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Biovitrum AB (STO:BVT) Strong financial third quarter. Product acquisition from Amgen paves the way to expanded market platform
July - September
* Net revenues amounted to SEK 294.2 M (199.8). The profit for the quarter was SEK 9.8 M (-22.5), corresponding to earnings per share of SEK -0.21 (-0.49).
* Cash flow from operations was SEK -25.5 M (-46.3). Cash and cash equivalents and short-term investments as of September 30 amounted to SEK 534.1 M (805.3).
* Biovitrum signed an agreement with Amgen to acquire Kepivance® and Stemgen® and an exclusive license for Kineret®, paying a signing fee of USD 13 M.
* A clinical study started of Exinalda(TM), for the treatment of fat malabsorption in patients with cystic fibrosis.
* The outlook for 2008, on the whole, remains unchanged, excluding costs related to the product acquisition from Amgen and restructuring cost.
January - September
* Net revenues amounted to SEK 826.3 M (956.9). The profit for the period, before restructuring and other onetime costs, was SEK 44.9 M (81.4). After restructuring and other onetime costs the result was SEK - 88.1 M (81.4), which represents earnings per share of SEK -1.94 (1.78).
* Cash flow from operations was SEK -124.0 M (-14.7).
* The restructuring of the research organization was implemented.
* A phase I/II study of a new long-acting factor IXFc protein started in the US.
* A phase II study in patients with idiopathic thrombocytopenic purpura (ITP) was started.
* Results of two clinical phase II studies were reported (A2A and 5HT2A projects).
* Mimpara® has been approved by the European Commission for the treatment of primary hyperparathyroidism (PHPT). Mimpara is the first medication to be approved for the treatment of PHPT.
After the end of period
* The Board of Biovitrum has decided to further focus the company's R&D operations by discontinuing the early research on small molecules. This will affect about 100 employees and further reduce the fixed cost base over time. Negotiations with the unions will be initiated shortly.
CEO's comments:
"The financial results for the quarter were stronger than the same period 2007 which is satisfying. The agreement with Amgen regarding acquisition of three unique biotechnological drugs is a very important milestone in our ambition to become an international specialist pharmaceutical company. We will expand Biovitrum's commercial presence to include other areas of Europe, North America, Australia and New Zealand. This partnership also paves the way for the future international launch of in-house developed drugs," says CEO Martin Nicklasson adding "our continued restructuring of the early research operations is also an important step to decrease our fixed cost base in order to focus on the development of our pipeline to the market."
About Biovitrum Biovitrum is a pharmaceutical company with operations in Sweden and in the UK. The company markets a range of specialist pharmaceuticals primarily in the Nordic countries. Using its expertise and experience Biovitrum takes scientific innovation all the way to the market and to specialist indication patients with significant medical need. Research expertise and capabilities include development and production of biotechnology therapeutics, as well as small molecule discovery and development. With revenues of approximately SEK 1.3 billion and around 500 employees, Biovitrum is a significant European specialty pharmaceutical player. Biovitrum's share is listed on the OMX Nordic Exchange in Stockholm. For more information go to www.biovitrum.com
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