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PhotoCure: Results For Second Quarter And The First Half Year 2014



8/26/2014 8:38:42 AM

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Oslo, Norway, 26 August 2014: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces its results for second quarter and the first half year 2014.

Highlights include:

(Numbers in brackets are for the corresponding period in 2013)

• Total sales revenues of Hexvix/Cysview increased 14% in second quarter and 22% year to date to NOK 43.2 million (NOK 35.4 million) driven by volume growth in the major markets, price increases and positive currency effects
• Hexvix/Cysview global in-market sales value growth of 14% in the quarter to NOK 43 million and 24% year to date to NOK 89 million
• Second quarter operating loss from continued operations was significantly reduced to NOK 5.7 million compared to NOK 13.9 million in second quarter last year
• Cash and cash equivalents of NOK 141 million as of 30 June 2014
• Introduction of a bill to the US Congress to secure US senior patients access to state-of-the-art cancer treatment technology; this will if enacted by Congress provide separate payment to hospitals for Cysview in the US
•Updated expert recommendations on the clinical and cost effectiveness of Hexvix published in European Urology in July recommend the use of Hexvix in the management of a broader bladder cancer population
• Completion of the re-analysis of the Cevira phase 2b data confirmed that Cevira provides an improvement in treatment efficacy compared to placebo in patients with high-grade precancerous lesions of the cervix (HSIL).
• In August, following the proposed merger agreement between Salix and Cosmo Pharmaceuticals S.p.A, Photocure and Salix agreed to terminate the global licensing agreement for Lumacan®. Photocure has received a payment of USD 5 million and will regain the global rights and all intellectual property to Lumacan

Key figures:

Figures in NOK million

2Q 2014

2Q 2013

Change

1H 2014

1H 2013

FY 2013

Sales revenues Hexvix / Cysview

23.8

20.9

14 %

43.2

35.4

77.9

Sales revenues API

0.5

0.5

9 %

0.7

0.7

1.4

Signing fee & milestone revenues

1.1

1.1

8 %

2.3

2.1

4.3

Total revenues

25.5

22.5

14 %

46.2

38.1

83.6

Gross profit

23.5

20.4

15 %

42.6

34.7

76.8

Research and development expenses

7.3

6.5

13 %

16.0

15.7

34.0

Sales and marketing expenses

13.5

19.2

-30 %

27.6

38.2

68.4

Operating result excl. restructuring & one-off

-5.7

-13.9

-59 %

-19.4

-37.6

-63.0

Operating result incl. non-recurring

-5.7

-18.0

 

-19.4

-41.7

-75.5

Net profit/loss

-4.2

-15.2

 

-17.2

-36.6

-58.9

Earnings per share, diluted (NOK)

-0.20

-0.72

 

-0.81

-1.73

-2.78



President & CEO Kjetil Hestdal, M.D. Ph.D. comments:

“Sales of Hexvix/Cysview remained strong in the second quarter, achieving year to date growth of 22%. Alongside this positive growth in revenue, our focus on cost control has resulted in reduced losses.

The continued unit sales growth of Hexvix/Cysview across all markets demonstrates the untapped potential for Hexvix/Cysview. In the US market, our efforts coupled with the efforts of other key stakeholders within the Urology and Bladder Cancer community, passed a milestone with the introduction of a new Congressional bill to secure a long term sustainable reimbursement solution for this valuable product. For Cevira we have made progress toward meeting the FDA requests by completing the reanalysis of the phase 2b data. This will now allow for continued discussions with the FDA.”

Please find the full financial report and presentation linked.

Photocure ASA will present its interim report today at Hotel Continental, Oslo, Norway. The presentation will begin at 08.30 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO and Erik Dahl, CFO.

The presentation will be publicly available at www.photocure.com. It will be possible to follow the presentation through a live webcast.

A light snack will be served from 08:00 (CET). The presentation is scheduled to conclude at 09:15 (CET).

Photocure will additionally host an audio webcast and conference call today in English at 16:00 CET / 15:00 GMT / 10:00 EST.

Please make sure to dial in 5-10 minutes prior to scheduled conference call start time on one of the following numbers:

NORWAY: +47 2316 2771
UK: +44(0)20 7784 1036
USA: +1646 254 3363

Confirmation code: 9613990

It is possible to listen to a replay of the conference call on the following numbers:

NORWAY +47 2100 0498
UK +44 (0)20 3427 0598
USA +1 347 366 9565

Confirmation code: 9613990

For further information, please contact:

Photocure
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: kh@photocure.no

CFO Erik Dahl
Tel: +47 450 55 000, Email: ed@photocure.no

Hume Brophy
Mary Clark
Tel: +44 20 3440 5653
Email: photocure@humebrophy.com

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