KiobrinaTM and Factor IXFc approaching clinical phase
July - September
* Net revenues amounted to SEK 199.8 M (248.2). The quarter showed
a negative result of SEK -22.5 M (5.6), which is equivalent to
earnings per share of SEK -0.49 (0.13). This is in line with
previously communicated outlook and is mainly due to lower
ReFacto® deliveries in the third quarter as a consequence of high
delivery levels in the first half year as well as lower revenues
from contract development.
* Cash flow from operations improved in the third quarter and
increased by SEK 25 M and amounted to SEK -46.4 M.
* Biovitrum obtained the first approval for initiation of a
clinical phase II trial of KiobrinaTM in Italy and France.
* An application to start the first clinical phase I/II study of
FIXfc in hemophilia B patients was submitted to the US Food and
Drug Administration, FDA.
* Marketing activities started for the hemophilia B product
BeneFIX® in the Nordic region.
* Biovitrum signed an agreement with the Danish pharmaceutical
company Lundbeck. Under the agreement, Lundbeck has licensed
certain non-exclusive patent rights related to the 5-HT area and
in fields outside Biovitrum's primary therapeutic area interests.
January - September
* Net revenues were the same as in the corresponding period last
year, and amounted to SEK 956.9 M (956.3). Net profit for the
period amounted to SEK 81.4 M (99.0), which is equivalent to
earnings per share of SEK 1.78 (2.12). This outcome, which has
been previously communicated, is mainly due to increased research
expenses and reduced revenues from contract development, which is
though compensated by higher delivery levels of ReFacto®.
* Revenues from the hemophilia A product, ReFacto®, increased
during the period by 18 percent to SEK 695.8 M (591.0).
* Revenues from other products increased by 30 percent.
* The cash flow from operations improved and amounted to SEK -14.7
M (-44.6). Cash and cash equivalents and short-term investments
as of September 30 amounted to SEK 805.3 M (929.4).
Biovitrum will arrange Capital Market Days on 7 and 8 November in
Stockholm and London respectively. More information can be found at
www.biovitrum.com.
CEO comments"The financial results of the third quarter reflect the effect of
extensive ReFacto® deliveries in the first six months and a conscious
decision to allocate more resources to internal projects with lower
contract development revenues as a result. It is gratifying to note
the continued strong ReFacto® revenues in the first nine months of
the year as well as the sustained strong growth in revenues from
other products. Research expenses were slightly higher than the same
period last year, which demonstrates that we are advancing our
positions. One example of this is that we have taken important steps
towards the first clinical trials for two of our key projects,
Kiobrina and FIXFc", says Martin Nicklasson, CEO of Biovitrum.
To present the report, Biovitrum's CEO Martin Nicklasson and CFO
Göran Arvidson will hold a Press and Analyst meeting in Stockholm
today Tuesday October 23 at 15:00 (CET) , Venue: The Opera House,
Karl XII:s torg, Entrance: Operakällaren . 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:
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's share is listed on the OMX Nordic
Exchange in Stockholm since September 15, 2006. For more information
see www.biovitrum.com.
