MOBERG DERMA INTERIM REPORT JANUARY - MARCH 2012

CONTINUED STRONG GROWTH AND PROFITABILITY

FIRST QUARTER (JAN-MAR 2012)

• Revenue MSEK 31.0 (5.5)
• Research and development expenses MSEK 7.9 (6.6)
• Operating profit MSEK 7.9 (-6.7)
• Net profit after tax MSEK 38.0 (-6.7)
• Earnings per share SEK 4.18 (-1.09)
• Operating cash flow per share SEK -1.07 (-0.53)

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

• Moberg Derma expects full year of profitability in 2012 already. As a result, financial goals have been updated
• Analysis of data implied that additional studies may be required for MOB-015 prior to phase III trial
• A clinical phase I trial on Limtop commenced after authorization from German medical products agency
• Distribution agreement with Pharmaplan (Pty) Ltd for marketing Nalox™/Emtrix® in South Africa
• Management team strengthened with Lena Pereswetoff-Morath
• Capitalization of deferred tax assets resulted in a positive impact first quarter 2012 by SEK 29.6 million
• Geert Cauwenbergh proposed as new Board member to the 2012 Annual General Meeting

SIGNIFICANT EVENTS AFTER THE QUARTER

• There are no significant events to report after the reporting period

CEO COMMENTARY
Our focus during the quarter has been on the launch of Nalox™/Emtrix® in new markets. In collaboration with our partners, we have been preparing marketing campaigns, training sales people and making the first product deliveries to a number of new markets. Launches have either already commenced or will start shortly in many European markets. As a result, our strong growth continues and delivered volumes of finished products triggered milestone payments from Meda. In a reversal of trends, the Nordic region is no longer our largest market, with the majority of product revenue during the quarter coming mainly from the rest of Europe, but also the U.S. Distribution in the U.S. was further strengthened and the product is now available at 20,000 sales outlets.

We continue to maintain a strong gross margin, resulting from increased volumes combined with the efficiencies implemented in our production processes. As a result, we saw substantial improvement in our results during the quarter.

In product development we have also seen high levels of activity. Our assessment remains that further studies on MOB-015 will be required before the project can progress to phase III. A phase I trial is underway for Limtop, with the results expected in the second quarter. We have also submitted several international patent applications, some related to MOB-015 and some facilitating new products.

We believe that we are well positioned to show pre-tax profit already for the full-year 2012 and have therefore updated the company’s financial objectives. Furthermore, we reported a positive impact on earnings after tax in the first quarter of MSEK 29.6, as we anticipate that future profit will allow us to capitalize on the company’s outstanding loss carryforwards. Finally, we further strengthened our financial position during the quarter and I look forward to an eventful year with strong growth.

Peter Wolpert

TELEPHONE CONFERENCE
CEO Peter Wolpert will present the report in a telephone conference Tuesday April 24th, 2012 at 11:00.
Telephone: +46 (0)8-506 26 900, enter code 409017

ABOUT THIS INFORMATION
Moberg Derma discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 12:00 am (CET) on April 23rd, 2012.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Peter Wolpert, President and CEO of Moberg Derma
Mobile: +46 70-735 71 35
E-mail: peter.wolpert@mobergderma.se

Magnus Persson, IR
Mobile: +46 73-355 26 01
E-mail: magnus.persson@mobergderma.se

For further information about Moberg Derma, please visit: www.mobergderma.com

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