Results for the first quarter 2014

Oslo, Norway, 7 May 2014: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces its results for the first quarter 2014.

Highlights include:

(Numbers in brackets are for the corresponding period in 2013)

  • Total sales revenues of Hexvix/Cysview increased 33% to NOK 19.3 million (NOK 14.5 million) in the quarter driven by strong underlying customer demand and volume growth in the major markets,
  • Hexvix/Cysview global in-market sales value growth of 36% in the quarter to NOK 46 million.
  • Global in-market unit sales increased 20% in the quarter with double-digit sales growth of Hexvix/Cysview across all regions.
  • The regulatory preparation for the phase 3 program of Cevira in women with HSIL (CIN2) is progressing as planned and positive support for the proposed phase 3 program has been obtained by major European regulatory authorities.
  • First quarter operating loss from continued operations was NOK 13.7 million, an improvement of 42% from first quarter last year.
  • Cash and cash equivalents of NOK 150 million as on 31 March 2014.

Key figures:

Figures in NOK million

1Q 2014

1Q 2013

Change

FY 2013

Sales revenues Hexvix / Cysview

19.3

14.5

33 %

77.9

Sales revenues API

0.2

0.1

19 %

1.4

Signing fee & milestone revenues

1.2

1.0

12 %

4.3

Total revenues

20.7

15.7

32 %

83.6

Gross profit

19.1

14.3

33 %

76.8

Research and development expenses

8.7

9.1

-5 %

34.0

Sales and marketing expenses

14.1

19.0

-25 %

68.4

Operating result excl. restructuring & one-off

-13.7

-23.6

-42 %

-63.0

Operating result incl. non-recurring

-13.7

-23.6

 

-75.5

Net profit/loss

-13.0

-21.4

 

-57.2

Earnings per share, diluted (NOK)

-0.61

-1.01

 

-2.68

 

President & CEO Kjetil Hestdal, M.D. Ph.D. comments: 

“We generated good revenue growth in the first quarter from our flagship bladder cancer product, Hexvix/Cysview. Alongside this positive growth in revenue, our focus on cost containment has resulted in reduced losses.

I am particularly pleased to report the continued unit sales growth of Hexvix/Cysview across all geographies which demonstrates the high untapped potential for the Hexvix/Cysview brand. In the US market our efforts, coupled with the efforts of other key stakeholders within the Urology and Bladder Cancer community, continue in earnest to secure a long term sustainable reimbursement solution for this valuable product.”

Please find the full financial report and presentation linked.

Photocure ASA will present its first quarter 2014 report today at Hotel Continental, Oslo, Norway. The presentation will begin at 08.30 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO and Erik Dahl, CFO.

The presentation will be publicly available at www.photocure.com. It will be possible to follow the presentation through a live webcast.

A light snack will be served from 08:00 (CET). The presentation is scheduled to conclude at 09:15 (CET).

Photocure will additionally host an audio webcast and conference call today in English at 16:00 CET / 15:00 GMT / 10:00 EST.

Please make sure to dial in 5-10 minutes prior to scheduled conference call start time on one of the following numbers:

  • NORWAY:        +472350 0486
  • UK:                  +44(0)20 3427 1915
  • USA:                +1212 444 0896

 Confirmation code: 8859582

It is possible to listen to a replay of the conference call on the following numbers:

  • NORWAY         +47 2100 0498
  • UK                   +44 (0)20 3427 0598
  • USA                 +1 347 366 9565

Confirmation code: 8859582

For further information, please contact:

Photocure
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: kh@photocure.no

CFO Erik Dahl
Tel: +47 450 55 000, Email: ed@photocure.no

Hume Brophy
Mary Clark
Tel: +44 20 3440 5653
Email: photocure@humebrophy.com