Photocure ASA - Results for fourth quarter and full year 2014

Oslo, Norway, 12 February 2015: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces its results for fourth quarter and full year 2014.

Highlights include:

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

  • Hexvix/Cysview global in-market sales growth of 11% in the quarter to NOK 49 million and 19% for the full year to NOK 180 million. Full year unit growth at 10%, in line with guidance
  • Total sales revenues of Hexvix/Cysview increased 1% in the fourth quarter and 18% for the full year to NOK 24.8 million and NOK 92.0 million, respectively
  • Hexvix/Cysview franchise full year operating profit at NOK 10.4 million, up NOK 26.5 million from last year
  • Commitment to start phase 3 post marketing commitment trial in 2015 capturing the substantial bladder cancer surveillance market
  • Significant improvement of financial performance - full year net result before tax at NOK 1.5 million compared to a net loss of NOK 66.9 million in 2013
  • Cash and cash equivalents of NOK 165 million as of 31 December 2014
  • In a retrospective study, published in World Journal of Urology, Hexvix fluorescence-guided bladder resection significantly improved overall survival and recurrence free survival compared to resection performed with standard white light
  • Successful end of Phase 2 meeting with the US FDA confirmed that the Cevira Phase 2 data supports the proposed Phase 3 program

Key figures:

Figures in NOK million

4Q 2014

4Q 2013

Change

FY 2014

FY 2013

Change

Sales revenues Hexvix / Cysview

24.8

24.5

1 %

92.0

77.9

18 %

Sales revenues API

0.0

0.7

 

1.6

1.4

 

Signing fee & milestone revenues

1.2

1.1

 

35.4

4.3

 

Total revenues

26.0

26.3

-1 %

129.0

83.6

54 %

Gross profit

24.1

24.4

-1 %

122.0

76.8

59 %

Research and development expenses

9.6

9.8

-2 %

32.6

34.0

-4 %

Sales and marketing expenses

13.9

14.8

-6 %

54.5

68.4

-20 %

Operating result excl. restructuring & one-off

-10.0

-10.5

 

-5.6

-63.0

 

Operating result incl. non-recurring

-10.0

-19.1

 

-5.6

-75.5

 

Net profit/loss before tax

-5.4

-17.3

 

1.5

-66.9

 

Earnings per share, diluted (NOK)

-1.10

-0.43

 

-0.77

-2.78

 

 

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

“One of Photocure’s key objectives in 2014 was to strengthen the Company’s financial performance. With increased sales of Hexvix/Cysview of 18%, the Salix termination payment and our focus on cost reduction we have successfully achieved this and are pleased to report break even net result before tax for the full year.

Furthermore, we have had a successful dialogue with the FDA and Cevira is now Phase 3 ready in the US. We also recently reported data demonstrating that Hexvix guided resection can significantly improve overall survival and recurrence free survival in bladder cancer compared to standard white light. Looking ahead, we will continue to pursue strategic partnerships for both Cevira and Visonac and are excited about our plans to expand the use of Hexvix into the bladder cancer surveillance market. A phase 3 post-marketing commitment trial also addressing this important market segment is expected to start during 2015.”

Please find the full financial report and presentation here:
4Q2014 Report
4Q2014 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 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 7136 2056
  • USA:                +1212 444 0481

Confirmation code: 1882099

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: 1882099

 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