Pharmanovia Blames Technical Glitch for Wrong Sales Numbers

UK pharmaceutical firm Pharmanovia said “teething problems” with a new earnings reporting system are to blame for the company providing inaccurate numbers to its investors.

The Triton Investments Advisers-backed business distributed April and May figures to its lenders last week via loan agent Barclays Plc. These showed May net sales down 44% at €21.8 million ($24.1 million) and a 72% slump in adjusted earnings to €6.5 million, according to the results obtained by Bloomberg News.

“The global implementation of a new enterprise resource planning system, which is never seamless, led to the under reporting of Ebitda for April and ...