Life Sciences
Pharma
We develop components and systems for the delivery of Active Pharmaceutical Ingredients (APIs), supporting customers across the whole lifecycle of a drug – from early-stage research to commercial manufacture.
Very few drug formulations comprise the Active Pharmaceutical Ingredient (API) alone. We focus on providing the components and systems for delivering the API, empowering biologics delivery by developing systems that deliver the API to the target site in the body, maintain its stability and improve its efficacy. For protein delivery we provide a range of speciality excipients for challenging formulations including injectables. In adjuvant systems, we are the only independent supplier with a full component portfolio and the ability to put vaccine adjuvants together to power the therapeutic vaccines of the future. We are the leading innovator of components for nucleic acid delivery, capable of both developing new systems and scaling them up to support commercial roll out.
In total we have over 5,000 customers across the whole lifecycle of a drug, from research to commercial manufacturing. We are pioneering the future of health care by focusing on segments with a high development need. Our key differentiator is innovation, creating new ingredients from sustainable sources that have a unique quality.
Agriculture
We improve agricultural performance through sustainable, innovative delivery technologies and solutions. We do this by providing innovative crop protection and seed enhancement technologies, enabling the agricultural community to improve yields and contribute to global food security.
Our innovative delivery systems include high performance formulation aids and novel adjuvants that enable the most challenging formulations without adverse impacts on the environment. Our seed enhancement expertise includes solutions that improve seed resilience and performance and decrease the need for for plant protection products. We also improve crop quality, yield and shelf life using biostimulant chemistry that works with a plant’s natural processes and stress responses.
Business summary
Life Sciences
- Sales fell to £504.3m (2023: £602.3m), down 16% on a reported basis, or 14% at constant currency
- This comprised a 3% reduction in sales volumes, with price/mix 4% lower, a 1% acquisition contribution from sales of phospholipids, adverse impacts of 8% from the absence of CV19 lipids and 2% from foreign currency translation
- Excluding CV19 lipids sales in the prior year, Life Sciences returned to growth in H224 driven by higher sales volumes in Crop Protection and a stronger performance in Seed Enhancement
- IFRS operating profit was £85.5m (2023: £131.7m). Adjusted operating profit was £104.0m (2023: £150.3m). The adjusted operating margin improved from 18.3% in H124 to 22.9% in H224 due to higher sales volumes in Crop Protection as well as strong cost control, resulting in a full year adjusted operating margin of 20.6% (2023: 25.0%), the prior year margin having benefitted from high margin CV19 lipid sales
In Consumer Care our strategy is to empower biologics delivery through the development of innovative solutions:
- NPP sales improved to 31% total sales (2023: 28%) with growth of strategic focus areas in Pharma
By business unit (in constant currency):
- Pharma sales fell by 2% (ex CV19) with lower sales into consumer health and veterinary markets particularly in Europe, partially offset by growth in delivery systems for protein-based drugs and lipids for drug research
- Crop Protection sales were down 16% but up 6% in the second half year as demand began to return
- Seed Enhancement sales were up 1% with our microplastic-free seed coatings continuing to grow
Life Sciences business review
