EQL Pharma - Sales record in the third quarter
CEO’s comments
The third quarter of fiscal year 2019/20 was a strong quarter for EQL with growth of 83 percent and sales of SEK 20.1 (11.4) million. It is thus EQL Pharma's best quarter ever from a sales perspective and the second quarter in a row we set sales records.
Profitability was good with an EBITDA of SEK 2.6 (0.0) million, corresponding to an operating margin of 13 percent.
During the quarter, EQL Pharma launched Methenamine hippurate, the only generic besides the original.
The product is important, among other things, as a prophylaxis against recurrent urinary tract infections, and does not contribute to the development of resistance as it does not act as an antibiotic.
Updated outlook for 2019/20
The strong sales development triggers EQL to adjust its growth forecast for the fiscal year 2019/20. Our new estimate for sales growth for the current fiscal year is around 40% (from around 30%) compared to the previous fiscal year. We also expect EBITDA to grow by around 100% (from around 30%) compared to the previous fiscal year. It is worth noting that our EBITDA is still quite small, so changes in percentages are often large.
Organization
In the coming quarters, EQL Pharma will complete and submit close to a dozen registration dossiers to regulatory agencies. To cope with the growing volume of Regulatory Affairs, a recruitment process has been initiated and our hope is to have a new colleague in place during the spring.
Graphic profile
Today EQL Pharma launches a new look on our interim report, part of the work on a new graphic profile. The goal is to deepen the presentation of EQL Pharma at the same time as we want to make it clearer. Soon a new website will also be presented.
For further information, please contact:
Christer Fåhraeus
CEO, EQL Pharma AB (publ)
Phone: +46 (0) 705 – 60 90 00
Email: christer.fahraeus@eqlpharma.com
Website: www.eqlpharma.com
About EQL Pharma
EQL Pharma AB is specialized in developing and selling generics, i.e. drugs that are medically equivalent to the original medicines. The company currently has 18 niche generics (i.e. generics with little or no competition except for the original medicine) approved on the Swedish and Danish markets. In addition to these, there is a significant pipeline of additional niche generics for launch in 2020 and onwards. The business is currently entirely focused on prescription pharmaceuticals in the Nordic region. EQL Pharma AB is based in Lund, Sweden, employs 9 people and is listed on Spotlight Stock Market. EQL Pharma AB also conducts extensive development in cooperation with leading contract manufacturers developers and major pharmaceutical companies in, amongst other countries, India and China.