2013 full year results - alliance...
TRANSCRIPT
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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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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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Buy & Build - acquisitions over past 10 years
C A R A D E R M
26 deals in 15 years
Every year since 2006
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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
11 11
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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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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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.