A Year of Strong Finances and Increased Revenues. January - December net revenues increased with 5 percent and amounted to SEK 1,256.4 M (1,201.1). The profit for the year was SEK 79.0 M (92.7), equivalent to earnings per share of SEK 1.73 (2.00). Cash flow from operations improved by 62.6 Mkr to SEK -25.4 M (-88.0). Cash and cash equivalents and short-term investments as of December 31 amounted to SEK 760.4 M (903.8). Strong commercial development during 2007 - revenues from the hemophilia A product, ReFacto®, increased by 19 percent to SEK 915.4 M (768.0) and revenues from other products increased by 40 percent.
The project portfolio continued to advance and as of December 31, 2007, Biovitrum has 9 (6) projects in clinical and 6 (6) projects in preclinical development.
October - December
Net revenues amounted to SEK 299.5 M (244.8). Profits for the quarter improved to SEK -2.4 M ( 6.4) compared with the same period in 2006 and are equivalent to earnings per share of SEK -0.05 ( 0.14).
Cash flow from operations improved for the fourth quarter by SEK 32.7 M to SEK -10.7 M.
The Company communicated its new comprehensive strategy which focuses on research, development and marketing of specialist care pharmaceuticals.
The phase I study within the 5-HT6 project for the treatment of obesity was concluded and a safe and tolerable dose was identified. The Company is seeking to outlicense the project.
The clinical phase I study of Anti-RhD for the prevention of hemolytic disease and the treatment of ITP was concluded in 2007. The results which were reported on February 5, 2008, show that the recombinant polyclonal antibodies were well tolerated in both RhD positive and RhD negative healthy volunteers.
Recruitment for clinical Phase II study of A2A (neuropathic pain) concluded
Important events after the end of the period
The process of identifying partners for all primary care projects in early research phases was initiated. As a result of this, a need for staff cuts was identified and negotiations have started with union representatives. This decision also means that the research budget in the future will be focused on specialist care projects.
The preliminary results from the explorative phase II study of the 5-HT2A antagonist for the treatment of glaucoma show a dose-dependent reduction of intra-ocular pressure of up to 10 percent compared with the pressure before treatment.
For further information please contact:
Martin Nicklasson, CEO ,Phone. +46 8 697 20 00 martin.nicklasson@biovitrum.com
Göran Arvidson, CFO,Phone: +46 8 697 2368, Mobile: +46 70 633 30 42 goran.arvidson@biovitrum.com
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 conditions that affect smaller patient populations and for common diseases. Biovitrum has currently a broad and balanced R&D portfolio with several projects in clinical and preclinical phases for a number of well defined specialist indications as well as for common diseases within obesity, diabetes, inflammation, eye and blood diseases. 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 around 500 employees. Biovitrum’s share is listed on the OMX Nordic Exchange in Stockholm since September 15, 2006. For more information see www.biovitrum.com.
