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Business Description: Sigma Pharmaceuticals Limited (SIP) is a full line wholesale and distribution business to pharmacy. SIP is split into the Retail and Wholesale Division and is also the owner of the Amcal, Guardian and Amcal Max brands.
Strategy Analysis: SIP seeks to supply the most attractive portfolio of prescription drugs, over-the-counter (OTC) medicines and other front-shop product, and marketing assistance to Australian pharmacies. In 2007 to counter aggressive discounting by low-cost global generics players and by other wholesalers, SIP introduced the Embrace loyalty program. The program offers members discounts across a wide range of product in exchange for minimum purchase levels.
Sigma Pharmaceuticals reported NPAT down 62% to $18.69m for the year ended 31 January 2013. Revenues from ordinary activities were $2.94bn, up 3.1% from last year. This is despite the impact of substantial PBS price reform introduced by the Federal Government which results in the reduction of PBS listed prices for a range of generic drugs distributed by wholesalers such as the company. Basic and Diluted EPS was 1.6 cents compared to 4.2 cents last year. Net operating cash flow was $65.63m compared to $145.77m last year. The final dividend declared was 2.0 cents, taking the full year dividend to 4.0 cents compared with 5.0 cents last year.
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