Year-end report 2009

JULY – DECEMBER 2009 • Net sales amounted to SEK 20.7 million (15.7) • EBITDA was SEK -6.0 million (-11.8) • Earnings per share totaled SEK -0.39 (-0.52) before dilution JANUARY – DECEMBER 2009 • Sales amounted to SEK 42.2 million (25.2) • Net sales and earnings negatively impacted by a price adjustment in Q1, related to prior periods, of SEK 4.9 million • Net sales amounted to SEK 37.3 million (30.1) • EBITDA was SEK -21.0 million (-14.8) • Earnings per share totaled SEK -0.99 (-0.73) before dilution HIGHLIGHTS • Bluefish now well established generics player in the Nordic region - Average market share for key products in Scandinavia reaches 15% - Volume growth in the Nordics 194% during 2009 • Continued expansion of the product offering - Product portfolio consists of 30 products and is growing - 22 approved products, of which 15 have been launched • Exclusive tender won in Germany - Exclusive tender secured for Simvastatin and Alendronate to GWQ ServicePlus AG in Germany - Contract valid as of 1st of April 2010 • Strong outlook for 2010 - Continued expansion in Europe to build on Nordic success - Net sales projected to exceed SEK 100 million in 2010 BUSINESS UPDATE Since the initial product launch in April 2008, Bluefish has accomplished to become one of the leading generics players in the Nordic market. In 2009, the company saw its volumes increase by 194% and the average market share for key products in Scandinavia reached 15%. During 2009, the company has further expanded the product offering. There are currently 30 products in the portfolio, of which 22 are approved, and 15 have been launched. The increased number of products is a key contributor to the increase in sales, but also plays an important role in risk diversification. In addition to the strong positioning achieved on the Nordic market, Bluefish also entered a number of new markets in Europe during the year, including Germany, Austria and the UK. Currently, the company has been established in 10 European markets, and the expansion into additional markets continues. A key factor behind the growth and expansion of Bluefish is the support from the company’s skilled and dedicated employees. Bluefish has 39 employees today and to handle the extended demand on supply chain as well as the planned product launches the company plan to employ another 10 people during Q1 2010. In addition, Bluefish works closely together with one market consultant and one regulatory/pharmacovigilance consultant in most countries where it operates. Most of Bluefish’s employees are based at the company’s wholly owned subsidiary in Bangalore, India, which at the end of Q1 2010 plans to have 30 people employed within a broad range of functions, including Product supply, Quality assurance, Regulatory affairs, Pharmacovigilance and Development.