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Moberg Pharma AB Year-end Report 2018 | ||||
By: PR Newswire Association LLC. - 12 Feb 2019 | Back to overview list |
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STOCKHOLM, Feb. 11, 2019 /PRNewswire/ -- This year-end report 2018 is made public in advance due to the transaction press release announced earlier today regarding the divestment of Moberg Pharma's OTC-business. PERIOD (FULL YEAR 2018)
FOURTH QUARTER (OCT-DEC 2018)
* In fixed rates excluding milestones SIGNIFICANT EVENTS IN THE FOURTH QUARTER
SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER
STATEMENT FROM THE CEO Today we announce the divestment of Moberg Pharma's commercial business, realizing a premium value for our OTC business while indicating the significant value of MOB-015. This transformative event is the result of great work by our team over the past years, all leading up to the strong progress in 2018 when EBITDA exceeded 100 MSEK for the first time. As for MOB-015, patient screening for the European Phase 3 study was recently finalized along with the second major license agreement, for Europe, marking the start of a very exciting year for our main pipeline asset. Continued momentum in the commercial operations Distributor sales adjusted for milestone payments[1] also grew in the fourth quarter, in line with our stabilization plan, and for the full year were at the level of the previous year. We have submitted an application on Emtrix® registration in Russia and are preparing for an initial launch in the Middle East/Africa region. Overall, our strategy to streamline the portfolio and focus on the key brands has resulted in healthy organic growth as well as increased profitability. Adjusted for items affecting comparability[2], net sales increased by 16% for the full year. EBITDA increased by 15% to the equivalent of SEK 102 million (89) and the gross margin rose to 76% (71). With an EBITDA margin of 23% for 2018, we are approaching the company's long-term profitability goal. Today, Moberg Pharma entered into an agreement with RoundTable Healthcare Partners and Signet Healthcare Partners to divest the entire commercial operation and realize the value that we have created in this business over the past years. Additional details on the transaction are available in today's press release, which also is enclosed to this year-end report. Important milestones for the pipeline Commercialization preparations are underway in several territories. A milestone was reached in November when we were granted a patent for MOB-015 in China, which means that the product is now protected in all major markets, including the EU, U.S, Canada and Japan. After last fall's license agreement with Cipher Pharmaceuticals in Canada, we recently signed another significant license agreement, this time with the Consumer Health division of Bayer, a world leader in OTC antifungal treatments. The agreement with Bayer covers commercialization in Europe and can bring up to EUR 50 million in total milestone payments, including EUR 1.5 million paid at signing, as well as supply fees and royalties for delivered products. Naturally, we are very proud of this progress. We look forward to further development and intend in the year ahead to focus the company's development resources on MOB-015. An exciting year Peter Wolpert, CEO Moberg Pharma [1] Note that nonrecurring sales amounted to SEK 1.3 million in Q4 18, compared to SEK 8.0 million in Q4 17. [2] In fixed currency adjusted for milestone revenues.
ABOUT THIS INFORMATION CONTACT: FOR ADDITIONAL INFORMATION, PLEASE CONTACT: This information was brought to you by Cision http://news.cision.com http://news.cision.com/moberg-pharma/r/moberg-pharma-ab-year-end-report-2018,c2737381 The following files are available for download:
View original content:http://www.prnewswire.com/news-releases/moberg-pharma-ab-year-end-report-2018-300793586.html SOURCE Moberg Pharma |
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