LONDON (ShareCast) - Shares in Fulcrum Pharma plunged after the drug development group said sales of recently acquired Unicus have been below forecasts, which will reduce the overall profit for the year.

The firm said results, excluding Unicus, are expected to be in line with forecasts as overall group sales continue to grow.

“Unicus sales, however, have been below forecast in the four months since the company was acquired and this will reduce the overall Group profit for the year,” it said.

Fulcrum added that the initial cash consideration paid for Unicus is now expected to be about £200,000 lower at £2.3m, while the additional earnout consideration will be £500,000 rather than the maximum of £2.3m envisaged at the time of acquisition.

“Strategically, Unicus is an important step towards Fulcrum's goal of being a leading provider of regulatory services to the pharmaceutical industry,” said the group.

“Going forward we expect Unicus to contribute to further improved profitability of the group,” added chief executive Jon Court.

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