Interim Report April - September 2021
A strong quarter for both our pharma sales and our sales of Covid-19 tests
July - September
- Consolidated sales during the second quarter, July to September amounted to SEK 52.5 (24.2) million. Adjusted for non-recurring sales the revenue amounted to 34.5 (24.2) MSEK, an increase of 42.6%.
- Gross profit amounted to SEK 16.3 (10.4) million for the quarter, an increase of 56.4%.
- EBIT for the quarter was SEK 5.9 (3.4) million.
- Earnings per share were SEK 0:18 (0:11) for the quarter.
- Cash flow from operating activities amounted to SEK 4.3 (-40.0) million for the quarter.
- Cash and cash equivalents were SEK 8.0 (19.7) million at the end of the quarter.
April - September
- Consolidated sales during the period April-September amounted to SEK 89.1 (123.7) million. Adjusted for non-recurring sales the revenue amounted to 66.1 (46.6) MSEK, an increase of 41.8%.
- Gross profit for the same period amounted to SEK 34.2 (32.8) million, a decrease of 4%.
- EBIT for April-September amounted to SEK 9.0 (15.0) million.
- Earnings per share were SEK 0:27 (0:50) for the period.
- Cash flow from operating activities amounted to SEK -4.2 (16.2) million during April-September.
- Cash and cash equivalents were SEK 8.0 (19.7) million at the end of September.
The second quarter of 2021/22 was a strong quarter for the company in which our Covid-19 tests and our pharmaceuticals performed well. Total sales amounted to SEK 52.5 (24.2) million and adjusted for non-recurring sales, the Group's sales amounted to SEK 34.5 (24.2) million, an increase of 42.6%. Operating profit for the quarter amounted to SEK 5.9 (3.4) million.
One of our bestselling products, EQL Potassium Chloride, have previously been sold via a license agreement in Denmark, Norway and Finland with a leading generic company. Upon renewal of the agreement, EQL has chosen to extend the agreement only for Finland. In the past quarter, EQL therefore started to selli under our own brand Potassium Chloride EQL Pharma, also in Denmark. The product has long been sold in Sweden under its own brand. The market in Denmark has a turnover of about 77 MDKK per year and in addition to EQL there are two other active competitors.
With regard to new approvals, the drug Ondansetron EQL Pharma has received a market authorization from the Medical Products Agency in Sweden. An authorization is also expected for Denmark in the near future and we expect a launch early next fiscal year. After the quarter, the eye drops Latanoprost EQL Pharma have also been approved as a pharmaceutical for sale in Sweden, Denmark and Norway. Also here, we hope to launch the first quarter of the next financial year. The Scandinavian market for Latanoprost currently has sales of approximately SEK 50 MSEK and has between two and five active competitors per country.
The product development of our pharmaceuticals is also in an intensive phase with no less than 11 products that have now been submitted to the pharmaceutical authorities for review and 7 products that are now approved for sale and will be launched in the coming quarters. In the next financial year, more than 10 products are targeted to be launched, which would be a new record for EQL Pharma.
In the last quarter, our "nasal tops" Covid-19 self-tests sold successfully at main pharmacy chains and grocery retailers in Sweden. We are now supplementing our range of antigen-based self-tests with a saliva-based CE-marked self-test for rapid detection of a Covid-19 infection. AllTest Covid-19 Saliv Self-test is convenient to use and especially suitable for children, schoolchildren / students, the disabled or people who are worried about other test methods. The self-test is the first and only CE-marked real saliva test that can be sold to consumers rather than healthcare professionals in Sweden. EQL has exclusivity for the test on the Nordic market.
In addition to summing up a strong second quarter, I would also like to mention that we continue to work hard on the expansion of our products into the European market and have begun several license discussions for the products and markets where we do not plan to sell ourselves.
For further information, please contact:
CEO, EQL Pharma AB (publ)
Phone: +46 (0) 705 – 60 90 00
Eql Pharma AB (Publ) briefly
EQL Pharma AB specializes in developing and selling generics, ie pharmaceuticals that are medically equivalent to reference pharmaceuticals. The company currently has upwards of 20 niche generics (ie generics with limited competition apart from the reference pharmaceutical) approved in the Nordic markets. In addition to these, there is a significant pipeline of additional niche generics for launch in 2021 and beyond. The business is currently entirely focused on prescription pharmaceuticals, including hospital products, in the Nordic region and in selected European markets. EQL Pharma AB conducts its operations in Lund and is listed on the Spotlight Stock Market. EQL Pharma AB conducts extensive development work in collaboration with leading contract manufacturers and pharmaceutical companies in the EU and Asia, among others.