Interim report January - March 2011

  • Net sales amounted to SEK 27.5 million (19.6)
  • EBITDA was SEK -3.6 million (0.8)
  • Earnings per share totaled SEK -0.17 (-0.06) before dilution


Continued top-line growth
- Net sales growth of 40% compared to Q1 2010
- Negative impact from out-of-stock volumes early in the year

Lower sales than expected hurting EBITDA profitability
- Gross profit of SEK 8.7 million based on gross margin of 32%
- Operating costs of SEK 12.3 million

Fully subscribed convertible debt issued in May
- New convertible debt amounts to SEK 60 million
- Additional capital to support company’s continued growth


Bluefish was founded with the objective to become a pan-European generic pharmaceutical company. By the end of 2010, the company had launched products in 17 countries. In March this year, the initial products were launched in Ireland, and with the upcoming launch in France, the company will be present in 19 European markets. Also, by the end of last year, a total of 21 products had reached the market.

Entering 2011, the company’s business looks very different compared to a year ago. With significantly more markets and more products contributing with volumes, the business is more mature, and less vulnerable to fluctuations in demand in any specific market. Now, our most important goals are to increase market share and improve profitability.

Net sales for the first quarter 2011 amounted to SEK 27.5 million, an increase by 40% compared to the first quarter 2010. As some of the products were out-of-stock in the beginning of the year due to delays in our supply chain, this had a negative impact on the company’s net sales in the first two months. However, some of these lost volumes were recovered later in the quarter, and also after the close of the period.

During the first quarter, the company has continued to broaden the product portfolio. During 2010, Bluefish initiated three in-house development projects of generic products within niche segments, and during Q1, another two projects were started. These development projects are run by Bluefish’s internal development function together with selected contract development partners. In addition, so far this year, the company has signed another five distribution agreements. Thus, in total, Bluefish now has nine agreements where the company will market products on a profit-split basis. Currently, the product portfolio consists of 45 products, compared to 38 at the beginning of the year.

The company’s ambition is to balance growth opportunities with a consistency of EBITDA profitability. With an EBITDA of SEK -3.6 million, the company did not meet this goal in the first quarter. With lower sales than expected, gross profit of SEK 8.7 million did not match the operating costs. In addition, compared to the same period last year, when currencies benefited net result by SEK 1.9 million, in Q1 2011, the corresponding amount was only SEK 0.4 million.


For more information contact,

Karl Karlsson, President & CEO Bluefish Pharmaceuticals
Tel. 46 8 519 116 20

Susanna Urdmark, CFO Bluefish Pharmaceuticals
Tel. 46 8 519 116 21



About Us

Bluefish has undergone significant international expansion since the company was founded in 2005. Bluefish focuses on the development, manufacture and sale of generic pharmaceuticals. The company conducts marketing operations in a large number of European markets and is expanding into territories outside Europe. The product portfolio consists of a total of 80 products and is growing. The company is owned by its founder Karl Karlsson, together with a number of investment funds and private investors.


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