Clinigen (CLINC.L, CLIN LN)
Clinigen's business model is centred on medicine distribution across the entire product lifecycle, with global operations spanning five continents. It operates across three divisions that play into attractive verticals of the healthcare market: (1) Commercial Medicines (c.52% of FY 20E gross profit); (2) Unlicensed Medicines (c.30% of FY 20E gross profit; (3) Clinical Services (c.18% of FY 20E gross profit). Key to its strategy is linking earlier stage healthcare services to later stage commercialisation activities, in particular product ownership. This model should support mid- to high-single-digit organic earnings growth. Furthermore, the commercial product strategy provides meaningful upside optionality to earnings.
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