at www.dechra.com). This
material is not a substitute for reading the full 2017 Annual
Report and Accounts. All page numbers and cross-references in the
extracted information below refer to page numbers and notes to the
financial statements, in the 2017 Annual Report and Accounts.
Key Performance Indicators
The Group utilises the following KPIs to assess our progress
against our strategic, financial and operational objectives. Their
relevance to our strategy and their definitions are explained
below.
Some KPIs are also used as a measure in the long term incentive
arrangements for the remuneration of the Executives.
These are identified with an asterisk.
Definition Relevance to Strategic
KPI and Performance Commentary Strategy Link
------------ ---------------------- ---------------------- -------------------------- ------------------
Sales Year-on-year Dechra delivered A key driver Pipeline
Growth sales growth GBP269.6 million of our strategy Delivery
6.5% including new from its existing is to deliver Portfolio
products and business, sustainable Focus
excluding revenue an increase sales growth Geographical
from acquired of 6.5% from through delivering Expansion
businesses. market penetration our pipeline, Acquisition
2017GBP269.6m and new product maximising
2016 GBP225.9m launches. our existing
2015 GBP203.5m portfolio and
expanding geographically.
------------ ---------------------- ---------------------- -------------------------- ------------------
Underlying Underlying The increase Underlying Pipeline
Diluted profit after reflects growth EPS is a key Delivery
EPS Growth* tax divided from the existing indicator of Portfolio
35.1% by the diluted and acquired our performance Focus
average number businesses, and the return Geographical
of shares, increased we generate Expansion
calculated finance charges for our shareholders. Acquisition
on the same from the increased It is one of
basis as note debt to fund the performance
11 to the Accounts. acquisitions, conditions
2017 64.33p and the change of the Long
2016 42.65p in mix to Term Incentive
2015 39.90p the applicable Plan (LTIP's).
tax rates.
------------ ---------------------- ---------------------- -------------------------- ------------------
Return Underlying ROCE grew As we look Pipeline
on Capital operating profit as the returns to grow the Delivery
Employed* expressed as from the 2016 business, it Portfolio
160bps a percentage acquisitions is important Focus
of the average (in particular that we use Geographical
of the opening Putney, acquired our capital Expansion
and closing in April 2016) efficiently Acquisition
operating assets were manifest to generate
(excluding in the Group's returns superior
cash/debt and results. to our cost
net tax liabilities). of capital
in the medium
2017 17.7% to long term.
2016 16.1% It underpins
2015 20.0% the performance
conditions
of the LTIPs.
------------ ---------------------- ---------------------- -------------------------- ------------------
Underlying Cash generated The Group Our stated Pipeline
Cash from operations enjoyed strong aim is to be Delivery
Conversion before tax underlying a cash generative Portfolio
910 bps and interest cash conversion business. Focus
payments as during the Geographical
a percentage year. With Expansion
of underlying the EBITDA
operating profit. margin strengthening
from 23.4%
to 24.5%,
2017 115.9% and working
2016 106.8% capital shrinking
2015 105.9% by GBP6.9
million.
------------ ---------------------- ---------------------- -------------------------- ------------------
New Product Revenue from The decline This measure Pipeline
Sales new products arose from shows the delivery Delivery
(620 as a percentage the increase of sales in Portfolio
bps) of total Group in new product each year from Focus
revenue. A revenue from new products Acquisition
new product acquisitions. launched in
is defined We continue the prior five
as any molecule to invest years, on a
launched in in our pipeline rolling basis.
the last five to develop It shows the
financial years. new products performance
2017 8.2% and plan to of our R&D
2016 14.4% increase this and sales and
2015 13.8% investment. marketing organisations
when launching
newly developed
or in-licensed
products.
------------ ---------------------- ---------------------- -------------------------- ------------------
Lost All accidents The LTAFR The safety Manufacturing
Time resulting in decreased of our employees and Supply
Accident the absence from 0.35 is core to Chain
Frequency or inability to 0.26. None everything
Rate of employees of these incidents we do. We are
(LTAFR) to conduct related in committed to
the full range a work-related a strong culture
of their normal fatality or of safety in
working activities disability. all our workplaces.
for a period
of more than
three working
days after
the day when
the incident
occurred, normalised
per 100,000
hours worked.
(25.7%) People
2017 0.26
2016 0.35
2015 0.07
------------ ---------------------- ---------------------- -------------------------- ------------------
Employee Number of leavers The figure Attracting People
Turnover during the for the 2017 and retaining
260 bps period as a financial the best employees
percentage year includes is critical
of the average the employees to the successful
total number from Genera, execution of
of employees Brovel and our strategy.
in the period. Putney, whereas
the previous
2017 15.7% year excludes
2016 13.1%+/- them. The
2015 12.2%+/- increase relates
+/- excludes to streamlining
Apex, Brovel, of operations
Genera and within the
Putney acquired businesses
and the restructuring
of our manufacturing
team.
------------ ---------------------- ---------------------- -------------------------- ------------------
How the Business Manages Risk
Effective risk management and control is key to the delivery of
our business strategy and objectives. Our risk management and
control processes are designed to identify, assess, mitigate and
monitor significant risks, and can only provide reasonable and not
absolute assurance that the Group will be successful in delivering
its objectives.
The Board is responsible for overseeing how the Group's
strategic, operational, financial and compliance risks are managed,
and for assessing the effectiveness of the risk management and
internal control framework.
Our Senior Executive Team (SET) owns the risk management process
and is responsible for managing specific Group risks.
The SET is also responsible for embedding sound risk management
in strategy, planning, budgeting, performance management, and
operational processes within their respective Operating Segments
and business units.
The Board and the SET together set the tone and decide the level
of risk and control to be taken in achieving the Group's
objectives.
Risk Management Process
Our strategy informs the setting of the objectives across the
business and is widely communicated. Strategic risks and
opportunities are identified as an integral part of the strategy
setting process.
The SET is responsible for evaluating and managing risk from
both a bottom up and top down level and acts as a link between the
Board and the business units to ensure management of operational
risks is embedded in the business.
Each SET member owns one or more Group risks and is responsible
for identifying how the risks are currently controlled, what
additional mitigating actions are required, what monitoring and
assurance mechanisms are in place, assessing the effectiveness of
key control processes, and addressing any weaknesses
identified.
The Board conducts a review of the risk management and internal
control framework and SET members present their risks, controls and
mitigation plans to the Board for review on a rolling programme
throughout the year. The Audit Committee reviews the effectiveness
of internal financial controls annually.
Internal Control Framework
Our internal control framework is designed to ensure:
-- proper financial records are maintained;
-- the Company's assets are safeguarded;
-- compliance with laws and regulations; and
-- effective and efficient operation of business processes.
The Dechra Values are the foundation of the control framework
and it is the Board's aim that these values should drive the
behaviours and actions of all employees. The key elements of the
control framework are described below:
-- Management Structure
Our management structure has clearly defined reporting lines,
accountabilities and authority levels.
The Group is organised as business units. Each business unit is
led by a SET member and has its own management team.
-- Policies and Procedures
Our key financial, legal and compliance policies that apply
across the Group are:
-- Code of Business Conduct;
-- Delegation of Authorities;
-- Anti-Bribery and Anti-Corruption;
-- Whistleblowing;
-- Sanctions; and
-- Charitable Donations.
-- Strategy and Business Planning
We have a five year strategic plan which is updated and reviewed
by the Board annually. Business objectives and performance measures
are defined annually together with budgets and forecasts. Monthly
business performance reviews are conducted at both Group and
business unit levels.
The product pipeline is reviewed regularly to:
-- assess whether products in development are progressing according to schedule;
-- identify new product ideas and assess fit with our product portfolio; and
-- assess the expected commercial return on new products.
-- Operational Controls
Our key operational control processes are as follows:
-- Quality Assurance: All our manufacturing sites have an
established Quality Management System. These systems are designed
to ensure that our products are manufactured to a high standard and
in compliance with the relevant regulatory requirements.
-- Pharmacovigilance: Our regulatory team operates a robust
system with a view to ensuring that any adverse reactions related
to the use of our products are reported and dealt with
promptly.
-- Information Technology: Our business units currently use a
number of different local financial, manufacturing and warehouse
management systems to support their operations. We are in the
process of implementing Oracle across the Group.
-- Financial Controls: Our financial controls are designed to
prevent and detect financial misstatement or fraud and operate at
three levels:
o Entity Level Controls performed by senior managers at Group
and business unit level;
o Month-end and Year-end procedures performed as part of our
regular financial reporting and management processes; and
o Transactional Level Controls operated on a day-to-day
basis.
Internal Audit provides independent and objective assurance and
advice on the design and operation of the Group's internal control
framework. The internal audit plan seeks to provide balanced
coverage of the Group's material financial, operational and
compliance control processes
-- Improvements in 2017
We have continued to strengthen and improve a number of key
control processes and the following changes have been
implemented:
-- a number of portfolio and project management improvements
have been implemented in our product development processes;
-- the manufacturing Quality Management Systems in all our
recent acquisitions have been assessed and improvements implemented
to ensure they meet relevant regulatory standards;
-- a risk assessment of the key contract manufacturing
organisations (CMOs) that our supply chain is dependent upon has
been completed and quality audits have also been conducted on the
top 35 CMOs; and
-- our standard financial control framework has been updated and
rolled out across the Group, including all recent acquisitions, in
response to a number of improvement opportunities identified from
internal audit reviews.
-- Plans for 2018
We will continue to refine and strengthen our internal control
framework where required in response to changes in our risk profile
and improvement opportunities identified by business management,
quality assurance and internal audit.
We are planning to review our key corporate compliance processes
and training activities including our Group Code of Conduct, key
Group Policies and our Third Party Principles Policy in order to
improve our ability to comply with existing and emerging
legislation.
Understanding Our Key Risks
Dechra is one of only a handful of listed veterinary
pharmaceuticals companies in the FTSE. We therefore believe it is
important to summarise the key distinctions between the animal and
human pharmaceutical industries in order to provide a better
understanding of our risk profile.
The business of developing and marketing animal pharmaceuticals
shares a number of characteristics with human pharmaceutical
businesses. These similarities include the need to conduct clinical
trials to prove product safety and efficacy, obtain regulatory
approval for new products, complex and highly regulated product
manufacturing, and to market products based on approved clinical
claims. However, there are also significant differences between
animal and human pharmaceutical businesses, including:
-- Product development is generally faster, cheaper and more
predictable and sustainable: Development of animal medicines
typically requires fewer clinical studies with fewer subjects and
is conducted directly in the target species. Decisions on product
safety, efficacy and likelihood of success can therefore be made
more quickly.
-- Diversified product portfolios: Animal pharmaceuticals
businesses are generally less reliant on a small number of
'blockbuster' products. Animal health products are sold across
different regions which may have distinct product requirements. As
a result, animal health products often have a smaller market size
and the performance of any single product typically has less impact
on overall business performance.
-- Stronger customer relationships and brand loyalty: Companion
Animal Products are often directly prescribed and dispensed by
veterinarians which contributes to brand loyalty, which often
continues after the loss of patent protection or regulatory
exclusivity.
-- Lower pricing pressure: Livestock producers and pet owners
generally pay for animal healthcare themselves. Pricing decisions
are not influenced by government payors that are involved in
product and pricing decisions for human medicines.
-- Less price erosion by generic competition: Generic
competition in animal healthcare, whilst playing an important role,
has a lower impact on prices compared to human pharmaceuticals
because of the smaller average market size of each product
opportunity, stronger customer relationships and brand loyalty.
The SET has identified and agreed key risks with the Board. Of
these, a number are deemed to be generic risks facing every
business including failure to comply with financial reporting
regulation, foreign exchange, IT systems failure and non-compliance
with legislation. The table below therefore details the ten
principal risks that are specific to our business and provides
information on:
-- how they link to Group strategy;
-- their potential impact on the business; and
-- what controls are in place to mitigate them.
Link to Risk Potential Impact Controls and Trend
Strategic Mitigating
Pillar Actions
and Enabler
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Pipeline Competitor Revenues and We focus on Increased
Delivery Risk: margins may be lifecycle Risk
Portfolio Competitor adversely affected management Competitor
Focus products should competitors strategies product
Geographical launched launch a novel for our key launches
Expansion against one or generic product products against some
of our leading that competes to ensure they of our key
brands with one of our fulfil evolving products
(e.g. generics unique products customer
or upon the expiry requirements.
a superior or early loss Product patents
product of patents. are monitored
profile). Costs may increase and defensive
We depend on due to defensive strategies are
data marketing activity. developed
exclusivity towards
periods the end of the
or patents to patent life or
have the data
exclusive exclusivity
marketing period.
rights for some We monitor
of market
our products. activity prior
Although we to competitor
maintain products being
a broad launched, and
portfolio develop a
of products, marketing
our unique response
products like strategy
Vetoryl to mitigate
and Felimazole competitor
have impact.
built a market
which
may be
attractive
to competitors.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Portfolio Market Risk: The emergence We manage and No Change
Focus The emergence of corporate monitor our
of veterinary customers and national
buying groups buying groups and European
and represents an pricing policies
corporate opportunity to to ensure
customers. increase sales equitable
We sell and volumes and revenue pricing for each
promote but may result customer group.
primarily to in reduced margins. Our
veterinary Our reputation relationships
practices and and relationships with larger
distribute with veterinary customers
our products practices could are managed by
through also be adversely key account
wholesaler affected. managers.
and Our marketing
distributor strategy is
networks in designed
most markets. to support
In a number veterinarians
of mature in retaining
markets, customers by
veterinarians promoting the
are benefits of our
establishing product
buying portfolio
groups to in our major
consolidate therapeutic
their areas.
purchasing,
and corporate
customers
are also
emerging.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Acquisition Acquisition Failure to identify We have defined Decreased
Risk: or secure suitable criteria for risk
Identification targets could screening Successful
of slow the pace acquisition integration
acquisition at which we can targets and we of recent
candidates expand into new conduct acquisition.
and their markets or grow commercial,
potential our portfolio. clinical,
integration. Acquisitions financial
Identification could deliver and legal due
of lower profits diligence.
suitable than expected The Board
candidates or result in reviews
and securing a intangible assets acquisition
successful impairment. plans
approach and progress
involves regularly and
a high degree approves all
of uncertainty. potential
Acquired transactions.
products The SET manages
or businesses post-acquisition
may integration and
fail to deliver monitors the
expected delivery of
returns due to benefits
over-valuation and returns.
or integration
challenges.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Pipeline Product A succession Potential new No Change
Delivery Development of clinical trial development
Risk: failures could candidates
Failure to adversely affect are assessed
deliver our ability to from a
major products deliver shareholder commercial,
either expectations financial and
due to pipeline and could also scientific
delays damage our reputation perspective
or newly and relationship by a
launched with veterinarians. multi-functional
products not Our market position team to allow
meeting in key therapeutic senior
revenue areas could be management
expectations. affected, resulting to make
The development in reduced revenues decisions
of and profits. on which ones
pharmaceutical Where we are to progress.
products unable to recoup The pipeline
is a complex, the costs incurred is discussed
risky in developing regularly by
and lengthy and launching senior
process a product this management,
involving would result including the
significant in impairment Chief Executive
financial, R&D of intangible Officer and
and assets. Chief
other resources. Financial
Products that Officer.
initially Regular updates
appear promising are also
may provided
be delayed or to the Board.
fail Each development
to meet expected project is
clinical managed
or commercial by co-project
expectations leaders who
or face delays chair
in project team
regulatory meetings.
approval. Before costly
It can also be pivotal studies
difficult are initiated,
to predict smaller proof
whether of concept pilot
newly launched studies are
products conducted
will meet to assess the
commercial effects of the
expectations. drug on target
species and for
the target
indication.
In respect of
all new product
launches a
detailed
marketing plan
is established
and progress
against that
plan is
regularly
monitored.
The Group
ensures
that it has a
detailed market
knowledge and
retains close
contact with
customers
through
its management
and sales teams
which are
trained
to a high
standard.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Pipeline Regulatory Risk: Delays in regulatory The Group No Change
Delivery Failure to meet reviews and approvals strives
Portfolio regulatory could impact to exceed
Focus requirements. the timing of regulatory
Geographical We conduct our a product launch requirements
Expansion business and have a material and ensures that
in a highly effect on sales its employees
regulated and margins. have detailed
environment, Any changes made experience and
which to the manufacturing, knowledge of
is designed to distribution, the regulations.
ensure marketing and Manufacturing
the safety, safety surveillance and Regulatory
efficacy processes of have established
quality, and our products quality systems
ethical may require additional and standard
promotion of regulatory approvals, operating
pharmaceutical resulting in procedures
products. additional costs in place.
Failure to and/or delays. Regular contact
adhere Non-compliance is maintained
to regulatory with regulatory with all
standards requirements relevant
or to implement may result in regulatory
changes delays to production bodies
in those or lost sales. in order to
standards build
could affect our and strengthen
ability relationships
to register, and ensure good
manufacture communication
or promote our lines.
products. The regulatory
and legal teams
keep updated
in respect of
changes with
a view to
ensuring
that the
business
is equipped to
deal with, and
adhere to, such
changes.
Where changes
are identified
which could
affect
our ability to
market and sell
any of our
products,
a response team
is created in
order to
mitigate
the risk.
External
consultants
are used to
audit
our
manufacturing
quality systems.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Portfolio Regulatory Risk: Reduction in Regular contact Increased
Focus Continuing sales of our is maintained Risk
Geographical pressure antimicrobial with relevant Antibiotic
Expansion on reducing product range. veterinary decline has
antibiotic Our reputation authorities increased
use. could be adversely to ensure that in the UK
The issue of the impacted if we we have a and Denmark
potential do not respond comprehensive
transfer of appropriately understanding
increased to government of regulatory
antibacterial recommendations. changes.
resistance We strive to
from food develop new
producing products
animals to and minimise
humans antimicrobial
is subject to resistance
regulatory concerns.
discussions.
In some
countries
this has led to
government
recommendations
on
reducing the use
of
antibiotics in
food
producing
animals.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Pipeline Reliance on Raw material We monitor the No Change
Delivery Third supply failures performance of
Portfolio Parties Risk: may cause: our key
Focus A supply failure * increased product costs due to difficulties in suppliers
Manufacturing on obtaining scarce materials on commercially acceptable and act promptly
and Supply a key product terms; to source from
Chain may alternative
affect our suppliers
ability * product shortages due to manufacturing delays; where potential
to develop, issues are
make, identified.
or sell our * delays in clinical trials due to shortage of trial The top ten
products. products. Group
We rely on third products are
parties regularly
for the supply Shortages in reviewed
of manufactured in order to
all raw products and identify
materials third party supply the key
for products failures on finished suppliers
that products may of materials
we manufacture result in lost or finished
in-house. sales. products.
We also purchase We maintain
many buffer
of our finished stocks and dual
products sourcing
from third party arrangements
manufacturers. for key
products.
All contracts
with suppliers
are reviewed
from both a
commercial
and legal
perspective
to try to ensure
that assignment
of the contract
is allowed
should
there be a
change
of control of
either of the
contracting
parties.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Portfolio Reliance on Loss of a key The DPM sales Decrease
Focus Third customer can team maintains Risk
Manufacturing Parties Risk: impact manufacturing relationships Strategy
and Supply Loss of key revenues and with key to reduce
Chain third lead to an increase customers. third party
party in the cost of Robust supply manufacturing
manufacturing goods of the agreements are contracts
customers from remaining portfolio. in place with
DPM. each of our key
Other sales, customers and
relating are regularly
to third party reviewed.
manufacturing Monthly customer
and other service level
non-core monitoring and
activities, reporting is
represents in place.
approximately
9.2%
of Group
revenues.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Portfolio People Risk: Loss of key skills The Nomination Decreased
Focus Failure to and experience Committee Risk
Pipeline retain could erode our oversees Board and
Delivery high calibre, competitive advantage succession SET
People talented and could have planning succession
senior managers an adverse impact for the Board planning
and on results. and the SET. managed
other key roles Inability to Succession plans successfully
in attract and retain are in place
the business. key personnel for the SET
Our growth plans may weaken succession together
and planning. with development
future success plans for key
are senior managers.
dependent on Key person
retaining insurance
knowledgeable is in place
and where
experienced appropriate.
senior Remuneration
managers and key packages are
staff. reviewed on an
annual basis
in order to help
ensure that the
Group can
continue
to retain,
incentivise
and motivate
its employees.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Geographical People Risk: Failure to recruit The Group HR Decreased
Expansion Failure to or develop good Director reviews Risk
Acquisition resource quality people the Successful
People the business to could result organisational recruitment
achieve in: structure with of DPM
our strategic * capability gaps in new markets; the SET twice management
ambitions, a year to aim team
particularly on to ensure that
geographical * challenges in integrating new acquisitions; or the organisation
expansion and is fit for
acquisition. purpose
As Dechra * overstretched resources and to assess
expands the resourcing
into new markets implications
and This could delay of planned
acquires new implementation changes
businesses of our strategy or strategic
or science we and we may not imperatives.
recognise meet shareholders' A development
that we may need expectations. programme is
new in place to
people with identify
different opportunities
skills, to recruit new
experience talent and
and cultural develop
knowledge existing
to execute our potential.
strategy
successfully in
those
markets and
business
areas.
----------------- ----------------- ------------------------------------------------------------ ------------------ -------------
Directors' Responsibility Statement Required under the
Disclosure and Transparency Rules
The responsibility statement below has been prepared in
connection with the Company's full Annual Report for the year ended
30 June 2017. Certain parts of that Report are not included with
this announcement.
We confirm to the best of our knowledge:
a) the Company Financial Statements, which have been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 101
'Reduced Disclosure Framework', and applicable law), give a true
and fair view of the assets, liabilities, financial position and
profit of the Company;
b) the Group Financial Statements, prepared in accordance with
the IFRSs as adopted by the EU, give a true and fair view of the
assets, liabilities, financial position and profit or loss of
Group; and
c) the Strategic Report includes a fair review of the
development and performance of the business and the position of the
Group and Company, together with a description of the principal
risks and uncertainties that they face.
Approved by the Board and signed on its behalf by:
Ian Page Richard Cotton
Chief Executive Officer Chief Financial Officer
4 September 2017 4 September 2017
For further information, please contact:
Melanie Hall, Company Secretary
Telephone number: 01606 814730
About Dechra
Dechra is an international specialist veterinary pharmaceuticals
and related products business. Our expertise is in the development,
manufacture, and sales and marketing of high quality products
exclusively for veterinarians worldwide. Dechra's business is
unique as the majority of its products are used to treat medical
conditions for which there is no other effective solution or have a
clinical or dosing advantage over competitor products. For more
information please visit: www.dechra.com
Trademarks
Trademarks appear throughout this document in italics. Dechra
and the Dechra "D" logo are registered trademarks of Dechra
Pharmaceuticals PLC.
Forward Looking Statement
This document contains certain forward-looking statements. The
forward-looking statements reflect the knowledge and information
available to the Company during the preparation and up to the
publication of this document. By their very nature, these
statements depend upon circumstances and relate to events that may
occur in the future thereby involve a degree of uncertainty.
Therefore, nothing in this document should be construed as a profit
forecast by the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSSSWSUIFWSESU
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September 05, 2017 05:09 ET (09:09 GMT)
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