STRONG SECOND QUARTER FIRST SIX MONTHS (JAN-
· Revenue MSEK 105.5 (83.4) · EBITDA MSEK 14.4 (loss: 7.3) · EBITDA for Commercial Operations1 MSEK 22.6 (8.4) · Operating profit (EBIT) MSEK 10.5 (loss: 10.3) · Net profit after tax MSEK 8.1 (loss: 7.0). · Earnings per share
SECOND QUARTER (APR-
· Revenue MSEK 57.7 (44.9) · EBITDA MSEK 6.9 (loss: 5.1) · EBITDA for Commercial Operations1 MSEK 10.9 (3.1) · Operating profit (EBIT) MSEK 4.8 (loss: 6.6) · Net profit after tax MSEK 4.1 (loss: 4.3). · Earnings per share
*) Commercial Operations include existing portfolio of marketed products including development of line extensions, but not development projects or business development for new products.
SIGNIFICANT EVENTS DURING THE SECOND QUARTER
SIGNIFICANT EVENTS AFTER THE QUARTER
· No significant events.
CEO COMMENTARY After a strong second quarter, we are well on track to deliver on our goal of improving profitability in 2014. Organic growth and contributions from the recent acquisition of U.S. brands resulted in second-quarter sales growth of 28% as well as improved profitability. All brands contributed to the overall growth. The gross margin for the business remained excellent at 78%. Importantly, the previous decline in our European sales was reversed and growth of 10% was achieved. Our EBITDA margin continued to improve to 12% in the second quarter. The EBITDA margin for our commercial operations (adjusted for R&D and business development costs related to future products) was 19 % for the second quarter and 18% for the past 12-month period.
U.S. continues to drive growth Kerasal Nail™ remains the key growth driver, with 23% sales growth in the second quarter versus last year and a U.S. market share of 23% (http://file///C:/Users/mani/AppData/Local/
Growth in distributor sales and progress in Asian launch preparations Distributor sales reversed the negative trend and grew by 31% in the second quarter. Key growth drivers were strong performance in
Advancing our clinical pipeline The MOB-015 Phase II trial is progressing according to plan. Following the excellent interim data, we expect to report topline data in September. The April acquisition of the BUPI assets (the bupivacaine lozenge) added a high-potential product to our pipeline for an underserved niche market. We have progressed rapidly and submitted an application for a Phase II trial including up to 40 patients to generate a robust data package for the next steps in development and commercialization.
Delivering on goal to improve profitability Significantly improving profitability in 2014 has been a key priority. We are delivering successfully on this commitment by increasing sales and through targeted cost reductions. Brand equity and increased marketing efficiency enabled a reduction in selling costs while still maintaining growth. R&D costs were reduced by 40%, mainly due to less clinical development activity compared to last year. G&A costs were also reduced.
Strong financial position to drive further growth With improved profitability and a balance sheet strengthened by the recent share issue, we are in a strong position to drive further growth in sales and earnings – organically as well as through accretive acquisitions.
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