Biovitrum - Interim Report January 1 - September 30, 2008
Strong financial third quarter. Product acquisition from Amgen paves
the way to expanded market platform
July - September
* Net revenues amounted to SEK 294.2 M (199.8). The profit
for the quarter was SEK 9.8 M (-22.5),
corresponding to earnings per share of SEK -0.21
(-0.49).
* Cash flow from operations was SEK -25.5 M (-46.3). Cash
and cash equivalents and short-term
investments as of September 30 amounted to SEK 534.1
M (805.3).
* Biovitrum signed an agreement with Amgen to acquire
Kepivance® and Stemgen® and an exclusive license
for Kineret®, paying a signing fee of USD 13 M.
* A clinical study started of Exinalda(TM), for the
treatment of fat malabsorption in patients with cystic
fibrosis.
* The outlook for 2008, on the whole, remains unchanged,
excluding costs related to the product acquisition
from Amgen and restructuring cost.
January - September
* Net revenues amounted to SEK 826.3 M (956.9). The profit
for the period, before restructuring and other
onetime costs, was SEK 44.9 M (81.4). After
restructuring and other onetime costs the result was SEK -
88.1 M (81.4), which represents earnings per share of
SEK -1.94 (1.78).
* Cash flow from operations was SEK -124.0 M (-14.7).
* The restructuring of the research organization was
implemented.
* A phase I/II study of a new long-acting factor IXFc
protein started in the US.
* A phase II study in patients with idiopathic
thrombocytopenic purpura (ITP) was started.
* Results of two clinical phase II studies were reported
(A2A and 5HT2A projects).
* Mimpara® has been approved by the European Commission for
the treatment of primary
hyperparathyroidism (PHPT). Mimpara is the first
medication to be approved for the treatment of PHPT.
After the end of period
* The Board of Biovitrum has decided to further focus the
company's R&D operations by discontinuing the
early research on small molecules. This will affect
about 100 employees and further reduce the fixed cost
base over time. Negotiations with the unions will be
initiated shortly.
CEO's comments:"The financial results for the quarter were stronger than the same
period 2007 which is satisfying. The agreement with Amgen regarding
acquisition of three unique biotechnological drugs is a very
important milestone in our ambition to become an international
specialist pharmaceutical company. We will expand Biovitrum's
commercial presence to include other areas of Europe, North America,
Australia and New Zealand. This partnership also paves the way for
the future international launch of in-house developed drugs," says
CEO Martin Nicklasson adding "our continued restructuring of the
early research operations is also an important step to decrease our
fixed cost base in order to focus on the development of our pipeline
to the market."
For more information please contact:
Erik Kinnman, VP Investor Relations
Cell phone: +46 73 422 15 40
erik.kinnman@biovitrum.com
Martin Nicklasson, CEO
Phone: +46 8 697 2545
Göran Arvidson, CFO
Phone: +46 8 697 23 68
About Biovitrum
Biovitrum is a pharmaceutical company with operations in Sweden and
in the UK. The company markets a range of specialist pharmaceuticals
primarily in the Nordic countries. Using its expertise and experience
Biovitrum takes scientific innovation all the way to the market and
to specialist indication patients with significant medical need.
Research expertise and capabilities include development and
production of biotechnology therapeutics, as well as small molecule
discovery and development. With revenues of approximately SEK 1.3
billion and around 500 employees, Biovitrum is a significant European
specialty pharmaceutical player. Biovitrum's share is listed on the
OMX Nordic Exchange in Stockholm. For more information go to
www.biovitrum.com
