BRITANNIA PHARMACEUTICALS LIMITED

• ⚠

  Material uncertainty over going concern

  Since the year end, the ultimate shareholders of the Company's intermediate parent, Stada Arzneimittel AG (Stada) have agreed the sale of a majority stake in Stada to CapVest Partners LLP (CapVest). The transaction is expected to complete in early 2026. The director understands the intentions of CapVest are to continue to support Stada and its subsidiaries with its strategy and growth ambitions and the transaction would not change current plans for the Company. Therefore, the director has a reasonable expectation that the Company will have adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. The director believes it is therefore appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements. However the director does not have full knowledge of CapVest's future intentions and funding plans in relation to the Company. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Since the year end, the ultimate shareholders of the Company's intermediate parent, Stada Arzneimittel AG (Stada) have agreed the sale of a majority stake in Stada to CapVest Partners LLP (CapVest). The transaction is expected to complete in early 2026. The director understands the intentions of CapVest are to continue to support Stada and its subsidiaries with its strategy and growth ambitions and the transaction would not change current plans for the Company. Therefore, the director has a reasonable expectation that the Company will have adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. The director believes it is therefore appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements. However the director does not have full knowledge of CapVest's future intentions and funding plans in relation to the Company. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.”

Group structure

1. BRITANNIA PHARMACEUTICALS LIMITED · parent
   1. CNRD 2002 Limited 0.33% · United Kingdom

Significant events

• “An increase in turnover of 13% to £86.5m in 2024 (£76.5m in 2023) has been primarily driven by an increase in APO-GO brand sales in France and Austria and LECIGON brand sales as new markets have launched and established markets have grown. This has been offset by a reduction in US APOKYN royalty income as a result of increased market competition in the US.”
• “The Company is intending to continue to successfully launch the group's newly acquired product Lecigon throughout Europe in 2025. The Company received approval for its subcutaneous apomorphine infusion device, ONAPGO, from the Food and Drug Administration on 4 February 2025. ONAPGO, will be launched in the US during the second quarter of 2025.”
• “Since the year end, the ultimate shareholders of the Company's intermediate parent, Stada Arzneimittel AG have agreed the sale of a majority stake in Stada Arzneimittel AG to CapVest Partners LLP. The transaction is expected to complete in early 2026.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +13%

  £76,537,000 → £86,500,000

• Cash

  -8.2%

  £3,627,000 → £3,330,000

• Net assets

  +4.1%

  £53,323,000 → £55,487,000

• Employees

  +9.2%

  87 → 95

• Operating profit

  -5.2%

  £11,480,000 → £10,881,000

• Profit before tax

  -4.2%

  £11,622,000 → £11,130,000

• Wages

  -3.4%

  £5,727,000 → £5,530,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers