Results third quarter and first nine months 2012

Oslo, Norway, 26 October 2012: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, today announces its results for the third quarter and the first nine months 2012, for the period ended 30 September 2012.

Highlights include:

(Numbers in brackets are for the corresponding period in 2011)

  • Sales revenues for the quarter increased 20% to NOK 20.9 million (NOK 17.4 million) in 3Q 2012.  Sales revenues for the first nine months 2012 increased 12% totaling NOK 58.3 million (NOK 51.9 million)
  • Total revenues for the quarter of NOK 23.8 million (NOK 32.3 million) reflects reduced milestone payments of NOK 2.9 million (NOK 14.9 million).  Year to date total revenues increased 23% to NOK 89.5 million (NOK 72.5 million)
  • Operating loss for the quarter of NOK 27.3 million (NOK 10.6 million), year to date at NOK 57.1 million (NOK 48.9 million) which reflects increased expenditures in building Photocure’s commercial infrastructure in the US
  • Cash & cash equivalents of NOK 273.9 million per 30 September 2012
  • US sales of Cysview® gaining momentum, with an additional 10 cystoscopes placed at key urology centers since May
  • Partner unit sales of Hexvix® up 7% in the quarter as compared to last year. Ipsen now selling in major markets following successful completion of all Marketing Approvals
  • The phase 2b study for Cevira® (treatment of human papilloma virus (HPV) associated diseases of the cervix) is progressing according to plan with results expected 4Q 2012.

Post-closing events:

  • On 1 October the Company announced that it made the strategic decision to exit its Allumera® cosmetic dermatology business in the US.  Total restructuring costs relating to the closure are estimated to be approximately NOK 4 million.

Key figures:

Figures in NOK million

3Q 2012

3Q 2011

Change

YTD 2012

YTD 2011

Full year 2011

Sales revenues

20.9

17.4

20 %

58.3

51.9

71.5

Signing fee & milestone revenues

2.9

14.9

-81 %

31.1

20.6

44.0

Total revenues

23.8

32.3

-26 %

89.5

72.5

115.6

Gross profit

20.5

30.4

-32 %

81.4

64.1

104.5

Research and development expenses

13.1

13.7

-5 %

36.8

45.0

66.2

Sales and marketing expenses

26.1

12.1

115 %

68.3

33.7

50.2

Operating result (EBIT)

-27.3

-10.6

 

-57.1

-48.9

-57.4

Net profit/loss

-25.7

-6.8

 

-51.2

-41.2

-7.5

Earnings per share, diluted (NOK)

-1.20

-0.31

 

-2.40

-1.91

-0.35

 

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

“We enter the fourth quarter with increasing sales and a lower cost base. We are pleased to report good progress with our lead product. Ipsen is gaining momentum with Hexvix in Europe and Cysview sales in the US are benefitting from the approval of the upgraded Karl Storz blue light cystoscope.

From a pipeline point of view we are looking forward to report results for the phase 2b Cevira study in the current quarter.”

Please find the full financial report enclosed.

Photocure ASA will present its third quarter and first nine months 2012 report today at Shippingklubben, Haakon VIIs gate 1 (top floor), Oslo, Norway. The presentation will begin at 15.00 (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.

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, E-mail: ed@photocure.no

M: Communications

Mary Clark, Amber Bielecka, Hollie Vile

Tel: +44 207920 2361, Email: photocure@mcomgroup.com

About Photocure ASA

Photocure, headquartered in Oslo Norway, is a specialty pharmaceutical company and world leader in photodynamic technology. Based on our unique proprietary Photocure Technology™ platform, Photocure develops and commercializes highly selective and effective solutions within disease areas with high unmet medical need, such as bladder cancer, HPV and precancerous cervical lesions, colorectal cancer and skin conditions. Our aim is to provide solutions which can improve health outcomes for patients worldwide. Photocure is listed on the Oslo Stock Exchange (OSE: PHO). Information about Photocure is available at www.photocure.com.

Photodynamic technology is the application of a photosensitizer followed by exposure to light for activation

HPV: human papilloma virus

Photocure Technology™ is Photocure’s specifically designed photosensitizers combined with the exposure to light for diagnosis and/or treatment of specific conditions.

 

All trademarks mentioned in this release are protected by law and are registered trademarks of Photocure ASA.