Group at a Glance

Bottle dose production

A leading global CDMO providing advanced delivery technologies, formulation and manufacturing solutions for drugs.

Group at a glance diagram

Who we are

  • Leading global CDMO, providing advanced delivery technologies, formulation and manufacturing solutions for drugs
  • Offering customers a single source for drug and device development, formulation, manufacturing and fill/finish, the Group comprises two integrated operating divisions:

Bespak logo

Aesica logo

Bespak — Devices

  • A global market leader in the development and manufacture of drug delivery devices, serving pharmaceutical companies with inhaler, auto-injector, nasal and ocular technologies and development and manufacturing services
  • Benchmark capabilities in the manufacture of more than 500 million devices per year in regulated markets
  • One of only a handful of operators globally who have the know-how and expertise to consistently deliver above Six Sigma quality for high volume medical components and devices

Aesica — drugs

  • A leading pharmaceutical CDMO serving pharmaceutical companies with API and finished dose formulation development and manufacturing services
  • The only independent CDMO with semi-continuous manufacturing capabilities


  • The Group's customers include some of the world's largest pharmaceutical companies
  • Significant product invention and development resources in R&D including a separate Innovation team in Cambridge
  • High barriers to entry: highly embedded customer relationships, intellectual property, know-how, regulatory approvals, manufacturing complexity and economies of scale
  • Robust finances: profitable, cash generative, low gearing and high dividend payout
Group at a glance map


1Cramlington (Aesica API)

2Newcastle (Aesica Corporate)

3Nelson (IAC)

4Milton Keynes (Bespak manufacturing)

5Hemel Hempstead (Consort HQ)

6Queenborough (Aesica API/FDM/FDD)

7Cambridge (Innovation Centre)

8King’s Lynn (Bespak manufacturing)


9Monheim (Aesica FDM)

10Zwickau (Aesica FDM)


11Pianezza (Aesica FDM)

Sales presence in China, India, Japan and North and South America

Our Strategy

  • Sustained organic revenue growth from:
    • Leveraging the Group's core strengths with existing and new customers
    • Broadening the Group's services offering to capture adjacent markets and territories
    • Deepening the Group's offering, capturing more of the value chain
  • Operating leverage
    • Margin expansion from volume growth and ongoing cost efficiency
  • Drive innovation
    • To develop new device and formulation technologies
  • Enhancement
    • Selective acquisitions of, and investments in, companies, producers and technologies which have the potential to leverage the Group's core competencies in drug formulation, manufacturing and delivery

Key Products and Services

  • Development, formulation and production of formulated pharmaceutical products
  • API contract development, formulation and contract manufacturing services
  • Respiratory devices: metered dose inhaler valves, dry powder inhalers, integrated dose counters, actuators
  • Injectables devices: auto-injectors, needle-free injectors, bolus delivery devices
  • Nasal devices: nasal drug delivery devices
  • Ocular devices: ocular drug delivery devices
  • Other devices: POC diagnostics devices, medical check valves

Market Position

  • A leading global CDMO, providing advanced delivery technologies, formulation development and manufacturing solutions for drugs
  • Offering customers a single source for drug and device development, formulation, manufacturing and fill/finish – a highly differentiated offering compared to Consort Medical's competitors
  • A global market leader in inhaled drug delivery
  • Growing franchise in injectables and nasal drug delivery and POC diagnostics consumables
  • Over 500 million devices manufactured annually
  • 15 major Bespak device programmes in development pipeline
  • Firm opportunities in attractive new growth market segments
  • At the leading edge of innovation – growing customer recognition as innovator on demand


  • Consort Medical has continued to deliver profitable growth on a reported basis with operating leverage yielding an 8.3% increase in EBIT on 6.2% higher sales
  • Underlying Group EBIT, at constant exchange rates, was 4.1% higher on 2.0% of sales growth
  • Bespak grew revenues by 3.3% and EBIT by 3.9% delivering a further 10bps margin improvement to 21.6%
  • Aesica recorded a significant improvement in operational performance with EBIT increasing by 17.7% and a further 60bps improvement in EBIT margin to 8.0%
  • Adjusted basic EPS 13.1% higher than FY2016 at 65.1p
  • Final proposed dividend increased 5.2% to 13.21p, reflecting the good financial performance and the Board's confidence in the Group's prospects
  • Net debt reduced to £92.6m (FY2016: £97.0m) with good cash generation following further investments in the business. Gearing (Net debt: EBITDA) reduced to 1.7x
  • Landmark deal for Bespak with the first full development agreement for Syrina® / Vapoursoft® device application with a leading global biopharmaceutical company
  • Successfully launched second Bespak injectable device with the UCB Cimzia® AutoClicks® pre-filled pen in the UK and other European markets
  • Launched AstraZeneca's Bevespi Aerosphere® in the US. Bespak awarded significant new multi-year agreement for the scale-up and supply of its proprietary pMDI valves and actuators
  • On course for double-digit operating margins at Aesica including contract extensions with one of Aesica's largest customers and additional new contract wins
  • Aesica now routinely supplying commercial product using the first semi-continuous processing line and technology installed at the Queenborough site. Discussions underway with a number of pharma customers to use this technology
  • Aesica is an early provider in serialisation services that is a growing requirement for pharma clients
  • Successful commercial unveiling of Syrina® AR 2.25 compact auto-injector