Ergomed sees trial business grow 11% in first half of 2023
Ergomed says focus on patient advocacy and efforts to reduce the burden on physicians helped trial business in first half of 2023.
The UK firm brought in revenue of £76.7 million ($93 million) in the six months to the end of June, which is an increase of 10% from the equivalent period in 2022.
Most of this was generated by Ergomed’s pharmacovigilance services unit brought in $47 million up by 9% from the equivalent period last year.
The contribution from clinical research organization (CRO) services accounted for $46 million, which is up 11% year-on-year.
The majority of this trial services revenue - $28 million – comes from projects conducted in North America, with European work bringing in $10 million and trials in the UK earning $6 million.
The hike in clinical trial related revenue reflects various initiatives introduced over the past few years according to the firm.
“The continued success of Ergomed’s unique and innovative site support model, which focuses on patient advocacy whilst simultaneously reducing the burden on trial physicians, along with our specialist expertise across the rare disease and oncology therapeutic areas, continues to drive the strong growth in our CRO business.”
The clinical trials unit also benefited from revenue contributed by Adamas, which Ergomed acquired in 2022.
Executive chairman, Miroslav Reljanović, said: “Ergomed has made a very solid start to the year demonstrating continued growth and reflecting the global appeal of our offering to our clients, the strength of our business model and the resilience of the markets we address.
He added: “We expect to deliver on our expectations for financial results for 2023, and we look forward with confidence to the rest of this year and beyond.”
The financial report comes just weeks after private equity firm Permira announced it would pay $851 million to buy Ergomed and make the London-listed company private.
DepositPhotos/etiamos