Results for fourth quarter and full year 2015

Oslo, Norway, 11 February 2016: Photocure (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies in cancer and dermatology, announces its results for the fourth quarter and full year 2015.

Highlights include:

(Numbers in brackets and comparisons are for the corresponding period in 2014.)

  • Hexvix/Cysview global in-market sales increased 22% to NOK 59 million in the fourth quarter and 20% for the full year to NOK 215 million. Full year in-market unit sales increased 7%
  • Sales revenues increased 34% in fourth quarter. Full year sales revenues increased 31% to NOK 122.3 million (NOK 93.6 million)
  • Commercial segment EBITDA increased 70% to NOK 28.7 million (NOK 16.8 million) with EBITDA margin at 21% (17%) for the full year
  • Visonac® phase 2b clinical trial results published in the British Journal of Dermatology
  • Cash and cash equivalents of NOK 134 million as of 31 December 2015

Key figures:

Figures in NOK million

4Q 2015

4Q 2014

Change

FY 2015

FY 2014

Change

Sales revenues

33.2

24.8

34 %

122.3

93.6

31 %

Signing fee & milestone revenues

1.3

1.2

 

12.4

35.4

 

Total revenues

34.5

26.0

33 %

134.7

129.0

4 %

Operating expenses

41.2

33.8

22 %

144.6

126.1

15 %

EBITDA

-8.7

-9.7

 

-18.1

-4.2

 

EBITDA commercial franchise

4.5

5.1

-11 %

28.7

16.8

70 %

EBITDA development portfolio

-13.2

-14.7

 

-46.8

-21.0

 

EBIT (Operating result)

-10.2

-10.0

 

-22.0

-5.6

 

Profit/loss(-) before PCI and tax

-10.1

-5.4

 

-17.4

1.5

 

Earnings per share, diluted (NOK)

-0.44

-1.48

 

-1.69

-1.16

 

Cash & cash equivalents

 

 

 

134.0

165.2

 

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

“Throughout 2015, we made great strides towards our goal of building Photocure into a Specialty Pharma Company. Consistent with 2014, we continued to drive revenue growth in all major regions in 2015, while continuously increasing the profitability of our urology focused commercial franchise. Hexvix/Cysview market share continues to grow in the TURB segment across the major markets, and we have started a substantial effort to penetrate the large bladder cancer surveillance segment. Through new partnerships signed in 2015, Hexvix/Cysview will expand into Canada, Australia and New Zealand.

We also continued advancements in our product pipeline this past year. With Cevira, we gained alignment with the US FDA on the pivotal registration program. In addition, the long term value of our novel late stage, phase 3 ready assets, Cevira and Visonac, were further strengthened with issuance of new patents.”

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 2316 2771
  • UK:                  +44(0)20 3427 1913
  • USA:                +1646 254 3366

Confirmation code: 2815094

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: 2815094

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