Photocure ASA - Results for second quarter and the first half year 2015

Oslo, Norway, 13 August 2015: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies, announces its results for the second quarter and the first half year 2015.

Highlights include:

(Numbers in brackets are for the corresponding period in 2014)

  • Total sales revenues of Hexvix/Cysview increased 21% in second quarter and 29% year to date to NOK 55.6 million (NOK 43.2 million) driven by volume growth in the major markets, price increases and positive currency effects
  • Global Hexvix/Cysview in-market unit sales growth of 15% in the second quarter year-over-year driven by growth across all major territories
  • Distribution agreement signed in May with Juno Pharmaceuticals for Hexvix in Australia and New Zealand
  • Significant improvement in financial performance, driven by improvements in Commercial segment. Commercial segment’s EBIT at NOK 14.1 million year to date, EBIT margin at 22%
  • Approved Special Protocol Agreement (SPA) from the US FDA on the design of the Phase 3 clinical registration program for Cevira

Key figures:

Figures in NOK million

2Q 2015

2Q 2014

Change

1H 2015

1H 2014

Change

FY 2014

Sales revenues

31.5

24.4

29 %

59.9

43.9

36 %

93.6

Signing fee & milestone revenues

3.3

1.1

 

4.5

2.3

96 %

35.4

Total revenues

34.8

25.5

36 %

64.4

46.2

39 %

129.0

Operating expenses

34.5

29.2

18 %

69.2

62.0

12 %

127.6

EBIT (Operating result)

-1.9

-5.7

-67 %

-9.1

-19.4

-53 %

-5.6

EBIT commercial franchise

9.9

5.4

86 %

14.1

5.4

163 %

15.9

EBIT development portfolio

-11.8

-11.0

7 %

-23.2

-24.8

-7 %

-21.5

Profit/loss(-) before PCI and tax

-0.4

-4.2

 

-7.4

-17.2

 

1.5

Earnings per share, diluted (NOK)

-0.51

-0.20

 

-1.02

-0.81

 

-1.16

Cash & cash equivalents

146.7

140.7

 

 

 

 

165.2

 

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

“In the second quarter Hexvix/Cysview showed continued volume growth in important territories. We were encouraged by Cysview progress in the second quarter. US development continued with volume and revenue growth of 55% and 118% respectively, and permanent blue light enabled cystoscopies were expanded into new key hospitals.

The recent announcement of the alignment with the FDA on the Cevira registration program through the SPA process was a significant milestone for our break through pipeline project.

The new Hexvix distribution agreement with Juno Pharmaceuticals provides an additional foundation for continued growth of our Hexvix/Cysview brand as we work to ensure bladder cancer patients gain access to improved patient management in regions outside our current territories.

In the second quarter of 2015, we continued to deliver strong financial improvement. With the increased profitability of our commercial franchise we continue to make significant progress towards our goal of becoming a sustainable Specialty Pharma Company.”

Please find the full financial report and presentation linked.

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

  • NORWAY:       +47 2350 0486
  • UK:                  +44(0)20 3427 1913
  • USA:                +1646 254 3361

Confirmation code: 5998262

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: 5998262

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

Trout International LLC
Lauren Williams
Tel: +44 20 3780 4972
Email: lwilliams@troutgroup.com