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2022-05-13

EQL Pharma: Year-end Report April 2021 - March 2022

Good growth during the last quarter and for our financial year as a whole

January - March

  • Consolidated sales during the third quarter, January to March amounted to SEK 203.03 (25.8) million. Adjusted for non-recurring sales the revenue amounted to 36.1 (25.8) MSEK, an increase of 40.0%.
  • Gross profit amounted to SEK 31.6 (7.7) million for the quarter, an increase of 310.4%.
  • EBIT amounted to SEK 29.9 million before before revaluation of inventories, and to SEK 11.9 (-5.9) million after revaluation inventory, mainly regarding Covid tests.
  • Earnings per share were SEK 0:22 (-0:21) for the quarter.
  • Cash flow from operating activities amounted to SEK 20.7     (12.6) million for the quarter.
  • Cash and cash equivalents were SEK 41.2 (26.6) million at the end of the quarter.

April - March

  • Consolidated sales during the period April to March amounted to SEK 409.75 (179.14) million. Adjusted for non-recurring sales the revenue amounted to 135.4 (95.8) MSEK, an increase of 41.2%.
  • Gross profit for the same period amounted to SEK 95.7 (51.0) million, an increase of 87.7%.
  • EBIT for April - March amounted to SEK 38.8 (11.5) million.
  • Earnings per share were SEK 1:09 (0:36) for the period.
  • Cash flow from operating activities amounted to SEK 14.6 (16.3) million during April - March.
  • Cash and cash equivalents were SEK 41.2 (26.6) million at the end of March.

CEO's comments

The fourth quarter of 2021/22 landed with a topline of SEK 202 million, which is an increase from the third quarter of 2021/22 of over 70%. Adjusted for non-recurring sales, sales amounted to SEK 36.1 (25.8) million, an increase of 40.0%. The result, before revaluation of inventories, was SEK 29.9 million and after revaluation of inventories, regarding Covid tests, SEK 11.9 (-5.9) million, compared with SEK 18.0 million for the third quarter in 2021/22. The revaluation of our stock for Covid19 tests has been made based on a number of uncertainty factors for the future sales potential such as (i) the size and timing of future Covid-19 waves, (ii) the tendency of people to test in the future given that the authorities in Sweden no longer test systematically, and (iii) any changes in the SARS-CoV-2 virus that may make the tests we have in stock less sensitive and the development of new tests necessary. Sales of Covid tests are currently at a very low level. The tests currenty on stock still have a durability of at least a year from today.

During the quarter, EQL Pharma received market authorisation in Denmark and Norway for its melatonin tablets for children with ADHD. These will be sold under the Mellozzan brand in Denmark and Mallozen brand in Norway. We have also made our first out licensing deal for Mellozzan, namely to one of Europe's leading companies in medicines for children with ADHD. The deal is worth approximately SEK 5 million in upfront payment and in regulatory milestones. However, the great potential lies in future royalties on sales, where the total markets comprise about 200 million people. The first market introductions will be in Denmark and Norway, where sales permits now exist. We continue to negotiate with additional licensees in Europe and outside Europe and hope to close a few more license deals during the year.

During the quarter, EQL Pharma, as the first Swedish pharmaceutical company, donated products to Ukraine in the form of 2,500 bottles of Hevicain (Bupivacain). The drug is used in acute pain relief and in surgery.

During the quarter, the organization has grown with, among other positions, an internal QP candidate, something we have previously handled externally.

For further information, please contact:

Christer Fåhraeus
CEO, EQL Pharma AB (publ)

Phone: +46 (0) 705 - 60 90 00
E-mail: christer.fahraeus@eqlpharma.com
Website: www.eqlpharma.com

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