Genus

Website: Genus
Index: FTSE 250
EPIC: GNS
Supersector: Health Care
Sector: Pharmaceuticals and Biotechnology
Subsector: Biotechnology
Market Cap: £1.66B
Payout Frequency: Semi-Annual

Genus Dividend Analysis and Summary

Dividend details (FY25 final)

Final dividend per share: 21.7p (unchanged)
Total dividend for FY25: 32.0p (unchanged year-on-year)
Record date: 07/11/2025
Ex-dividend date: 06/11/2025 (derived as one business day before the record date)
Payment date: 05/12/2025
Dividend cover (adjusted EPS): 2.6x (target range 2.5x–3.0x)
Yield: n/a (share price not provided)

Context from results

Short analysis: sustainability and growth

Sustainability: Coverage of 2.6x and strong cash generation (114% conversion, record £40.9m FCF despite £24.2m exceptional cash) support the maintained dividend. Leverage at 1.5x (within 1–2x objective) and renewed facilities to 2029 add resilience.
Growth trajectory: The dividend is flat year-on-year, signalling prudence while the Group executes ABS margin improvements (VAP Phase 3 targeted FY26 benefit ~£6m) and ramps PRP commercialisation. Board guides to “significant” FY26 adjusted PBT growth (cc), which strengthens scope for future dividend growth if cash conversion remains robust.
Support from capital allocation: The policy prioritises organic investment and disciplined M&A, then returning excess cash. With cover within target and lower net debt, ordinary dividend looks well-supported; any incremental returns would follow investment needs and leverage discipline.

Structural changes and potential dividend impact

China porcine joint venture with BCA: agreements signed to form a 51%/49% JV (BCA/Genus). On completion (expected calendar 2026), Genus to receive US$160m gross cash (~US$140m net est.), accelerated US$7.5m milestones, and future IP royalties on PRP in China. Post-completion, PIC China will be deconsolidated and Genus will equity-account its 49% stake. Net effect: near-term cash inflow, longer-term shift from consolidated profits to royalties/JV earnings. This could enhance balance sheet flexibility for dividends but introduces JV earnings variability.
ABS consolidation of De Novo (remaining 49% acquired): strengthens proprietary genetics and product development; modest near-term cash/deferred consideration, but strategically supportive of margins and cash generation.
Facilities renewed (June 2025): extended to 2029 with additional accordion, improving funding certainty for ongoing dividends.

Risks/flags for dividend stability

Execution/Regulatory: PRP commercialisation depends on approvals in key export markets (Mexico, Canada, Japan, China). Timing and adoption curve are uncertain.
Market/Operational: Agricultural cycle and disease/biosecurity risks; China bovine import restrictions from the U.S. could weigh on ABS China in FY26; Europe porcine disease and regulatory headwinds persist.
FX and interest: FX translation headwinds (MXN, BRL) reduced FY25 profit; interest costs remain elevated (~£18.8m net finance costs).
Exceptional cash: Restructuring and litigation outflows were significant in FY25; while planned to reduce, further VAP actions (Phase 3) entail additional costs in FY26.
Accounting volatility: IAS 41 biological asset fair value movements can be sizeable and non-cash, potentially obscuring underlying performance (though dividend is guided by adjusted metrics).

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
06/03/2025	04/04/2025	Interim	10.30p	GBX
06/11/2025	05/12/2025	Final	21.70p	GBX

Total (Annual Dividends Per Share): 32.00p

Dividend Yield = Annual Dividends Per Share (32.00p) ÷ Share Price (2550p) = 1.25%

Ex Dividend Date	Payment Date	Type	Amount	Currency
06/11/2025	05/12/2025	Final	21.70p	GBX
06/03/2025	04/04/2025	Interim	10.30p	GBX
07/11/2024	06/12/2024	Final	21.70p	GBX
29/02/2024	28/03/2024	Interim	10.30p	GBX
09/11/2023	08/12/2023	Final	21.70p	GBX
02/03/2023	30/03/2023	Interim	10.30p	GBX
17/11/2022	09/12/2022	Final	21.70p	GBX
03/03/2022	31/03/2022	Interim	10.30p	GBX
18/11/2021	10/12/2021	Final	21.70p	GBX
04/03/2021	01/04/2021	Interim	10.30p	GBX
19/11/2020	11/12/2020	Final	19.70p	GBX
05/03/2020	02/04/2020	Interim	9.40p	GBX
07/11/2019	29/11/2019	Final	18.80p	GBX
07/03/2019	04/04/2019	Interim	8.90p	GBX
15/11/2018	30/11/2018	Final	17.90p	GBX
08/03/2018	04/04/2018	Interim	8.10p	GBX
16/11/2017	01/12/2017	Final	16.20p	GBX
02/03/2017	31/03/2017	Interim	7.40p	GBX
17/11/2016	02/12/2016	Final	14.70p	GBX
03/03/2016	30/03/2016	Interim	6.70p	GBX
19/11/2015	04/12/2015	Final	13.40p	GBX
05/03/2015	27/03/2015	Interim	6.10p	GBX
20/11/2014	05/12/2014	Final	12.20p	GBX
05/03/2014	28/03/2014	Interim	5.50p	GBX
16/11/2013	06/12/2013	Final	11.10p	GBX
13/03/2013	08/04/2013	Interim	5.00p	GBX

Year	Interim	Final	Currency	Total	Change
2024	10.300	21.700	GBX	32.000	0.000
2023	10.300	21.700	GBX	32.000	0.000
2022	10.300	21.700	GBX	32.000	0.000
2021	10.300	21.700	GBX	32.000	9.960
2020	9.400	19.700	GBX	29.100	5.050
2019	8.900	18.800	GBX	27.700	6.530
2018	8.100	17.900	GBX	26.000	10.160
2017	7.400	16.200	GBX	23.600	10.280
2016	6.700	14.700	GBX	21.400	9.740
2015	6.100	13.400	GBX	19.500	10.160
2014	5.500	12.200	GBX	17.700	9.930
2013	5.000	11.100	GBX	16.100

Number of Shares:

Payment	Paid	Amount
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