STOCKHOLM, Feb. 13, 2018 /PRNewswire/ --
PERIOD (FULL YEAR 2017)*
- Net revenue SEK 439.0 million
(334.3)
- EBITDA SEK 89.4 million
(77.9)
- EBITDA margin 20% (23)
- EBITDA for current product portfolio SEK
106.0 million (93.5)
- Operating profit (EBIT) SEK 51.1
million (62.2)
- Net profit after tax SEK 11.1
million (32.7)
- Diluted earnings per share SEK
0.64 (2.25)
- Operating cash flow per share SEK
3.07 (-1.24)
- The Board of Directors proposes that no dividend be paid for
the 2017 financial year
FOURTH QUARTER (OCT-DEC
2017)
- Net revenue SEK 90.1 million
(89.4)
- EBITDA SEK 27.0 million
(12.0)
- EBITDA margin 30% (13)
- EBITDA for current product portfolio SEK
30.7 million (17.5)
- Operating profit (EBIT) SEK 17.6
million (7.1)
- Net profit after tax SEK 9.6
million (-2.5)
- Diluted earnings per share SEK
0.55 (-0.17)
- Operating cash flow per share SEK
1.68 (0.36)
*Includes a capital gain in Q3 of SEK 13
million from the divestment of Fiber Choice®. The
comparative figures include a capital gain in Q2 2016 of
SEK 41.1 million from the divestment
of the Jointflex®, Fergon® and Vanquish® brands.
SIGNIFICANT EVENTS DURING THE FOURTH QUARTER
- In November, an extensive action plan for MOB-015 was announced
with the goal of delivering strong results without further external
financing. Among the actions was replacing twhe CRO with primary
responsibility for the two ongoing Phase 3 studies, as well as an
updated timeline for each study.
- A new global Consumer Health unit was created, comprising both
direct and distributor sales. Jeff
Vernimb, currently General Manager North America, was appointed VP Global
Consumer Health.
SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER
- A favorable outcome was received from the National Advertising
Division (NAD) in a challenge filed against the largest US
competitor to Kerasal Nail® for deceptive marketing. The competitor
will discontinue its current packaging design and advertising.
STATEMENT FROM THE CEO
Acquisitions and divestments in the last 18 months have
resulted in a more streamlined product portfolio with a focus on
our three major brands in the US. In the fourth quarter, strong
development for Kerasal Nail® was the biggest contributor to
increased profitability. In the next two years, we will focus on
driving organic growth as well as realizing the substantial value
of our pipeline by delivering robust Phase 3 results and prepare
for commercialization.
Commercial operations with significant growth potential
Net revenue amounted to SEK 90.1
million (89.4), an increase of 1% compared with the previous
year. In local currency, growth was 9%, and adjusted for
acquisitions and divestments it was 12% , mainly driven by a strong
quarter for Kerasal Nail®. EBITDA in the fourth quarter doubled to
SEK 27.0 million, resulting in an
EBITDA margin of 30% (13).
Successful marketing and integration of the 2016 acquisitions
resulted in double-digit growth in retail sales for our three major
brands – in the fourth quarter and for the full year 2017. New
Skin® and Dermoplast® represent a growing share of sales, while we
are seeing a weaker trend for our smaller brands. In the coming
year, we plan to increase our digital presence in terms of both
marketing and e-commerce primarily through Amazon. We also look
forward to launching targeted marketing of Dermoplast®, where we
see exciting opportunities in both hospital and retail sales. Note
that inventory effects from the transaction affected sales in 2017
and that the underlying demand from end customers is strong.
Kerasal Nail® has held a market-leading position in the US for
the last two years, leveraging stronger claims supported by a new
clinical study published in 2017, where visible improvements were
demonstrated after just one week of treatment. We anticipate
favorable market conditions in the US after our main competitor was
forced to discontinue its current marketing and change its
packaging design and ads. We are also beginning to test launch
Kerasal Nail® to a totally new target group: patients suffering
from nail psoriasis, for which there is no over-the-counter
treatment currently available.
Sales volumes outside the US declined in 2017 from the previous
year, though we saw a recovery in the fourth quarter. We are
working to stabilize revenue levels in the year ahead by focusing
on the markets where we see the biggest opportunities, mainly in
the EU and some markets in Asia.
In the pipeline – The company's greatest potential is in
MOB-015
The two Phase 3 studies for MOB-015 are underway in parallel in
North America and Europe. The detailed action plan to accelerate
these studies is progressing according to schedule, including the
replacement of the CRO in Europe
to TFS International. With these changes in place, we still expect
patient recruitment in North
America to be completed in the summer of 2018 and in
Europe in the second half of 2018,
and that we will be able to finalize both studies without further
external financing. In the meantime, preparations for
commercialization are underway. Market demand is high; a majority
of physicians surveyed in 2017 said they would prefer MOB-015 to
current treatments, both topical and oral. During the year, we
verified that the market potential for MOB-015 is USD 250–500
million, with most of the sales expected to come from the
high-priced US prescription drug market.
We recently received an update on BUPI from our partner for
India, Cadila Pharmaceuticals. The
Indian regulatory authority has concerns regarding the Phase 3
application, due to potential risks for overdosing related to the
broad access to prescription drugs in India. We evaluate possibilities to overcome
this local concern as well as other options of going forward.
Focus on advancing the pipeline and maximizing growth
potential
During 2017, the focus was on the integration of our new brands and
addressing the challenges associated with patient recruitment for
MOB-015. We finished the year with a strong fourth quarter, where a
more streamlined product portfolio contributed to growth in retail
sales for our major brands, a gross margin of 72%, and improved
EBITDA. In the coming year, we will focus on advancing our pipeline
and maximizing the growth potential in our portfolio.
Peter Wolpert, CEO Moberg Pharma
[1] Excluding New Skin®, PediaCare®, Fiber Choice®, Dermoplast®,
JointFlex®, Vanquish®, and Fergon®.
CONFERENCE CALL
CEO Peter Wolpert will present
the report at a telephone conference today, February 13, 2018, at 3:00
p.m. CET Telephone: SE +46-8-566-425-08, US
+1-646-502-51-18
ABOUT THIS INFORMATION
Moberg Pharma AB is obliged to make this information public
pursuant to the Securities Market Act and/or the Financial
Instruments Trading Act. The information was submitted for
publication, through the agency of the contact person set out
above, at 08:00 a.m. (CET) on
February 13th, 2018.
FOR MORE INFORMATION, PLEASE CONTACT:
Peter Wolpert
CEO,
phone: +1-908-432-22-03 (US), +46-70-735-71-35
e-mail: peter.wolpert@mobergpharma.se
Anna Ljung
CFO
phone: +46-70-766-60-30
e-mail: anna.ljung@mobergpharma.se
This information was brought to you by Cision
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The following files are available for download:
http://mb.cision.com/Main/1662/2450957/791000.pdf
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Moberg Pharma AB
Year-end report 2017
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SOURCE Moberg Pharma