Results for third quarter and the first nine months 2014

Oslo, Norway, 6 November 2014: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces its results for third quarter and the first nine months 2014.

Highlights include:

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

  • Total sales revenues of Hexvix/Cysview increased 34% in third quarter and 26% year to date to respectively NOK 24.1 million and NOK 67.2 million, driven by volume growth in major markets, price increases and positive currency effects
  • Hexvix/Cysview global in-market sales value growth of 19% in the quarter to NOK 42 million and 23% year to date to NOK 131 million
  • Hexvix/Cysview YTD operating profit at NOK 6.6 million, an improvement of NOK 24.8 million from last year
  • Photocure received a payment of USD 5 million (NOK 30.8 million) in the quarter as a result of the termination agreement with Salix for Lumacan
  • Third quarter operating profit was NOK 23.8 million (loss of NOK 14.9 million) and YTD profit at NOK 4.4 million, an improvement of NOK 56.9 million from previous year
  • Cash and cash equivalents of NOK 167 million as of 30 September 2014
  • Expert consensus statement published in Nature Reviews Urology on the optimal use of Blue Light Cystoscopy with Cysview in the United States

Key figures:

Figures in NOK million

3Q 2014

3Q 2013

Change

YTD 2014

YTD 2013

Change

FY 2013

Sales revenues Hexvix / Cysview

24.1

18.0

34 %

67.2

53.4

26 %

77.9

Sales revenues API

0.8

0.1

 

1.6

0.7

 

1.4

Signing fee & milestone revenues

31.9

1.1

 

34.2

3.2

 

4.3

Total revenues

56.8

19.2

 

103.0

57.3

80 %

83.6

Gross profit

55.2

17.7

 

97.8

52.4

87 %

76.8

Research and development expenses

7.0

8.5

-18 %

23.0

24.2

-5 %

34.0

Sales and marketing expenses

13.1

15.4

-15 %

40.6

53.6

-24 %

68.4

Operating result excl. restructuring & one-off

23.8

-14.9

 

4.4

-52.5

 

-63.0

Operating result incl. non-recurring

23.8

-14.8

 

4.4

-56.5

 

-75.5

Net profit/loss

24.2

-13.2

 

6.9

-49.8

 

-58.9

Earnings per share, diluted (NOK)

1.13

-0.62

 

0.32

-2.35

 

-2.78

 

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

“The strong growth in the sales of Hexvix/Cysview has continued in all markets in the third quarter and revenues year to date are up 26%. In the US market, we continue to work closely with the leading urology associations as well as other key stakeholders to secure a long-term sustainable solution for Cysview reimbursement.

We received a payment of USD 5 million from Salix in the third quarter and will regain the global rights and all intellectual property to Lumacan. We will continue to evaluate options for further development of Lumacan.

Photocure’s priority in 2014 is to continue to increase sales of Hexvix/Cysview and to establish strategic partnerships for products in our pipeline.”

Please find the full financial report and presentation enclosed.

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 2316 2729
  • UK:                  +44(0)20 3427 1903
  • USA:                +1212 444 0896

 Confirmation code: 1267077

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: 1267077

 

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