Biovitrum Interim Report January 1 - June 30, 2007
Biovitrum Interim Report January 1 - June 30, 2007
Strong second quarter, positive project development continues April - June • Net revenues increased with 33 percent, and amounted to SEK 404.2 M (304.8). Net profit increased and was SEK 59.8 M (7.1). Earnings per share were SEK 1.31 (0.15). The increase is mainly due to the strong development of the ReFacto® manufacturing revenues • Cash flow from operations improved the second quarter, and was SEK -16.4 M (-47.2) • The A2A project, which is based on an entirely new principle for the treatment of neuropathic pain, entered phase II • Supplementary clinical studies have started on Exinalda™ for the treatment of patients with fat malabsorption due to pancreatic insufficiency • Martin Nicklasson was appointed as the new CEO effective May 14, 2007 January - June • Net revenues were 7 percent higher than the same period the previous year and amounted to SEK 757.1 M (708.1). Net profit improved by 11 percent, and was SEK 103.9 M (93.4), earnings per share were SEK 2.28 (1.93) • Cash flow from operations was SEK 31.7 M (26.9). Cash and cash equivalents and short-term investments as of June 30 amounted to SEK 876.8 M (1,176.3) • Revenues from sales of the hemophilia product ReFacto® increased by 30 percent to SEK 592.5 M (455.3). • Revenues from sales of other drugs increased by 26 percent After end of the period • In August Biovitrum entered into a new agreement with Wyeth to market the hemophilia product BeneFIX® • The new purification suite in the ReFacto® production was approved by the US Food and Drug Administration, FDA CEO comments ”The positive trend continues for Biovitrum in the second quarter of 2007. We are able to report positive growth in both profits and sales at the same time as our research projects continued to make good progress,” says CEO Martin Nicklasson. “We have also succeeded in increasing our portfolio of marketed drugs, which will have a positive impact on our future sales. At the beginning of the year we launched Aloxi® on the Nordic market. This is a new drug to treat nausea caused by chemotherapy. Also, we recently entered into an agreement with Wyeth to market BeneFIX® in the Nordic region. Biovitrum has been very successful in the Nordic hemophilia market and this agreement further strengthens our position.” To present the report, Biovitrum's CEO Martin Nicklasson and CFO Göran Arvidson will hold a Press and Analyst meeting in Stockholm today Thursday August 23 at 15:00 (CET) at Grand Hôtel, conference room "Vapensalen". You may also participate by telephone, dial-in numbers: +46 8 566 363 29(Sweden), +44 203 043 24 36(UK) or +1 866 458 40 87(US). A live broadcast from the presentation will be available on Biovitrum's website at www.biovitrum.com. The presentation material from the conference will be available at www.biovitrum.com under investor relations/presentations. For further information, please contact: Biovitrum AB (publ) Martin Nicklasson, CEO, phone +46 8 697 23 27 Göran Arvidson, CFO, phone +46 8 697 23 68 Anna Karin Källén, VP Communications, phone +46 8 697 20 85 About Biovitrum Biovitrum is one of the largest biopharma companies in Europe. With operations in Sweden and in the UK Biovitrum conducts research and develops pharmaceuticals for unmet medical needs both for common diseases and conditions that affect smaller patient populations. Biovitrum has a broad and balanced R&D portfolio with several projects in clinical and preclinical phases for the treatment of obesity, diabetes, inflammation and eye and blood diseases as well as a number of well defined specialist indications. Biovitrum develops and produces protein-based drugs on a contractual basis and markets a range of specialist pharmaceuticals primarily in the Nordic countries. Biovitrum has revenues of approximately SEK 1.2 billion and 550 employees. Biovitrum is listed on the OMX Nordic Exchange in Stockholm since September 15, 2006. For more information see www.biovitrum.com/.