STOCKHOLM, SWEDEN--(Marketwire - April 28, 2009) -
Strong revenues growth in the first quarter as an international
pharmaceutical company
January - March
* Net revenues before license revenues increased by 78 percent compared to the same period 2008 and amounted to SEK 355.2 M (200.1). The increase is mainly a result of the sales of Kineret® and Kepivance®, from which revenues amounted to SEK 133.6 M (14.8). Total revenues from ReFacto® amounted to SEK 203.0 M (159.7).
* Operating profit increased to SEK 12.0 M (-8.5). Following the strengthened US dollar, future milestone payments and loans in dollar have been recalculated, which has charged the results with approximately SEK 33 M. Hence earnings for the quarter amounted to SEK -23.7 M (-2.1), which is equivalent to earnings per share of SEK -0,47 (-0.05).
* Cash flow from operations was SEK -123.6 M (-22.9). Accounts receivables increased to SEK 144 M during the quarter, following large deliveries of ReFacto in March as well as building up of accounts receivables related to Kineret and Kepivance. Cash and cash equivalents and short-term investments as of March 31 amounted to SEK 325.5 M (737.5).
* ReFacto AFTM was approved for sale in Europe.
* In line with the new strategy, outlicensing and divestment of primary care projects continue. Biovitrum signed an agreement with Karolinska Development AB to continue development of the leukemia project (FLT 3) within a jointly-owned project company.
* An agreement was reached with Affibody AB on drug development collaboration using their unique technology.
CEO comments:
"I am pleased to report that Biovitrum has now been transformed from a research company into an international pharmaceutical company, which is reflected by a strong operating result for the first quarter. Important contributors are the sales of Kineret and Kepivance which were slightly better than our forecast for the period. The change in the direction of our research is fully completed and is now focused on biotechnological, specialist pharmaceuticals. The agreement with Affibody is a good example of this focus. We have succeeded in implementing these necessary and comprehensive changes while maintaining our strong financial position," says CEO Martin Nicklasson. "We are also positive to having Investor AB, who has a great deal of experience in the health care sector, as a new main share holder."
For further information, please contact
Martin Nicklasson, CEO
Phone: +46 8 697 2545
Göran Arvidson, CFO
Cell phone: +46 8 697 23 27
Erik Kinnman, VP Investor Relations
Cell phone: +46 73 422 15 40
erik.kinnman@biovitrum.com
About Biovitrum
Biovitrum is a Swedish pharmaceutical company. The company markets a range of specialist pharmaceuticals internationally. 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 are focused on development and production of biotechnology therapeutics within our prioritized areas of hemophilia, inflammation/autoimmune diseases and malabsorption. The company has revenues of approximately SEK 1.2 billion and around 400 employees. It is listed on the OMX Nordic Exchange in Stockholm. For more information go to www.biovitrum.com.
Biovitrum AB (publ) may be required to disclose the information
provided herein pursuant to the Swedish Securities Markets Act. The
information was provided for public release on April 28, 2009 at
08:30 a.m. CET.
Complete Interim report Jan-March: http://hugin.info/134557/R/1308838/301978.pdf
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Copyright © Hugin AS 2009. All rights reserved.
