MOBERG DERMA INTERIM REPORT JANUARY - JUNE 2012

EUROPEAN LAUNCHES DRIVES CONTINUED STRONG GROWTH

HALF YEAR (JAN-JUN 2012)

• Revenue MSEK 55.5 (13.5)
• Research and development expenses MSEK 15.9 (13.7)
• Operating profit MSEK 9.3 (-16.3)
• Net profit after tax MSEK 39.4 (-16.2)
• Earnings per share SEK 4.33 (-2.51)
• Operating cash flow per share SEK 0.64 (-2.01)

SECOND QUARTER (APR-JUN 2012)

• Revenue MSEK 24.5 (8.0)
• Research and development expenses MSEK 8.0 (7.1)
• Operating profit MSEK 1.4 (-9.7)
• Net profit after tax MSEK 1.4 (-9.6)
• Earnings per share SEK 0.15 (-1.40)
• Operating cash flow per share SEK 1.71 (-1.63)

SIGNIFICANT EVENTS DURING THE SECOND QUARTER

• Launch in a number of markets in Europe, including France, Germany and Italy
• Clinical phase II trials for Limtop commenced in Germany
• Distribution agreement entered into with Ana Darou P.J.S. for the marketing of Nalox™/Emtrix® in Iran
• Geert Cauwenbergh elected as new board member at the 2012 annual general meeting

SIGNIFICANT EVENTS AFTER THE QUARTER

• Walmart more than doubled distribution of Kerasal® Nail
• All milestones in the Meda agreement are expected to be reached in 2012

CEO COMMENTARY
Launches in eight European countries, among them France, Germany and Italy – were rolled out during the quarter, contributing to continued profitable growth. Preparations made at the start of the year are now bearing fruit through well prepared launches and TV campaigns initiated at end of the quarter.

The US launch has progressed better than plan, resulting in a sales increase of 33% compared with the previous quarter. Kerasal® Nail has been received positively by the drug store and supermarket chains, with distribution increasing to almost all Walmart Stores and several new retail chains. Furthermore, Kerasal® Nail was voted on to the Drug Store News Top-50 list of the ”Most Innovative New Products” in competition with thousands of products.                    

In total, product sales have increased with 30% compared with the previous quarter, and are up 270% year on year. Worth noting is that the gross margin has improved since royalties for the original patent to Mobederm AB were fully paid this quarter.

Development activities continued according to plan during the quarter. The most important step forward being Limtop’s (for actinic keratosis, carcinogenic sun damage) rapid advancement with positive phase I results as well as the start of a phase II trial in collaboration with Charité University Hospital Berlin. The results from the phase II trial are expected the first half of 2013.

I am delighted with the progress during the quarter and that our financial position has been further strengthened thanks to a positive operating cash flow of MSEK 15. Our view remains that the company is well positioned to deliver strong growth and achieve a full year of profitability (pre-tax profit) 2012 already.

Peter Wolpert, CEO

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 8:30 am (CET) on August 28th, 2012.

TELEPHONE CONFERENCE
CEO Peter Wolpert will present the report in a telephone conference Tuesday August 28th, 2012 at 11:00 am (CET). Telephone: +46 (0)8-506 26 900, enter code 409017

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

Tags: