Palla Pharma Limited announced new codeine phosphate supply agreement. The company announced the securing of additional Codeine Phosphate volumes as a result of entering into a new multiyear supply agreement with a European customer. The key terms of the agreement are: Additional 24 tonnes of Codeine Phosphate (CPO) per annum; Three year term; Total contract revenue value of not less than USD 25 million; and the ability to supply in CPO API, granulate or tabletted form. The company expects to begin delivering product under the new contract in fourth quarter of 2019.

For the first half of 2019, the company's revenue is expected to exceed May guidance of USD 24 million to USD 26 million.

The company confirm estimate for financial 2019 revenue of USD 60+ million.