Corporate Finance: Analysis of Dechra Pharmaceuticals

This study comprises complete analysis of Dechra Pharmaceuticals along with theories like Modigliani & Miller, CAPM, SVA etc. with aim to assess the overall financial performance of company.

Corporate Finance

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Current Market Capitalisation of Dechra Pharmaceuticals:........................................................3
Book Value of Shareholders' fund of Dechra-Pharmaceuticals:.................................................3
Discussion on Market Value and Book Value Difference:..........................................................3
Main Shareholders of Dechra-Pharmaceuticals:..........................................................................4
Total Borrowings:........................................................................................................................5
Debt to Equity Ratio:...................................................................................................................5
Quoted Beta:................................................................................................................................6
Competitor Information:..............................................................................................................6
Recent Financial News:...............................................................................................................7
TASK 2............................................................................................................................................8
Dividend Policy:..........................................................................................................................8
Theories of Modigliani & Miller:..............................................................................................10
Practical Issues in company:......................................................................................................10
TASK 3..........................................................................................................................................11
WACC:......................................................................................................................................11
TASK 4............................................................................................................................................1
Part a) Estimation of share’s value of Dechra Pharmaceutical through SVA model..................1
Part b) Rationale for adjustment made to the particular data.......................................................3
TASK 5............................................................................................................................................5
Recent merger and acquisition by Dechra Pharmaceutical..........................................................5
Potential sources of synergy among parents and acquired company...........................................7
Premium paid for the target company..........................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Corporate finance relates to finance area which interacts with funding's sources, financial
capital-structure, the measures executives take to maximize the company's value to investors, as
well as methods and evaluation used to distribute financial resources. This study comprises
complete analysis of Dechra Pharmaceuticals along with theories like Modigliani & Miller,
CAPM, SVA etc. with aim to assess the overall financial performance of company. Study also
focuses on evaluation of company's dividend policy and pattern and comprehensive analysi of
company's capital structure.
Dechra Pharmaceuticals plc is UK based manufacturing corporation which has head
office in Northwich. Company is engaged in production of veterinary products. Company is
listed on London-Stock-Exchange and has significant place in FTSE 250 Index (About Us:
Dechra Pharmaceuticals PLC, 2019).
TASK 1
Current Market Capitalisation of Dechra Pharmaceuticals:
Current Market Cap (USD) Around 2914 GBP million
Number of Shares (in MM) 102.81
Book Value of Shareholders' fund of Dechra-Pharmaceuticals:
Shareholder's Fund 2019 (£m)
Issued share capital 1
Share premium account 277.9
Foreign currency translation reserve 21.6
Merger reserve 84.4
Retained earnings 124.2
Total equity shareholders’ funds 509.1

Discussion on Market Value and Book Value Difference:
Book value is simple difference among total assets and external liabilities. While market
value of company is assessed by multiplying market-price of each share with aggregate number
of outstanding shares. As in case of Dechra Pharmaceuticals, book value of shareholders' fund is
498.7 which is difference between company's aggregate assets and external-liabilities while
Market value is 2914 GBP million with 102.81 million outstanding share (Annual Report of
Dechra Pharmaceuticals PLC, 2019).
Main Shareholders of Dechra-Pharmaceuticals:
A shareholder is a person or entity in a publicly or private corporation which lawfully
holds one or even more securities or shares. Shareholders can be considered as corporate
members. A corporation that retains securities in a listed corporation, like a mutual-fund,
banking or insurance corporation. It really is crucial with institutional stockholders to place new
stocks and bonds issues because they can actually afford much more of entire issue than
individual shareholders (Atanasov and Black, 2016). If majority of securities in a corporation are
held by institutional shareholders, company is considered to be under institutional control
ownership. In this context following are the main shareholders of company Dechra-
Pharmaceuticals, as follows:
Company's Main Shareholders Equities
Percentage
Holding
Fidelity Management & Research Co. 8768222 8.53%
Standard Life Investments Ltd. 5597424 5.44%
Royal London Asset Management Ltd. 4396255 4.28%
Neptune Investment Management Ltd. 4255714 4.14%
Coöperatieve Centrale Raiffeisen-Boerenleenbank
(Paris Branch) 3672000 3.57%

Aviva Investors Global Services Ltd. 3300696 3.21%
Kames Capital Plc 3039715 2.96%
The Vanguard Group, Inc. 2992732 2.91%
BlackRock Investment Management (UK) Ltd. 2845606 2.77%
Legal & General Investment Management Ltd. 2706999 2.63%
Total Borrowings:
2019 (£m)
Bank Loans (Current) 1.2
Long term: Bank loans (Non-current) 309.6
Arrangement fees netted off -2.7
Total Borrowings 308.1
At Jun-30,2019, £ 128.8 million was borrowed against Revolving-Credit Facility of £
235.0 million reaching maturity as on July 25, 2024. Facility is not guaranteed on any particular
group properties, but is sponsored by a mutual and multiple cross-guarantee arrangement.
Interest on such facility is paid at a least of 1.30 percent over LIBOR and a total of 2.20 percent
over LIBOR, depending on company's leverage. Interest rate on facility as at 30-June 2019 is
1.70 percent over LIBOR. During year ending June 30,2019, all of the obligations are fulfilled.
At Jun30,2019, £179.3 million had been drawn from the £350.0 million Term-Loan Facility
reaching maturity as on December 31, 2020. This facility is not guaranteed/secured on any
particular Group assets but is followed by joint and multiple cross-guarantee system. Interest on
such facility is paid at a minimal level of 1.10 over LIBOR and a maximum of 2.00percent over
LIBOR, depending on entire Group's Leverage (Aggregate Net-Debts to Adjusted-EBITDA
ratio). The interest rate on such facility for period ending 30,June-2019 is around 1.50 percent

over LIBOR. During period ending June 30th-2019, all clauses are fulfilled. The Term-Loan
Facility's maturity period will end on 31st Dec.-2020.
Debt to Equity Ratio:
Year 2019 (£m) Based on Book Value Based on Market Value
Debts 539.4 539.4
Equity 509.1 2914
1.0595 0.1851
As presented in table, Dechra-Pharmaceuticals' debt to equity ratio in year 2018 based on
book value is 1.0595 while based on market value this ratio is just 0.1851 which shows that
company is financially stable as its market-based debt-to-equity ratio is below one. Company is
able to discharge all its obligations and debts though its market value of equity. While book
value of equity is not adequate to pay out its all debts and obligations.
Quoted Beta:
Beta is correlation of anticipated excess return on capital to projected excessive returns on
market. Company Dechra Pharmaceuticals' quoted beta is 0.53 (Beta of Dechra Pharmaceuticals
PLC. 2019).
Competitor Information:
Shire Otonomy Zoetis Kindred
Description Biopharmaceutica
l company
biopharmaceutica
l corporation
engaged in
development and
Producer of
medicinal drug
and vaccinations
for pets and
Veterinary
biotechnology
corporation which
focuses on

trading of
treatments of
diseases of:
Middle/inner ear.
livestock. development of
therapies for pets
specially dogs,
cats and horses.
Since Year 1986 Year 2008 Year 1952 Year 2013
No. of
Employees
(Approx)
23044 49 10000 146
Valuation ($ in
million)
54.8 73.6 52.8 310.5
Turnover
(During Year
2018)
£43m $745k $5.8b $2m
Net Profit
(During Year
2018)
£3.4m ($50.4m) $1.4b ($49.7m)
Recent Financial News:
Dechra Pharmaceuticals being a pharma company is highly impacted by fluctuation in
various factors so keep track of these variables is significant for both company and investors. But
investors are not so much able to assess all vital information but they get hints through financial
news. In this context following are some recent financial news, which could be significant to
existing and potential customers (News Results for Dechra Pharmaceuticals, 2019), as follows:
 HSBC has renewed its retained investment rating on company and raised its price
targets to 2950p from 2915p.
 Company said that they will proceed attempt towards resolving supply-chain issues and
also added that most of the issues had already been mitigated, leaving it 'confident'
about its prospects for current FY.

 On 19-Sep. 2019 Chief Executive Officer of company Lan Page has exercised
73,260shares at price of 0.00p and holding reached to 659,910 shares. And on 20th
September 2019, he has sold post-exercise 34,536shares at price of around 2789.37p.
 Dechra Pharmaceutical announced a small decrease in earnings, even though the
animal-drug manufacturer outperformed in markets, including United States, where
organic-growth was extraordinary.
TASK 2
Dividend Policy:
Dechra Pharmaceuticals' dividend history is fair because company is regularly paying
dividend on its shares. As shows in above table company has recently paid GBP 22.1 p dividend
as on 15 November 2019 which was declared by company on 25th October 2019. Company has
not made any default in payment of dividend and almost every year company's directors pays
interim dividend. Generally dividend payment pattern of company shows that it pays interim
dividend in April month while final dividend is paid regularly paid by company in
November/December month. It also a strength of company which attracts stakeholders and
investors to make investment in company's securities (Bancel and Mittoo, 2014). Here following
table contains dividend payment history of company from year 2010 to 2019, as follows:
Past Dechra Pharmaceuticals plc dividends
Ex-Div Date Pay Date Type
Amount per
share Currency
03 March 2010 01 April 2010 Interim 3.3p GBP
10 November 2010 10 December 2010 Final 7.2p GBP
09 March 2011 07 April 2011 Interim 3.7p GBP
09 November 2011 25 November 2011 Final 8.4p GBP
07 March 2012 10 April 2012 Interim 4.1p GBP
07 November 2012 23 November 2012 Final 8.5p GBP
13 March 2013 09 April 2013 Interim 4.34p GBP
06 November 2013 22 November 2013 Final 9.66p GBP

12 March 2014 08 April 2014 Interim 4.75p GBP
06 November 2014 21 November 2014 Final 10.65p GBP
12 March 2015 07 April 2015 Interim 5.12p GBP
29 October 2015 20 November 2015 Final 11.82p GBP
10 March 2016 06 April 2016 Interim 5.55p GBP
27 October 2016 18 November 2016 Final 12.91p GBP
09 March 2017 07 April 2017 Interim 6.11p GBP
26 October 2017 17 November 2017 Final 15.33p GBP
08 March 2018 06 April 2018 Interim 7.33p GBP
25 October 2018 16 November 2018 Final 18.17p GBP
07 March 2019 08 April 2019 Interim 9.5p GBP
25 October 2019 15 November 2019 Final 22.1p GBP
Dechra Pharmaceuticals plc dividend totals:
Year Dividend Amount Change
2006 6.24p
1 2 3 4 5 6 7 8 9 10 11 12 13
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
Year
Dividend Amount

2007 7.5p 20.20%
2008 8.25p 10.00%
2009 9.1p 10.30%
2010 10.5p 15.40%
2011 12.1p 15.20%
2012 12.6p 4.10%
2013 14.0p 11.10%
2014 15.4p 10.00%
2015 16.94p 10.00%
2016 18.46p 9.00%
2017 21.44p 16.10%
2018 25.5p 18.90%
Further as per chart prepared based on data of total annual dividend shows that company
is continuously increasing dividend payments. However percentage change in dividend showing
increase and decrease but overall there is growth in dividend payment.
Theories of Modigliani & Miller:
Modigliani-Miller or MM theories demonstrates that corporation's overall market value is
assessed though applying earning power and risks emerged with underlying assets, and
autonomous of manner it distributes share dividends or finances investments. Here three major
methods corporation can select for finance: borrowings, utilising profits and issue of securities.
This theory is simply based on concept that there is no major variation between company finance
itself with equity/debt along with certain assumptions (Bazdresch, Kahn and Whited, 2017).
Following are some key assumptions of modigliani-miller approach:
 Taxes are ignored totally.
 Transaction costs related to trading of securities are assumed to be nil.
 Investor/stakeholders have accession as company has to company's information so they
act rationally.
 Borrowing costs are same for both investors/stakeholders and companies.

 Floatation cost is considered as nil like underwriting commissions, expenses towards
merchant bankers, promotional expenses etc.
 Also here no corporate-dividend tax exists.
As in case of Dechra Pharmaceuticals this theory points that value of leveraged-company
has both debts and equities, is same if company is considered as unleveraged by considering only
equity when overall operating profits and future projection are matched. Company's capital
structure is proper and company is leveraged-firm which has both debt funds and equity funds
(Berg, Saunders and Steffen, 2016).
Practical Issues in company:
During September-2019 month after publishing full-year outcomes/results about
performance company indicated that it is struggling with supply-chain problems at several sites
or units and with contract-manufacturers. As company has wider range of distributors and
suppliers along with contractual manufacture, managing and tracking them is tuff task for
company. In several units company's inventories are lost, improper supply and excessive storage
which is directly affecting company's operating cost. Company is also faced problem of shortage
of supply which impacted company's sales in respective area.
TASK 3
WACC:
Weighted Average Cost-of-capital or WACC implies to assessment of corporation's cost
of capital whereby each class or form of capital is proportionally classified or weighted. Origin
of capital involves company's common stocks, preferred stocks, bond issued and other long-term
debts are generally used in WACC computation (Damodaran, 2016). With increment in WACC
percent, company's beta as well as return percentage on equity employed also increases since
increment in WACC leads to decline in company's valuation and increment in involved risk.
Following is key formula for deriving WACC, as follows:
WACC = VE x Re + VD x Rd x (1− t)
Here in in above formula:
Re (%) = Cost-of equity
Rd (%) = Cost-of debt
E indicates to Market-value of corporation's equity

D is Market-value of the corporation's debt
V => E+D => Aggregate market-value of company's capital structure
E/V = % of financing through equity
D/V = % of financing though debt
t = Average Tax Rate
Cost of Debt: It simply regarded as rate or percentage a corporation pays against its overall
debts, like term loans, bonds. Crucial difference in cost-of-debt and cost-of-debt(after-tax) is
concept that interest-costs are tax-deductible. It is denoted by Rd and for computation of it
company's average interest rate is assessed first (Dang and Yang, 2018). Following is
computation of cost of debt of company Dechra Pharmaceuticals, as follows:
Interest expense (As of June,2019) = $ 13.3079847909 Million
While company's overall Book Value of Debt (D)= $ 388.797680204 Million
Cost of Debt = 13.3079847909/ 388.797680204
= 3.4229%.
Cost of Equity: It relates to return in percentage form a corporation requires to determine in case
investments meets targets of capital return. Corporation generally apply it as tool of capital
budgeting with respect to required/expected rate of return. Corporation's cost-of-equity shows
compensation market-demands with exchange for asset and ownership-risk. Generally CAPM
model is applied to assess the cost of equity (Dang and Shin, 2015). Following is formula for
deriving cost-of equity as follows:
Cost of Equity = Rf (Risk-Free Rate of Return) + Beta of Asset * (Expected Return of the
Market - Risk-Free Rate of Return)
In this context here is the computation of cost-of-equity of Dechra Pharmaceuticals, as follows:
Current risk-free rate = 0.63730000%
Beta = 0.53
Market Premium or (Expected Return of the Market - Risk-Free Rate of Return)= 6%
Cost of Equity = 0.63730000% + 0.53 * 6% = 3.8173%
Based on the outcomes of cost-of-debt and cost of equity following is computation of WACC of
Dechra Pharmaceuticals, as follows:
Weighted equity = E/(E +D) = 3686.796 / (3686.796 + 388.797680204) = 0.9046
Weighted debt = D /(E +D) = 388.797680204 / (3686.796} + 388.797680204) = 0.0954

Recent 2-year Average Tax Rate of company (Tc) = 18.03%
So,
WACC = 0.9046 * 3.82% + 0.0954 * 3.4229% * (1 - 18.03%)
= 3.72%
Comment: Higher percentage of WACC, normally an indication of higher risk connected with
corporation's performance. Investors or stakeholders requires extra return to neutralise extra risk.
Here as per above computation company's WACC is around 3.72% which below the reported
ROIC % i.e. 6.94% of Dechra Pharmaceuticals. Which shows that company has no additional
risk since WACC is below the return on invested capital. The WACC of a corporation could be
considered to predict all its funding costs anticipated. This involves loan repayments (cost of
debt-financing) as well as the required rate-of-return generated by holding or equity financing.

TASK 4
Part a) Estimation of share’s value of Dechra Pharmaceutical through SVA model
The Shareholder Value Analysis is one of the key approach to management of financial
development in 1980 it extracts on the formation of the financial value for shareholders
calculated by share price performance and fund flows. This helps in understanding the
investment decisions and strategical approach identified to analyse the impact of value creation
for shareholders. It remains essential to calculate the shareholder value analysis in order to
understand the financial performance of entity (Dewally and Shao, 2014).
Shareholder value analysis of Dechra Pharmaceutical
The above graph presents the share price valuation of Dechra Pharmaceuticals PLC
(DPH.L). It is observed that the share price value is consistently increasing during the mid of
2019 however in third quarter of 2019 the share price of company gets decreased. The maximum
share price was recorded £30.36 in Sep 2019. Sales figures is recognised as a key element
regarding enhancing the shareholder value of Dechra Pharmaceutical Plc. Relative to GBP 34.1
billion a year earlier, operating profit was GBP 39 million. According to GBP 36.1 million per
year earlier, net income was GBP 30.9 million. Average earnings per share equivalent to GBP
1

0.3724 a year earlier was GBP 0.3015. Compared to GBP 0.3704 a year earlier, adjusted
earnings per share were GBP 0.3007.
The above information presents the market performance of organisation. It is resulted that
the return was recorded as 28.1% for GB Pharmaceuticals it was recorded as 17.1% and GB
market was analysed as 8.7%. the standard rate is expected to grow in near future.
The above shareholder returns present the favourable price volatility and market. The
market of DPH on 7-day return is -1.2% and industry is 0.5% and market return is 0.9%, 30 day
2

returns are measured as 4.0% DPH, industry is analysing as 0.1% and -0.5% as market growth.
Day 90 return presents the following results as -2.8% and 4.8% for industry and market return of
0.9%, the figures for the market return for one year presents 8.7%, for industry it states 17.1%
and DPH market return was recoded as 28.1%. the three-year return was recoded as 112.3% and
industry evaluation was made as 35.6% and market value recorded as 3.6%.
The above data presents the undervalued compared to fair value of organisation. it is
resulted that the current price of share is £27.28 and fair market value is £29.92 that clearly
shows a difference of £2.64 for the upcoming years. The price is undervalued by 8.8%.
Part b) Rationale for adjustment made to the particular data
The Shareholder Value Analysis (SVA) presents favourable outcomes subject to growth.
Such as per the below mentioned graph, it can be find out that company's annual earning is
different in various segments. Such as in the terms of industry it is of 22.4% and in the market
3

this is of 12.4%. Along with the forecasted annual revenue growth is of 7.3% in the industry and
3.6% in the market.
In the aspect of EPS growth forecast, this can be find out that it is declining during year
2018-19. While in rest of years, this is increasing in a significant manner.
4

TASK 5
Recent merger and acquisition by Dechra Pharmaceutical
Consolidation of organisations are commonly recognised as Mergers and acquisitions
(M&A). Consolidation is the merger of two firms to become one, distinguishing the two
concepts, while Purchases are one company that is bought over by the other company. M&A is
among the most important aspects of corporate finance (Ehrhardt and Brigham, 2016).
Typically, the rationale underneath M&A is that two different companies around each other
create more wealth than they are on a stand. With both the goal of maximizing assets, businesses
continue to evaluate different prospects via the merger or acquisitions path.
Recent mergers and acquisitions by Dechra Pharmaceutical
5

(Source: Mergers and acquisitions by Dechra Pharmaceutical, 2019)
The two major acquisition in the history of Dercha Pharmacutical industries are discussed
below:
Acquisition of Dutch animal Pharma companies for €340 million
The above merger and acquisition status presents the recent mergers and acquisitions made
by Dechra Pharmaceuticals in which Le Vet Pharma is one of the recent acquisition made on 25,
Jan 2018. It acquired Dutch firms AST Farma, Le Vet for $422 million. It is recognised as a big
acquisition in the history of Dercha. It paid 75% cash in favour of debt free and cash free
agreements and 25% in the form of new Dercha shares with a two year’s lock in period. AST
Farma was an animal pharmaceuticals firm that was expert in generic components whereas Le
Vet Focused on the European Markets outside of the Netherlands. Dechra plans to increase about
100 million pounds ($142.5 million) from investors to finance the transaction by selling 5.1
million new ordinary shares at 2.050 cents each. This merger was considered a great opportunity
and synergy effect to Dercha Pharmaceutical subject to EU segment in all major European
countries. Paediatric company Dechra Pharmaceuticals Plc announced that it would purchase a
number of € 340 million ($422.1 million) from either the Netherlands-based AST Farma and Le
Vet in a money-and-share deal to increase its European existence.
Acquisition of Putney, Inc for $200 Million
The Dechra Pharmaceuticals plc decided to acquire of US based Putney, INC for $200
million. Dechra Pharmaceuticals PLC (LSE: symbol DPH) announced the contingent purchase of
6

the whole capital stock of Putney, Inc., a major synthetic animal drug companion company
located in Portland, Maine, USA. "In accordance with existing approach, Putney's purchase will
dramatically improve Dechra's role of the us, include Health canada-approved veterinarian
services of good quality and extend the portfolio. it is leased to capture this rare opportunity that
brings scope and extensive experience to the North American sector."
This merger conveyed various opportunities regarding expanding the operations
significantly. The strategic significance of this acquisition is as follows;
 The critical mass to Dechra in the global companion animal market.
 Enhancing the Dechra’s North American operational strategy and make a potential
business planning horizon.
 The key strength of the business group’s pipeline for the US
 Forming Putney’s regulatory expertise and commercial team
 Delivering the synergies while containing the resources required in Portland (Acquisition
of US-based Putney, 2016).
Potential sources of synergy among parents and acquired company
The acquisition of Le Vet Farma lead Dercha Pharmaceutical to capture pharmaceutical
market in the starting of 2018. The share price of Dechra increased by 3.8% and share priced
reached up to 2140 pence. The company also issued 3.67 million new ordinary shares to
stakeholders. This acquisition builds a strong hold on market and capital structure for Dercha.
Acquisition and placement anticipated to be earnings improving in fiscal year 2017 and
substantially improving income in fiscal year 2018 as well as subsequently (on the grounds of
the fundamental result) Development meets the economic return requirements of Dercha
Pharmaceutical. Takeover subject to review by U.S. regulatory bodies. it is observed that Putney
has centralised towards targeting the veterinary products subject to limited competition and the
large market demand. The organisation has a veteran regulatory team with an effective track
history that provides clear sources of synergies among the Dechra and Putney Inc. Company
achieved over 40% of the overall US companion animal basic endorsements since 2012. It also
outsources manufacturing services with significant market share agreements on a fee for service
basis.
Dechra claims that, although retaining the resources in Portland, there will be potential for
synergies. It could also be possible to make in-house goods in the system in the potential, that are
7

not currently identified with private entities. Putney has been regarded as the most competitive
investment prospect found in the United States for Dechra for whatever period. The purchase
gives access to the current Putney product line and growth portfolio, including heavy-quality and
compatible therapeutic target areas, while bringing mass to the existing US activities and assets
of Dechra. It will be able to utilize its product development departments and distribution from
Putney, and share methodologies in product design and compliance fields. Therefore, for the
company, Discount charged.
Premium paid for the target company
At finalization on a mortgage-free / money-free basis, its complete examination receivable
for Putney adds up to $200 billion (£ 139 million) in cash. Established in 2006, Putney released
its first Carprofen caplet veterinary brand in 2009. The development is subject to Dechra being
granted clearance under that same Hart-Scott-Rodino Regulatory Enhancements Act, which is
anticipated to be obtained by mid-April 2016 at the latest. Furthermore, Dechra proclaims that
this has positioned 4,398,600 current normal shares at 1100 cents per share to increase about £
47.1 million, net of expenditures, to express the purchase. It was a leading international
manufacturer of pet generic drugs in the United States, centred in Portland, Maine, and
employing about 60 staff. Putney currently markets 11 drugs in adjacent therapeutic fields to
Dechra, like pain control, anti-infective and dermatology, that have gained strong market shares
but continue to expand.
CONCLUSION
As per above report it has been articulated that Dercha Pharmacutical is well financial
structured corporation. Company's market cap is major as compare to its competitors. However
company is facing problem regarding supply-chain but company's recent statement indicates that
company has overcome this problem. Also company's WACC is favourable and assured dividend
policy are key factors which attacks investors. However it has been recommended to improve
their supply-chain shortly to maintain current market cap and brand value in industry. Alos
company has mentioned this issue as confidential in annual report which may distract company's
existing and potential investors.
8

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Online
About Us: Dechra Pharmaceuticals PLC, 2019. [Online]. Available through:
<http://dechra.annualreport2019.com/overview/welcome-to-dechra-pharmaceuticals-plc
Annual Report of Dechra Pharmaceuticals PLC, 2019. [Online]. Available through:
<http://dechra.annualreport2019.com/financial-statements/consolidated-statement-of-
financial-position>
Beta of Dechra Pharmaceuticals PLC, 2019. [Online]. Available through:
<https://www.infrontanalytics.com/fe-EN/32014EX/Dechra-Pharmaceuticals-PLC/
Beta>.
News Results for Dechra Pharmaceuticals, 2019. [Online]. Available through:
<https://www.stockmarketwire.com/company-news/DPH/Dechra-Pharmaceuticals>.
Acquisition of US-based Putney, 2016. [online]. Available through:<
https://www.prnewswire.com/news-releases/dechra-pharmaceuticals-plc-agrees-
acquisitionof-us-based-putney-inc-for-200-million-572081591.html>.
Mergers and acquisitions by Dechra Pharmaceutical, 2019. [online]. Available
through:<https://www.crunchbase.com/organization/dechrapharmaceuticals/
acquisitions/acquisitions_list#section-acquisitions>.
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