MEDIVIR AB – INTERIM REPORT JANUARY – MARCH 2015

Financial summary for the first quarter
January – March 2015 (2014)

  · Net turnover totalled SEK 215.9 million (208.2 m), of which SEK 128.6
million (161.5 m) comprised royalties for simeprevir.
  · Revenues from Medivir’s own pharmaceutical sales totalled SEK 86.8 million
(46.4 m), of which SEK 34.2 million (0.0) derived from sales of OLYSIO® and SEK
52.6 million (46.4 m) from sales of other pharmaceuticals.
  · The profit after tax was SEK 66.7 million (283.8 m).
  · Basic and diluted earnings per share totalled SEK 2.29 (9.08) and SEK 2.27
(9.01), respectively.
  · The cash flow from operating activities amounted to SEK 205.3 million (-57.8
m).

Summary of the Group’s figures,       Q1       Full year
continuing operations (SEK m)
                                 2015   2014     2014
Net turnover                     215.9  208.2    1 767.0
Gross profit                     182.8  182.1    1 593.0
Operating profit before           84.6   96.7    1 221.9
depreciation and amortisation
(EBITDA)
Operating profit (EBIT)           76.2   88.6    1 188.7
Profit/loss before tax            82.9   90.3    1 192.7
Profit/loss after tax             66.7  283.8    1 132.7
Operating margin, %               35.3   42.6       67.3
Basic earnings per share, SEK     2.29   9.08      36.24
Diluted earnings per share, SEK   2.27   9.01      35.90
Net worth per share, SEK          53.7   36.4       63.4
Return on equity                   4.8    9.1       84.1
Cash flow from operating         205.3  -57.8    1 014.4
activities
Liquid assets and short-term     998.4  341.8    1 395.6
investments at the period end
R&D spending/total opex, %        62.2   55.7       60.8

Conference call for investors, analysts and the media
The Interim Report for the first quarter of 2015 will be presented by Medivir’s
President & CEO,
Niklas Prager and members of Medivir’s management group.
Time: Tuesday, 5 May 2015, at 12.30 (CET).

Phone numbers for participants from:
Sweden +46 (0)8 566 426 61
Europe +44 20 342 814 00
USA +1 855 753 2236

The conference call will also be streamed via a link on the website:
www.medivir.com
The presentation will be available on Medivir’s website after completion of the
conference.


CEO’s comments

Medivir’s operations are built on creation of long-term value through R&D
operations grounded in our established, documented and successful technology
platform. And I am, therefore, pleased to note that all of our ongoing projects
continued to develop completely according to plan during the quarter.

We also received clear proof of the strength of our technology platform after
the reporting period had ended, when we were able to announce that we are
entering into a collaboration with Cancer Research Technology (CRT) to develop a
new class of drugs for the treatment of cancer. The collaboration aims, amongst
other things, to develop molecules targeting ADAM8, a protein which has been
linked to tumour survival, cell invasion and metastasis.

CRT is the commercial development arm of Cancer Research UK and has a very good
reputation in the field of international cancer research. The fact that CRT has
chosen to collaborate with Medivir on this exciting project not only constitutes
further recognition of our strong technology platform, it also reinforces the
trust in our technology and that it can be successfully applied in the field of
cancer research.

The agreement with CRT forms part of our efforts to strengthen our research
portfolio in the oncology area, and the first quarter also saw us strengthen the
oncology part of our organisation. This should not be taken to mean that we are
building a bigger organisation: rather that we are shifting some of our
expertise towards the cancer area.

Other projects I would like to highlight include MIV-802 (for the treatment of
hepatitis C) which entered the non-clinical development phase during the quarter
– with new positive results presented on April 23rdat The International Liver
Congress - and for which we are currently engaged in discussions with potential
partners.

We are also continuing to generate income through milestone payments and
royalties. First quarter royalties from sales of the hepatitis C drug, OLYSIO®
(simeprevir), totalled SEK 129 million. Global net sales of OLYSIO® were down on
the corresponding quarter last year, due to launches of new, competing products,
but new and interesting studies of the uses of OLYSIO® are now in progress and
Q1 saw the presentation of three new clinical trials of simeprevir in a range of
treatment combinations, treatment periods, and patient groups and also positive
data from the OPTIMIST trials were presented by our partner Janssen at The
International Liver Congress in April. We have a long-standing and positive
partnership with our global partner, Janssen, when it comes to simeprevir, and
these trials demonstrate Janssen’s substantial commitment to the hepatitis C
area.

Our Nordic pharmaceutical sales organisation with its two arms, Innovative
Specialty Care and Nordic Brands, posted combined sales of SEK 86.8 million
during the quarter, corresponding to an increase of 87 per cent on the
corresponding quarter in 2014. The increased competition meant, when it came to
sales of OLYSIO® in the Nordic region, that the average income per patient fell.

The first quarter also brought to an end our voluntary share redemption
programme, and saw a relatively steep increase in foreign ownership, from 28 to
33 per cent. I regard this as further proof of the fact that we have an
internationally recognised technology platform. We also put a strong new
management group in place during the quarter and, collectively, we are deeply
committed to building a broad pipeline in order to generate the maximum possible
value from this strong platform. I am convinced that these values will become
even more apparent as our projects and commercial development activities
progress in 2015.

Niklas Prager
President and CEO

Upcoming reporting dates:
Interim Report Q2 (January–June)
20 August 2015
Interim Report Q3 (January–September)
20 November 2015
Full year report 2015 will be published in February 2016


For further information, please contact:
Niklas Prager, President & CEO, phone: +46 (0) 8 407 64 30
Ola Burmark, CFO, mobile: +46 (0)725-480 580.

Medivir is required under the Securities Markets Act to make the information in
this press release public.
The information was submitted for publication at 10.00 CET on 5 May 2015.

About Medivir
Medivir is a research based pharmaceutical company with a research focus on
infectious diseases and oncology. We have a leading competence within protease
inhibitor design and nucleotide/nucleoside science and we are dedicated to
develop innovative pharmaceuticals that meet great unmet medical need. Our
commercial organization provides a growing portfolio of specialty care
pharmaceuticals on the Nordic market. Medivir is listed on the Nasdaq Stockholm
Mid Cap List.