2013 Full Year Results - Alliance...

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John Dawson – Chief Executive Richard Wright – Finance Director 2013 Full Year Results March 2014

Transcript of 2013 Full Year Results - Alliance...

John Dawson – Chief Executive

Richard Wright – Finance Director

2013 Full Year Results March 2014

2

Highlights

Sales up 1% to £45.5m (2012: £44.9m)

Continued growth from Hydromol (12%), now a £5m brand

No ImmuCyst sales during plant refurbishment (2012: £1.6m)

Toxicology product at peak of 30-month cycle

Forceval temporarily low

Strong contribution from acquisitions

Pre-tax profits up 11% to £12.0m (2012: £10.8m)

Free cash flow £8.4m (2012: £11.0m)

Net debt : EBITDA modest at 1.6 times*

Three acquisitions

International rights to Syntometrine in June 2013

UK and Irish rights to Lypsyl in December 2013

German product Irenat in January 2014

Final and full year dividend up 10% *including pro forma EBITDA from acquisitions

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Company Background

and Business Model

4

Background to Alliance

Started in 1998 as a speciality pharma company, using a Buy and Build model

Profitable, cash generative, dividend paying and low gearing

Portfolio:

Core of portfolio is established niche medicines typically with limited competition

Dermatology

Specialist secondary care

Consumer medicines

Strong track record of 26 deals in 15 years building up a portfolio of over 60

products

Sales mainly in the UK, but also in 30+ other countries

Alliance now trading profitably in Germany, France and Ireland

Two joint ventures in China

Other countries via distribution partners

Virtual model with manufacturing, storage, logistics and sales forces outsourced

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Diverse Portfolio

The bedrock: core portfolio of non-promoted products

45%

Dermatology

15%

Hydromol

Timodine

Secondary

care

13%

Stoma care

ImmuCyst

GelClair

Consumer

8%

Anbesol

Ashton & Parsons

Lypsyl

International

19%

Nu-Seals

Forceval

Syntometrine

Irenat

Savarine

Uniflu

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Bedrock: longevity of niche prescription brands

Product Annual

Sales* Launched By

Launch

Date

Alliance

Since Description

Hydromol £5.3m Quinoderm 1987 2006 Range of emollient products used in the management of

eczema and other dry skin conditions

Toxicology

product £3.9m Berk 1991 2010

Toxicology product sold into Government stockpile on a 2½

year cycle

Nu-Seals £3.0m Lilly 1978 2002 Low dose aspirin for prevention of heart attacks and strokes

Syntometrine £2.8m Sandoz 1956 2006 /

2013 Childbirth: assist labour/prevent haemorrhage after delivery

Buccastem £2.3m Reckitt &

Colman 1987 2009 Buccal tablet for treatment of nausea and vomiting

Forceval £1.9m Unigreg 1970 2004 Complete supplement of micro-nutrients

Timodine £1.6m Lloyd-Hamol 1972 2009 A broad spectrum anti-fungal and anti-bacterial skin cream

Syntocinon £1.6m Sandoz 1956 1998 Childbirth: assist labour/prevent haemorrhage after delivery

Paludrine £1.5m ICI 1972 2012 For the prevention and suppression of malaria

Vitamin E £1.5m Roche 1989 2010 Only licensed liquid formulation for correction of Vitamin E

deficiency available in the UK

Average age

38 years

*Pro forma revenue 2013

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Risk reduction through diversity – over 60 products

Hydromol

10.8%

Toxicology product

7.9%

Stoma care

8.0%

Nu-Seals

7.1%

Syntometrine

5.9%

Buccastem

4.6% Anti-malarials

4.3%

Forceval

3.9% Timodine

3.4%

Syntocinon

3.2%

Other

41.6%

Revenue

Pro forma revenue

in the 12 months

ended 31 December

2013

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Targeted promotion

Dermatology - Hydromol

Range of emollients for remission of eczema

Acquired from Ferndale Labs in 2006

Grown from £0.9m to £5.3m

12% growth in 2013

Consumer products Ashton & Parsons Infants’ Powders

Lypsyl

Anbesol mouth ulcer treatment

Quinoderm acne treatment

MolluDab

Specialist hospital

Opus stoma care range

Gelclair – adjunctive cancer treatment for oral mucositis

ImmuCyst for bladder cancer

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2013 Results

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2013 Full Year Results – summary

Sales up 1% to £45.5m (2012: £44.9m)

Strong gross margin rate of 60.3% (2012: 55.9%)

Increase due to short term product mix effect

Operating profit up 8% to £13.4m (2012: £12.3m)

Pre-tax profit up 11% to £12.0m (2012: £10.8m)

Basic EPS up 6% to 3.82p (2012: 3.61p)

Free cash flow of £8.4m (2012: £11.0m)

Net bank debt of £25.0m (2012: £21.8m), with gearing at 1.6 times EBITDA*

Final dividend up 10% to 0.605p (2012: 0.550p)

Total dividend up 10% to 0.908p (2012: 0.825p) *including pro forma EBITDA from acquisitions

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Sales history – 18% pa underlying growth / 5 yrs

-

10.0

20.0

30.0

40.0

50.0

60.0

01/02 02/03 03/04 04/05 2005* 2006 2007 2008 2009 2010 2011 2012 2013

Sale

s £

m

Underlying Deltacortril * 10 months annualised

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Profit history – strong underlying growth

-

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

04/05 2005* 2006 2007 2008 2009 2010 2011 2012 2013

An

nu

al

/ A

nn

uali

sed

pre

-tax p

rofi

t b

efo

re

excep

tio

nal

item

s £

m

Underlying Deltacortril * 10 months annualised

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Strong underlying performance

The Deltacortril success

Acquired for less than £1.0m in 2006

Peaked in 2010 at £13.5m sales and £11.0m gross margin

In 2013 £0.6m sales and £0.3m gross margin

Underlying performance

Excluding Deltacortil, over the past three years

Sales have grown £8.5m

PBT has grown £6.3m

PBT has grown at CAGR of 30% per annum

Percentage PBT/sales has grown from 15% to 26%

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2013 Sales movements

2013

£m

2012

£m

Change

£m

Hydromol Growth of 12% 5.3 4.7 +0.6

ImmuCyst Due back in supply Q4 2014 - 1.6 (1.6)

Gelclair Growth of 15% 1.2 1.0 +0.2

Nu-Seals Generic competition 3.0 4.0 (1.0)

Toxicology product Higher point of 2.5 year replacement cycle 3.9 2.1 +1.8

2013 Acquisitions Syntometrine International and Lypsyl 1.3 - +1.3

2012 Acquisitions Anti-malarials and stoma care 6.0 1.6 +4.4

Deltacortril Additional competition and reduction in

market size

0.6 1.8 (1.2)

Forceval Chinese distributor overstocked and supply

issues in UK

1.9 4.9 (3.0)

Other Core non-promoted brands 22.3 23.2 (0.9)

Total 45.5 44.9 +0.6

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Income Statement

£’m 2013 2012

Revenue 45.5 44.9

Gross profit 27.4 25.1

Gross margin % 60.3% 55.9%

Operating costs (13.7) (12.2)

Amortisation (0.4) (0.6)

Operating profit 13.4 12.3

Operating profit % 29.4% 27.4%

Financing costs (1.4) (1.5)

Profit Before Tax 12.0 10.8

Tax (2.4) (2.1)

Profit After Tax 9.6 8.7

Basic EPS 3.82p 3.61p

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Cash Flow

£’m 2013 2012

Operating profit 13.4 12.3

Depreciation and Amortisation 0.7 0.8

Share options 0.6 0.4

Working capital (2.2) 1.0

Cash flow from trading 12.5 14.5

Financing (1.2) (1.3)

Capital expenditure (0.4) (0.2)

Tax paid (2.5) (2.0)

Free cash flow 8.4 11.0

Acquisitions (9.6) (12.8)

Equity raised 0.1 0.2

Dividend (2.1) (1.8)

Increase in net bank debt (3.2) (3.4)

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Balance Sheet

£’m Dec 13 Dec 12 Change

Intangibles: Product licences 89.1 79.9 +9.2

Inventories 5.5 5.4 +0.1

Trade and other receivables 10.5 10.1 +0.4

Trade and other payables (8.6) (10.1) +1.5

Taxes (current and deferred) (7.4) (7.4) -

Other net assets 0.6 (0.1) +0.7

Net cash / overdraft 0.9 4.7 (3.8)

Bank loans (25.9) (26.5) +0.6

Net bank debt (25.0) (21.8) (3.2)

Convertible loan stock - (4.2) +4.2

Equity 64.7 51.8 +12.9

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2013/14 Acquisitions

International rights to Syntometrine from Novartis (June 2013)

US$ 11.5m consideration

Sales US$ 3.2m, gross margin US$ 2.8m

Debt-funded

First significant sales in Australia, South Africa, Malaysia

UK and Irish rights to Lypsyl from Novartis (December 2013)

US$ 3.0m consideration

Sales £1.2m, gross margin £0.5m

Debt-funded

Opportunity to turn around this very well known brand

German product Irenat from Bayer (January 2014) Sales €0.8m, gross margin €0.5m

Debt-funded

First significant sales in Germany

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Outlook

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Summary

Robust business model with strong cash generation

Good growth opportunities

Dermatology – Hydromol continues to grow well

Consumer medicines

Ashton & Parsons

Lypsyl

Quinoderm

MolluDab

International – 2014 to benefit from Irenat acquisition and FY effect of Syntometrine acquisition

Specialist Hospital – ImmuCyst returns at end of 2014

Promising prospects for future acquisitions

Flow of opportunities is high

Target areas increased through French and German operations

Over £20m available in acquisition facility

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Appendices

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Top 20 investors: 6 March 2014

Holder / Fund Manager No. of Shares % Holding

Director & Related 64,661,893 24.48%

Nigel Wray 32,981,995 12.49%

Aviva Investors Global Services 24,085,876 9.12%

MVM Life Science Partners 24,061,900 9.11%

Artemis Fund Managers Ltd 20,611,425 7.81%

Slater Investments 10,945,000 4.14%

LGT Capital Management 9,811,071 3.72%

WH Ireland 9,368,045 3.55%

Brown Shipley Asset Management 8,139,745 3.08%

BlackRock Investment Mgt (UK) 7,453,834 2.82%

Cavendish Asset Management 5,754,000 2.18%

Redmayne Bentley Stockbrokers 3,276,382 1.24%

Barclays Wealth Mgt (UK) 3,172,156 1.20%

River & Mercantile Asset Mgt 3,050,000 1.15%

NCL Smith & Williamson Inv 2,408,975 0.91%

Hargreaves Lansdown Asset Mgt 2,388,643 0.90%

TD Direct Investing 2,367,532 0.90%

Hargreave Hale 2,231,000 0.84%

Adam & Co 1,704,810 0.65%

Brooks Macdonald Asset Mgt 1,655,671 0.63%

Total No of Share Owners - 870 No of Shares in Issue – 264,080,873

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Board members

John Dawson – Chief Executive Officer

Tony Booley – Executive Director

Michael Gatenby – Chairman

Paul Ranson – Non-Executive Director

Richard Wright – Finance Director

Peter Butterfield – Executive Director

Andrew Smith – Non-Executive Director

Tomas Casdagli – Non-Executive Director

Pharmacist, MSc Finance; > 40yrs’ sector

experience, founder of Alliance

Director – International

BSc Physiology, MBA, Chartered Marketer;

30yrs sector experience, with Alliance since 1998

MA. FCA ex-director of Hill Samuel and Co,

ex-Vice Chairman of Charterhouse Bank

LL.B Barrister Solicitor with more than 25 years’

pharma experience

MA Mathematics (Cantab), Chartered Accountant,

>20 years’ experience across various industries,

joined 2007

Director – Western Europe

Former UK Commercial Manager of Cambridge

Laboratories Ltd, graduated from University of Edinburgh

with BSc (Hons)

Senior positions held at SmithKline Beecham

Pharmaceuticals, Diversified Health Systems Europe,

Cerebrus plc and Parexel International

Partner in MVM Life Science Partners, Chartered

Accountant, graduated from Oxford in Molecular and

Cellular Biochemistry, joined March 2009

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Product portfolio

BRAND NON-PROPRIETARY NAME USES

AbsorbaGel luquasorb 1160 A discharge solidifying agent which reduces the potential for leaks, noise and odours from

stoma pouches

Acnisal 2% salicylic acid A medicated cleanser for the treatment and prevention of acne

Actidose-Aqua* activated charcoal An activated charcoal suspension for the emergency treatment of acute poisoning and drug

overdose for a number of substances

Alphaderm hydrocortisone and urea An anti-inflammatory and hydrating cream used in the treatment of inflammatory dermatoses

such as eczema and psoriasis

Anbesol Adult Strength Gel

lidocaine hydrochloride 2%

chlorocresol 0.1%

cetylpyridinium chloride 0.02%

For the temporary relief of pain caused by recurrent mouth ulcers and denture irritation

Anbesol Liquid

lidocaine hydrochloride 0.9%

chlorocresol 0.1%

cetylpyridinium chloride 0.02%

For the temporary relief of pain caused by recurrent mouth ulcers, denture irritation and

teething

Anbesol Teething Gel

lidocaine hydrochloride 1%

chlorocresol 0.1%

cetylpyridinium chloride 0.02%

For the temporary relief of pain caused by recurrent mouth ulcers, denture irritation and

teething

Ashton & Parsons Infants’

Powders tincture of matricaria

This is a herbal product traditionally used in infants for the symptomatic relief of pain and

gastric upset associated with teething

Aquadrate 10% urea

A hydrating cream used in the treatment of dry, scaling and itchy skin disorders. Including:

ichthyosis and hyperkeratotic skin conditions associated with atopic eczema, xeroderma,

iasteatosis and other chronic dry skin conditions

Atarax hydroxyzine hydrochloride For pruritus (itching) associated with acute and chronic urticaria in children and adults. Also for

anxiety in adults

Avloclor chloroquine phosphate

Avloclor is an anti-malarial used for treatment and suppression of malaria and will give some

degree of protection against malaria in certain countries.

Also indicated for the treatment of amoebic hepatitis and abscess, discoid and systemic lupus

erythematosus and rheumatoid arthritis.

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Product portfolio

BRAND NON-PROPRIETARY NAME USES

Buccastem &

Buccastem M prochlorperazine maleate

A prescription treatment for nausea and vomiting, and for symptomatic treatment of other

conditions such as vertigo. As an OTC product Buccastem M is used by migraine sufferers. It

comes in a special buccal tablet formulation which adheres to the gum and releases the drug over

one to two hours. This has a particular advantage as vomiting patients may encounter difficulties

taking tablets orally

Cafergot* ergotamine tartrate and caffeine For the management of acute attacks of migraine headache in patients who have not responded

to simple analgesics

Calcium Sandoz* calcium glubionate and calcium

lactobionate

A calcium supplement used to maintain calcium levels. It is given in neonatal hypocalcaemia. It

may help to replace lost calcium and reduce the risk of broken bones in elderly patients with

osteoporosis.

Ceanel Concentrate

cetrimide

undecenoic Acid

A clear, viscous, golden-yellow coloured liquid, used as an adjunct in the management psoriasis of

the scalp, seborrhoeic dermatitis, dandruff-psoriasis of the trunk and limbs.

Clearway

Clearway Mini polyether foam

A bridge device designed to keep stoma pouch layers apart, thus reducing the need for frequent

changes of pouches, and helps to avoid pancaking.

Deltacortril prednisolone

Gastro-resistant tablets. Used for a wide range of disorders in which systemic corticosteroids are

indicated, including allergies, arteritis, rheumatic fever, rheumatic disorders, autoimmune disorders

etc

DeoGel Laponite XLG, diocide, glycerine,

nanozyme

A deodorising and lubricating gel that breaks down and neutralises odours within the stoma

pouch and ensures bodily waste passes easily into the pouch

Dermamist white soft paraffin Treatment of dry skin conditions including eczema, ichthyosis and pruritus in the elderly

Deseril*

methysergide

Used for the prevention of migraine in patients who have not responded to alternative therapies. It

is also used in the management of diarrhoea associated with carcinoid disease.

Dicobalt Edetate dicobalt edetate

Dicobalt injection is a specific antidote for acute cyanide poisoning. In view of the difficulty of

certain diagnosis in emergency situations, it is recommended that Dicobalt Edetate only be given

when the patient is tending to lose or has lost consciousness.

Distamine penicillamine

A disease modifying antirheumatic drug (DMARD) used for the treatment of rheumatoid arthritis

(not osteoarthritis), Wilson's disease (toxic accumulation of copper), lead poisoning and cystinuria

(formation of cystine stones in the kidneys).

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Product portfolio

BRAND NON-PROPRIETARY NAME USES

Edrophonium* edrophonium chloride

Myasthenia gravis, as a diagnostic test; to distinguish between overdosage and underdosage of

cholinergic drugs in myasthenic patients; diagnosis of suspected ‘dual block’; antagonist to non-

depolarising neuromuscular blockade.

Forceval multivitamin and mineral preparation

Capsules containing 24 essential vitamins and minerals (22 in the Junior capsules). Available on

prescription unlike other preparations for use in patients with nutritional deficits due to disease

e.g. AIDS, cancer, inflammatory bowel disease, or on restricted diets e.g. food intolerances,

galactosaemia.

Gelclair* polyvinylpyrrolidone

A viscous gel specially formulated to aid the management of lesions of the oral mucosa. It forms

a protective film that, by adhering to the mucosa of the oropharyngeal cavity, can prevent

further irritations thus contributing to the rapid relief of pain.

Hydromol Cream sodium pyrrolidone carboxylate 2.5% Cream for the treatment of dry skin conditions including dermatitis, eczema, ichthyosis and

senile pruritus

Hydromol Bath & Shower

Emollient

light liquid paraffin (37.8%) and

isopropyl myristate (13%) For the treatment of dry skin conditions such as eczema, ichthyosis and senile pruritus

Hydromol Ointment Yellow soft paraffin (30%) and emulsifying

wax (30%) Ointment for moisturizing and softening dry skin. May be used as a soap substitute

Hydromol Intensive 10% urea

A hydrating cream used in the treatment of dry, scaling and itchy skin disorders. Including:

ichthyosis and hyperkeratotic skin conditions associated with atopic eczema, xeroderma,

iasteatosis and other chronic dry skin conditions

Hydromol HC Intensive hydrocortisone and urea An anti-inflammatory and hydrating cream used in the treatment of inflammatory dermatoses

such as eczema and psoriasis.

Hygroton chlortalidone A diuretic to treat mild to moderate hypertension and oedema. Also used for diabetes insipidus

(excessive urination).

Immucyst* bacillus of calmette and guérin

Indicated for intra-vesicular use in the treatment and prophylaxis of primary or recurrent

carcinoma in situ (CIS) of the urinary bladder, and for the prophylaxis following transurethral

resection (TUR) of primary or recurrent stage Ta and/or T1 papillary tumours, or any

combination thereof, regardless of antecedent intra-vesicular treatment.

Irenat Sodium perchlorchlorate

Irenat is a solution used for the treatment of hyperthyroidism, to block the thyroid gland in

scintigraphic studies (a specific imaging procedure) of other organs, in the perchlorate

discharge test (examination for evidence of a congenital defect in iodine incorporate in the

thyroid, defective metabolism of iodine)

Isocarboxazid* isocarboxazid For the treatment of the symptoms of depressive illness.

(monoamine oxidase inhibitor)

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Product portfolio

BRAND NON-PROPRIETARY NAME USES

Isoniazid* isoniazid For all forms of pulmonary and extra-pulmonary tuberculosis

Isotretinoin isotretinoin

For the treatment of severe forms of acne (such as nodular or conglobate acne or acne at risk of

permanent scarring), resistant to adequate courses of standard therapy with systemic

antibacterials and topical therapy

LaVera lavender oil, aloe vera oil A barrier cream (contains lavender and aloe vera) to protect the skin from harmful waste or fluids

Lift

Lift Plus

orange oil, mineral oil, aloe vera

hexamethyldisiloxane

A medical adhesive remover to aid in the painless removal of stoma pouch and flange adhesives.

Available as wipes and as a spray.

Lypsyl (Original,

Strawberry, Cherry) SPF15, aloe vera and vitamin E Lypsyl provides everyday moisturising care and protection for lips

Lypsyl Cold Sore Gel Lidocaine hydrochloride, cetrimide and zinc For the symptomatic relief of cold sores

Lysovir amantadine Used for the prevention and treatment of influenza A

Menadiol* menadiol diphospate (as menadiol sodium

diphospate)

For the treatment of haemorrhage associated with a low blood level of prothrombin or factor vii.

The main indication is obstructive jaundice (before and after surgery)

Meted 3% salicylic acid & 5% sulphur A medicated shampoo for the treatment of seborrhoeic dermatitis, scalp dermatitis and dandruff.

Relieves the itching, irritation, erythema and flaking

MolluDab. potassium hydroxide For the treatment of molluscum contagiosum

Naseptin chlorhexidine neomycin An antimicrobial cream for inside the nose. It is used for eradicating staphylococcus infections in

the nose.

NaturCare

(Unscented),(Fragrant)

(Zest), (Breeze)

denatured ethanol,

triclosan

A range of deodorants in aerosol form that breaks down and neutralises odours within the

stoma pouch

NaturCare IPD A deodorising wipe that breaks down and neutralises odours within the stoma pouch

Neostigmine Bromide neostigmine bromide

Myasthenia gravis; paralytic ileus; post-operative urinary retention. Neostigmine Bromide

Tablets are used mainly for the treatment of myasthenia gravis, a disease in which the muscles

are weak and tire easily. They are also used when the normal movements of the intestine are

absent and for the treatment of urinary retention after surgery.

Nu-Seals aspirin, gastro-resistant tablets

Low and standard dose aspirin with a protective coat to protect against GI side effects of aspirin.

Low dose is used to prevent heart attacks and ischaemic strokes in patients with risk factors.

Standard dose used for all aspirin indications except acute pain relief.

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Product portfolio

BRAND NON-PROPRIETARY NAME USES

Occlusal salicylic acid A topical solution for the treatment and prevention of common and planar warts.

Ondemet ondansetron hydrochloride dehydrate For the management of nausea and vomiting induced by cytotoxic chemotherapy and

radiotherapy, and for the prevention of post-operative nausea and vomiting (PONV).

Oxymetholone* oxymetholone Oral tablet formulation synthetic male homone, which enhances and repairs the body tissue-

building process as a treatment for aplastic and refractory anaemias

Paludrine proguanil hydrochloride Paludrine is an antimalarial agent recommended for the prevention and suppression of malaria.

Pavacol-D pholcodine A sugar free liquid for the symptomatic treatment of dry troublesome coughs.

Pentagastrin* pentagastrin Pentagastrin Injection BP is used for the diagnostic testing of gastric secretion.

Pentrax fractar 5 coal tar extract A shampoo for the treatment of seborrhoeic dermatitis, scalp dermatitis and dandruff. Relieves

the itching, irritation, erythema, flaking and scaling

Periostat doxycycline

Subantimicrobial dose doxycycline used for the treatment of periodontitis. By suppressing tissue

destructive MMP enzymes, it has an anti-inflammatory rather than an antimicrobial action.

Licensed in Europe through MRP

Permitabs potassium permanganate A mild antiseptic, used to clean and deodorise oozing, eczematous skin conditions and wounds

Phenytoin phenytoin sodium

For the control of status epilepticus of the tonic-clonic (grand mal type) and the prevention and

treatment of seizures occurring during or following neurosurgery and/or severe head injury. Also

used in the treatment of cardiac arrhythmias where first line therapy is not effective. It is of

particular value when these are digitalis induced.

Procarbazine Capsules procarbazine hydrochloride

The main indication is Hodgkin's disease (lymphadenoma). Procarbazine may also be useful in

other advanced lymphomata and a variety of solid tumours which have proved resistant to other

forms of therapy.

Quinoderm Cream benzyl peroxide potassium

hydroxyquinoline sulphate A creamy white astringent vanishing cream for acne vulgaris, acne form eruptions and folliculitis.

Quinoderm Antibacterial

Facewash chlorhexidine gluconate cetrimide

An antimicrobial soap substitute, designed to kill harmful bacteria found on the skin, to be used

both morning and night.

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Product portfolio

BRAND NON-PROPRIETARY NAME USES

Ranitidine ranitidine hydrochloride

For the treatment of duodenal ulcer, benign gastric ulcer, post-operative ulcer and of Zollinger-

Ellison Syndrome. For the managements of conditions where reduction of gastric secretion and

acid output is desirable, such as reflux oesphagitis. As prophylaxis against gastrointestinal

haemorrhage from stress ulceration, recurrent haemorrhage and acid aspitaion (Medelson's

Syndrome) before anaesthesia.

Rogitine* phentolamine Used in the diagnosis of phaeochromocytoma, a tumour of the adrenal gland and in the

management of hypertensive episodes associated with phaeochromocytoma.

Sinthrome* acenocoumarol An oral anticoagulant used in the treatment or prevention of thromboembolic disorders.

SkinSafe hexamethydisiloxane

silicone copolymers

Used to protect skin against bodily fluids and "skin stripping" caused by the constant application

and removal of adhesives. Available as a wipe or spray.

Slow-K* potassium chloride A potassium supplement used to correct low potassium levels associated with disease, poor diet

or other drug therapy.

Symmetrel* amantadine

Used in the treatment of Parkinson's disease and herpes zoster but only in those patients who

you could expect to get a severe and painful rash. The syrup is also useful in the treatment and

prevention of influenza type A.

Synacthen* tetracosactide Used in the diagnosis of adrenocortical insufficiency. Stimulates the formation of adrenal

steroids (cortisol).

Synacthen Depot* tetracosactide – slow release

A long acting formulation of Synacthen. In addition, it is used to treat various inflammatory

diseases including ulcerative colitis, rheumatoid arthritis, and osteoarthritis in short term use

only.

Syntocinon* oxytocin A synthetic form of the hormone oxytocin, used in the induction of labour, the management of

missed and incomplete abortion and to stop excessive bleeding following delivery.

Syntometrine* ergometrine maleate oxytocin A combination of oxytocin and ergometrine used during the last stage of childbirth of following

delivery of the placenta to prevent or beat postpartum haemorrhage

Testosterone Enantate* testosterone enantate Used for the treatment of andropause - males who have too little or no endogenous

testosterone production.