Biovitrum Interim Report January 1 - June 30, 2007
Strong second quarter, positive project development continues.
April - June.
· Net revenues increased with 33 percent, and amounted to SEK 404.2 M (304.8). Net profit increased and was SEK 59.8 M (7.1). Earnings per share were SEK 1.31 (0.15). The increase is mainly due to the strong development of the ReFacto® manufacturing revenues
· Cash flow from operations improved the second quarter, and was SEK -16.4 M (-47.2)
· The A2A project, which is based on an entirely new principle for the treatment of neuropathic pain, entered phase II
· Supplementary clinical studies have started on Exinalda™ for the treatment of patients with fat malabsorption due to pancreatic insufficiency
· Martin Nicklasson was appointed as the new CEO effective May 14, 2007
January - June
· Net revenues were 7 percent higher than the same period the previous year and amounted to SEK 757.1 M (708.1). Net profit improved by 11 percent, and was SEK 103.9 M (93.4), earnings per share were SEK 2.28 (1.93)
· Cash flow from operations was SEK 31.7 M (26.9). Cash and cash equivalents and short-term investments as of June 30 amounted to SEK 876.8 M (1,176.3)
· Revenues from sales of the hemophilia product ReFacto® increased by 30 percent to SEK 592.5 M (455.3).
· Revenues from sales of other drugs increased by 26 percent
After end of the period
· In August Biovitrum entered into a new agreement with Wyeth to market the hemophilia product BeneFIX®
· The new purification suite in the ReFacto® production was approved by the US Food and Drug Administration, FDA
“The positive trend continues for Biovitrum in the second quarter of 2007. We are able to report positive growth in both profits and sales at the same time as our research projects continued to make good progress,” says CEO Martin Nicklasson. “We have also succeeded in increasing our portfolio of marketed drugs, which will have a positive impact on our future sales. At the beginning of the year we launched Aloxi® on the Nordic market. This is a new drug to treat nausea caused by chemotherapy. Also, we recently entered into an agreement with Wyeth to market BeneFIX® in the Nordic region. Biovitrum has been very successful in the Nordic hemophilia market and this agreement further strengthens our position.”
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