Adcock (AIP) – Against the grain

1H19 turnover growth of +15.6% benefited from the inclusion of Genop, a player within the ophthalmology and dermatology space. We show that AIP’s current strategy of increasing exposure in non-regulated products is in direct contrast to a global player that has divested portfolios in OTC, dermatology and ophthalmology. We show that funders will continue to put pricing pressure on medicines that treat prevalent chronic diseases. We see this as a risk to AIP.