Bli medlem
Bli medlem

Du är här

2016-05-18

Bluefish Pharmaceuticals AB: INTERIM REPORT JANUARY - MARCH 2016

JANUARY - MARCH 2016

- Net sales amounted to SEK 79.3 (70.8) million
- EBITDA was SEK 5.2 (3.7) million
- Basic earnings per share were SEK -0.02 (-0.06)

SIGNIFICANT EVENTS

Increase in net sales and gross profit
- Net sales increased by 12% to SEK 79.3 million
- Gross profit increased by 17% to SEK 38.4 million

Positive EBITDA of SEK 5.2 million for the period
- Continued sales growth with a healthy gross margin
- Higher volumes provide economies of scale

Future outlook 2016
- Maintained net sales
- Positive EBITDA

OPERATIONS

Sales and profitability continued to increase in the first quarter
Sales continued to grow during the first quarter of the year and the
company has recorded its highest quarterly sales to date for the
first three months of the year. The increase has exceeded
expectations and it is partly attributable to direct sales to
customers, which were delivered ahead of schedule. The rate of
growth, however, has as expected, slowed compared to last year. First
quarter 2016, net sales increased by 12% to SEK 79.3 (70.8) million,
of which SEK 19.4 (23.0) million in the Nordic region, SEK 30.5
(25.4) million for Northern Europe, SEK 24.3 (19.3) million for
Southern Europe and SEK 5.1 (3.1) million in Rest of World. The
increase in sales is primarily attributable to countries outside the
Nordic region.

The increase in sales is also associated with an improvement in gross
margin. For the first quarter of 2016, gross profit increased by 17%
to SEK 38.4 (32.9) million compared to the same period last year,
which, together with higher economies of scale, has resulted in
positive EBITDA of SEK 5.2 (3.7) million.

Optimization of the product portfolio
The registration procedures for the company's two products developed
in-house are progressing on schedule, with expected launches in
several of Bluefish's most important market during the latter part of
2016 and 2017.

In the first quarter, Bluefish signed its first outlicensing agreement
pertaining to one of the two products now in the registration phase,
that have been developed in-house. Product outlicensing provides the
company with opportunities to create sales in markets where Bluefish
does not have its own operations. Launch of the product is expected
sometime during the 18-24 months subsequent to signing the agreement,
since the product must first become registered and approved.

The composition of the product portfolio in each market is critical to
the company's future growth and profitability. The expected earnings
potential of products is also continually evaluated. Thus, the
company continued investing in new product licenses and development
projects. Investments are made selectively and only in the markets
where Bluefish feels there is high potential in terms of both sales
and profitability. During the first quarter, the product portfolio
grew with the addition of one licensed product. Current products that
are now in the registration phase are expected to be launched
starting at the end of 2016, through to 2018.

FUTURE OUTLOOK
The growth in sales and improved profitability in 2015 has created a
strong platform for the company's continued development. The company
expects both sales and profitability to stabilize in 2016 at
comparable levels to 2015, even though fluctuations will likely occur
between quarters. New product launches during the latter part of 2016
and 2017 are expected to refuel sales growth, along with having a
positive impact on profitability over time.

For more information, contact
Karl Karlsson, President & CEO Bluefish Pharmaceuticals
Tel. 46 8 519 116 00
Email: karl.karlsson@bluefishpharma.com
Susanna Urdmark, CFO Bluefish Pharmaceuticals
Tel. 46 8 519 116 00
Email: susanna.urdmark@bluefishpharma.com

About Bluefish Pharmaceuticals
Bluefish has undergone significant international expansion since the
company was founded in 2005. Bluefish focuses on the development,
manufacture and sale of generic pharmaceuticals. The company conducts
marketing operations in a large number of European markets and is
expanding into territories outside Europe. The product portfolio
consists of a total of approximately 80 products and is growing.

www.bluefishpharma.com

-----------------------------------------------------------
http://news.cision.com/bluefish-pharmaceuticals-ab/r/interim-report-janu...
http://mb.cision.com/Main/1694/2010816/516824.pdf

Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.