Photocure ASA :Results fourth quarter and full year 2011
Oslo, Norway, 16 February 2012:
Highlights for the fourth quarter and full year 2011
(2010 figures in brackets)
- Sales revenues increased 6% to NOK 22.1 million (NOK 20.9 million) in Q4 2011 and increased 18% to NOK 82.9 million (NOK 70.5 million) full year 2011
- Net profit NOK 33.7 million (net loss NOK 16.7 million) in Q4 2011 and net loss NOK 7.5 million (net profit NOK 18.1 million) full year 2011
- Cash & cash equivalents of NOK 355.2 million per 31 December 2011
- A new global commercial strategy for Hexvix®/Cysview®, Photocure's flagship brand to aid in diagnosing bladder cancer
- Upfront and first transition milestone payments totalling EUR 3.5 million from Ipsen, Photocure's new strategic partner for commercializing Hexvix worldwide, excluding the US and Nordic regions
- Preparations for launch of Cysview® in the US on track including transfer of the New Drug Application (NDA) from GE Healthcare
- Launch of Allumera® in the US by Photocure's dedicated commercial organization
Post period end highlights:
- Completion of patient recruitment in two phase IIb studies - Visonac® for the treatment of acne and Cevira® for the treatment of pre-cancerous lesions of the cervix; results for both are expected in the second half of 2012
Key figures:
| Figures in NOK million | 4Q11 | 4Q10 | Change | Full year 2011 | Full year 2010 | Change |
| Sales revenues | 22.1 | 20.9 | 5.5% | 82.9 | 70.5 | 17.5% |
| Signing fee & milestone revenues | 21.0 | 23.4 | -10.5% | 32.7 | 106.8 | -69.4% |
| Total revenues | 43.0 | 44.3 | -2.9% | 115.6 | 177.4 | -34.8% |
| Gross profit | 40.4 | 40.8 | -1.0% | 104.5 | 168.2 | -37.9% |
| Research and development expenses | 21.2 | 37.9 | -44.2% | 66.2 | 90.2 | -26.6% |
| Sales and marketing expenses | 16.4 | 10.5 | 55.9% | 50.2 | 35.4 | 41.7% |
| Operating result (EBIT) | -8.5 | -19.7 | -57.4 | 7.5 | ||
| Net profit/loss | 33.7 | -16.7 | -7.5 | 18.1 | ||
| Earnings per share, diluted (NOK) | 1.56 | -0.77 | -0.35 | 0.83 |
President & CEO Kjetil Hestdal, M.D. Ph.D. comments:
"During 2011, Photocure has made significant progress in executing its strategy to become a specialty pharmaceutical company focused on Photodynamic Technology (PDT). Photocure has two revenue generating products in the cancer and dermatology fields. With our new strategy for Hexvix with Ipsen as our partner, and our planned launch of Cysview in the US, as well as continuous growth of Allumera, we are confident that we will secure significant sales growth in 2012.
We look forward to continuing the momentum with our exciting PDT pipeline in 2012 with results from both phase IIb studies for cervical HPV product Cevira and acne product Visonac expected in the second half of 2012. With our strengthened management team and solid cash reserves we are in a strong position to deliver on our corporate objectives and create long term value for our shareholders."
Please find the full financial report enclosed.
Photocure ASA will present its fourth quarter 2011 report today at Shippingklubben, Haakon VIIs gate 1 (top floor), Oslo, Norway. The presentation will begin at 11.30 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO, and Torbjørn Øye, 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
M: Communications
Mary Clark, Amber Bielecka, Hollie Vile
Tel: +44 207920 2361, Email: photocure@mcomgroup.com
About Photocure ASA
Photocure ASA is a worldwide leader in photodynamic technology. Listed on the Oslo Stock Exchange (OSE: PHO), Photocure is focused on photodynamic technologies in dermatology and cancer. The company strives to solve unmet needs by developing new and innovative solutions based on its patented Photocure Technology(TM). Photocure markets and sells its own products in selected markets and has developed strong partnerships with leading pharmaceutical companies on a regional and global basis. Photocure's bladder cancer diagnostic product, Cysview/Hexvix is approved in Europe and the US. In addition, the company markets Allumera®, a photodynamic cosmetic in the US. Setting new standards for diagnosis and treatment of several different conditions, Photocure Technology(TM) is continuously being tested for new products and applications in cancer and dermatology.
Visonac®, Allumera®, Photocure® and Cysview®/Hexvix® are registered trademarks of Photocure ASA. For more information about Photocure, visit www.photocure.com.