Biovitrum Interim Report January 1st - September 30th, 2009
Continued top line growth and positive R&D progress
- rFIXFc advances into registrational trial
July - September
* Total revenues before licensing revenues for the period
increased by 10 percent to SEK 274.2 M (250.0).
Q3 sales of Kineret® and Kepivance® in local currency
were the highest since Biovitrum acquired the products
* Operating result was SEK -34.1 M (10.4). Profit for the
period amounted to SEK 7.9 M (9.8), which is equivalent
to earnings per share of SEK 0.16 (0.21).
* Cash flow from operations was SEK -7.4 (-25.5). Cash and
cash equivalents and short-term investments as of
September 30 amounted to SEK 309.4 M (534.1).
* The last patient in the rFIXFc hemophilia B clinical
phase I/II study was recruited.
* Aloxi® was recommended by the Multinational Association
for Supportive Care in Cancer and the European Society
of Medical Oncology as the preferred 5-HT3 antagonist
for emesis prevention in patients undergoing highly
January - September
* Total revenues before licensing revenues increased by 37
percent to SEK 949.3 M (693.8) driven mainly by Kineret®
and Kepivance®. Profit for the period amounted to SEK
1.0 M (-88.8), which is equivalent to earnings per share
of SEK 0.02 (-1.94).
* Cash flow from operations was SEK -90.5 M (-124.0).
Events after the period
* Biovitrum and Biogen Idec announced decision to advance
long-acting hemophilia B therapy (rFIXFc) into a
registrational trial based upon the successful outcome
of a phase I/II clinical trial.
* An open label exploratory phase II study on ExinaldaTM
(rhBSSL) in patients with cystic fibrosis and pancreatic
insufficiency was completed. The primary end point was
not met (CFA). Biovitrum is currently evaluating next
* A Letter of Intent was signed with Proximagen
Neuroscience plc ("Proximagen"), according to which
Proximagen will acquire Biovitrum's UK based research
unit Cambridge Biotechology Ltd (CBT).
"The third quarter showed both a gratifying sales development for our
marketed products and a continued good progress of our prioritized
R&D projects. In particular, the sales of Kineret and Kepivance in
local currency were the highest since Biovitrum acquired the
products. The financial performance for the quarter as well as for
the nine month period is yet another step forward becoming a
profitable company. I am particularly pleased that we after the
period have decided to move the hemophilia B project (rFIXFc) into
the final registrational development phase, based on successful
outcome of a phase I/II clinical trial. Furthermore the sale of our
UK research company is also highly satisfying and in line with the
transformation of our business. In order to drive future growth, we
continue to strengthen our commercial infrastructure needed for our
key products", says CEO Martin Nicklasson.
For further information, please contact
Martin Nicklasson, CEO
Phone: +46 8 697 25 45
Göran Arvidson, CFO
Cell phone: +46 8 697 23 27
Erik Kinnman, EVP Investor Relations
Cell phone: +46 73 422 15 40
Biovitrum is an international pharmaceutical company that markets
specialist pharmaceuticals in several regions. Using its expertise
and experience Biovitrum takes scientific innovation to patients with
significant unmet medical need. Research expertise and capabilities
are focused on development and production of biotechnology
therapeutics within our prioritized areas of hemophilia,
inflammation/autoimmune diseases, cancer supportive care and
malabsorption. The company has revenues of approximately SEK 1.2
billion and around 400 employees. The company head office is located
in Sweden and it is listed on the Stockholm OMX Nordic Exchange. For
more information please visit www.biovitrum.com
Biovitrum AB (publ) may be required to disclose the information
provided herein pursuant to the Swedish Securities Markets Act. The
information was provided for public release on October 22, 2009 at
08:01 a.m. CET.