Continued strong revenue growth and good progress of R&D projects
April - June
* Total revenues before license revenues increased by 31
percent to SEK 319.9 M (243.8).
* Operating result (EBIT) was SEK -13.1 M (-98.0).
Earnings for the period amounted to SEK 16.8 M
(-96.6), which is equivalent to an earnings per share of
SEK 0.33 (-2.12).
* Cash flow from operations was SEK 45.1 (-75.6). Cash and
cash equivalents and short-term investments as of June
30th amounted to SEK 341.2 M (635.6).
* Transfer costs related to Kineretâ and Kepivanceâ have
increased the product rights with SEK 39.1 M and will be
amortized over 15 years.
* On June 1st, the launch of ReFacto AFâ in Europe was
started.
* One of the two clinical phase II studies with
KiobrinaTM, successfully completed patient recruitment
and the proof of concept study with ExinaldaTM also
completed the enrolment of patients.
* A clinical phase II study is proceeding well at 23
clinics in Europe to study the safety and the
therapeutic efficacy of Sym001 in ITP patients. Two dose
cohorts have been treated, and the independent safety
committee has recommended to continue to the next dose
group.
* Out-licensing and divestment of primary care projects
continue. On June 22nd , Biovitrum signed a Transferring
Agreement with iNovacia AB to continue development of
two metabolic disease projects.
* A new performance based, long term share program was
initiated and 231,585 new series C shares will be
issued.
* Peter Sellei and Hans Glemstedt from Investor AB were
elected new members of the Board, Håkan Åström was
re-elected Chairman of the Board and the rest of the
2008 Board members were re-elected except from Anders
Hultin and Toni Weitzberg from Nordic Capital who had
declined re-election
January - June
* Total revenues before license revenues increased by 52
percent to SEK 675.1 M (443.8). Earnings for the period
amounted to SEK -6.9 M (-98.7), which is equivalent to
an earnings per share of SEK -0.14 (-2.16).
* Cash flow from operations was SEK -83.1 M (-98.5).
Events after the period
* Biovitrum has entered into an exclusive distribution and
marketing agreement with Megapharm Ltd. allowing Kineret
and Kepivance to be commercialized in Israel.
* Biovitrum has selected The Bank of New York Mellon
(NYSE: BK), as the depositary bank for its Level I
American Depositary Receipt (ADR) program.
CEO comments:
"In 2009 we have successfully continued our transformation of
Biovitrum into an international pharmaceutical company, which is
reflected both by a gratifying sales development for our marketed
products, and a good progress of our R&D projects. At the same time,
we further divested non-core projects, of which the agreement with
iNovacia regarding two projects is a good example. We continue
strengthening the infrastructure needed for our key products and
going forward, we intend to grow both organically and through
acquisitions", says CEO Martin Nicklasson.
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, EVP Investor Relations
Cell phone: +46 73 422 15 40
erik.kinnman@biovitrum.com
About Biovitrum
Biovitrum is an international pharmaceutical company that markets
specialist pharmaceuticals in several regions. Using its expertise
and experience Biovitrum takes scientific innovation to patients with
significant unmet medical need. Research expertise and capabilities
are focused on development and production of biotechnology
therapeutics within our prioritized areas of hemophilia,
inflammation/autoimmune diseases, cancer supportive care and
malabsorption. The company has revenues of approximately SEK 1.2
billion and around 400 employees. The company head office is located
in Sweden and it is listed on the Stockholm OMX Nordic Exchange. For
more information please visit 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 July 23, 2009 at 08:30
a.m. CET.
