Results for first quarter 2016

Oslo, Norway, 10 May 2016: Photocure (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies in cancer and dermatology, announces its results for the first quarter 2016.

Highlights include:

(Numbers in brackets and comparisons are for the corresponding period in 2015.)

  • Hexvix/Cysview global in-market sales increased 19% to NOK 60 million in the first quarter. First quarter in-market unit sales increased 7%
  • Sales revenues increased 18% in first quarter to NOK 33.5 million (NOK 28.4 million)
  • Commercial segment EBITDA increased 19% to NOK 5.3 million (NOK 4.5 million) with EBITDA margin at 15% (15%)
  • New patent for Cevira granted in Europe, which extends patent coverage to 2030
  • Milestone reached in the US as Blue light enabled cystoscopy with Cysview was recommended in new bladder cancer guidelines released by the American Urology Association and Society of Urological Oncology in April

Key figures:

Figures in NOK million

Q1 2016

Q1 2015

Change

FY 2015

Sales revenues

33.5

28.4

18 %

122.3

Signing fee & milestone revenues

1.3

1.2

 

12.4

Total revenues

34.9

29.6

18 %

134.7

Operating expenses

36.2

34.2

6 %

144.6

EBITDA

-3.7

-6.6

 

-18.1

      EBITDA commercial franchise

5.3

4.5

19 %

28.7

      EBITDA development portfolio

-9.1

-11.1

 

-46.8

EBIT (Operating result)

-4.9

-7.2

 

-22.0

Profit/loss(-) before PCI and tax

-4.4

-7.0

 

-17.4

Earnings per share, diluted (NOK)

-0.03

-0.51

 

-1.69

Cash & cash equivalents

120.6

 

 

134.0

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

Photocure has started the year with continued growth in revenues as well as improved profitability in the Hexvix/Cysview commercial franchise. The revenue increase is driven by continued positive growth in the Nordics and US. The recent recommendation of Cysview in the new bladder cancer guidelines in the US provides strong recognition of the clinical benefits of Cysview/Hexvix and is an important foundation for future growth in the US. We are also pleased that the enrollment of bladder cancer patients into our phase 3 surveillance study with Cysview in the US is progressing as planned and is on track to finish by the end of 2016.

In the first quarter of 2016 we continued to deliver financial improvement. With the increased profitability of our commercial franchise, we made significant progress towards our goal of becoming a sustainable specialty pharma company. We remain committed to securing partnerships for our two phase 3 ready development products, Cevira and Visonac.”

Please see link to the full financial report and presentation.

Photocure ASA will present its interim 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 17:00 CET / 16:00 GMT / 11:00 EST.

Please join the event conference 5-10 minutes prior to the start time using the number and confirmation code below:

  • NORWAY:       +47 2100 2610
  • UK:                  +44(0)203 043 2002
  • USA:                +1 719 325 2131

 Confirmation code: 3351854

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

  • NORWAY        +47 2350 0077
  • UK                   +44 (0)207 984 7568
  • USA                 +1 719 457 0820

 Confirmation code: 3351854