PhotoCure: Results For Third Quarter And The First Nine Months 2014

Oslo, Norway, 6 November 2014: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces its results for third quarter and the first nine months 2014.

Highlights include:

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

• Total sales revenues of Hexvix/Cysview increased 34% in third quarter and 26% year to date to respectively NOK 24.1 million and NOK 67.2 million, driven by volume growth in major markets, price increases and positive currency effects

• Hexvix/Cysview global in-market sales value growth of 19% in the quarter to NOK 42 million and 23% year to date to NOK 131 million

• Hexvix/Cysview YTD operating profit at NOK 6.6 million, an improvement of NOK 24.8 million from last year

• Photocure received a payment of USD 5 million (NOK 30.8 million) in the quarter as a result of the termination agreement with Salix for Lumacan

• Third quarter operating profit was NOK 23.8 million (loss of NOK 14.9 million) and YTD profit at NOK 4.4 million, an improvement of NOK 56.9 million from previous year

• Cash and cash equivalents of NOK 167 million as of 30 September 2014

• Expert consensus statement published in Nature Reviews Urology on the optimal use of Blue Light Cystoscopy with Cysview in the United States

Figures in NOK million 3Q 2014 3Q 2013 Change YTD 2014 YTD 2013 Change FY 2013
Sales revenues Hexvix / Cysview 24.1 18.0 34 % 67.2 53.4 26 % 77.9
Sales revenues API 0.8 0.1 1.6 0.7 1.4
Signing fee & milestone revenues 31.9 1.1 34.2 3.2 4.3
Total revenues 56.8 19.2 103.0 57.3 80 % 83.6
Gross profit 55.2 17.7 97.8 52.4 87 % 76.8
Research and development expenses 7.0 8.5 -18 % 23.0 24.2 -5 % 34.0
Sales and marketing expenses 13.1 15.4 -15 % 40.6 53.6 -24 % 68.4
Operating result excl. restructuring & one-off 23.8 -14.9 4.4 -52.5 -63.0
Operating result incl. non-recurring 23.8 -14.8 4.4 -56.5 -75.5
Net profit/loss 24.2 -13.2 6.9 -49.8 -58.9
Earnings per share, diluted (NOK) 1.13 -0.62 0.32 -2.35 -2.78

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

"The strong growth in the sales of Hexvix/Cysview has continued in all markets in the third quarter and revenues year to date are up 26%. In the US market, we continue to work closely with the leading urology associations as well as other key stakeholders to secure a long-term sustainable solution for Cysview reimbursement.

We received a payment of USD 5 million from Salix in the third quarter and will regain the global rights and all intellectual property to Lumacan. We will continue to evaluate options for further development of Lumacan. Photocure's priority in 2014 is to continue to increase sales of Hexvix/Cysview and to establish strategic partnerships for products in our pipeline."

Please find the full financial report enclosed.
For further information, please contact:
Hume Brophy
Tel: +44 20 3440 5653

About Photocure

Photocure, headquartered in Oslo Norway, is a specialty pharmaceutical company and world leader in photodynamic technology. Based on our unique proprietary Photocure Technology(TM) platform, Photocure develops and commercializes highly selective and effective solutions within disease areas with high unmet medical need, such as bladder cancer, HPV and precancerous cervical lesions, colorectal cancer and skin conditions. Our aim is to provide solutions which can improve health outcomes for patients worldwide. Photocure is listed on the Oslo Stock Exchange (OSE: PHO). Information about Photocure is available at

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