Galen maintains recommendation

Dolmen Stockbrokers has maintained its buy recommendation on Northern Ireland-based Galen Pharmaceuticals. Galen reported strong first-quarter results this week, with earnings per share up 34 per cent to 5.14 pence sterling (8.06 cents).

The increase was due to the integration of the Warner Chilcott acquisition, which accounted for 44 per cent of total revenues. Galen has said it is looking for fresh acquisition possibilities to broaden its product pipeline and marketing reach in the US and Europe.