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Moberg Pharma: Moberg Pharma AB Interim report January - March 2016


· Revenue MSEK 69.5 (73.2)
· EBITDA MSEK 3.4 (17.4)
· EBITDA for Commercial Operations MSEK 7.0 (25.6)
· Operating profit (EBIT) MSEK 0.5 (14.9)
· Net loss after tax MSEK 5.6 (profit: 10.9)
· Loss per share SEK 0.40 (earnings: 0.75)
· Operating cash flow per share SEK -0.25 (neg: 0.35)

· Positive Phase 2 data for BUPI in terms of pain treatment in cancer patients suffering from oral mucositis
· Agreement with Cadila Pharmaceuticals for Phase 3 development and regional commercialization of BUPI
· The issue of bond loans of MSEK 300 for financing growth and acquisitions
· Divestment of three brands for MUSD 10 (transaction completed in April)
· Divestment of Jointflex, Fergon and Vanquish completed

In Q1, although declining European sales impacted growth and
profitability, key components to enable future growth were secured.
Positive early consumer response to the relaunch of Kerasal Nail®
drove increasing market share in the U.S. and the launch in Asia
progressed well. Our Innovation Engine delivered positive phase 2
data and a partner agreement for BUPI as well as good progress in
Phase 3 preparations for MOB-015. Significant funds were secured for
growth and acquisition initiatives by closing a bond issue of SEK 300
million and divesting non-core brands for USD 10 million.

Sales grew in Asia and the U.S, but total net sales declined by 5%
(decline by 6% at fixed exchange rates) due to lower European sales.
As communicated, we invest significantly to reposition the Kerasal®
brand in the U.S, which short-term affects profitability. The EBITDA
margin decreased to 5% for the quarter and 12% for last 12 months.
The gross margin in the quarter was 70% (78%) reflecting the change
in product mix compared to last year and volume discounts to larger
distributors enabling marketing investments for future growth. The
Commercial EBITDA margin was 10% in the first quarter and 18% for the
last 12 months.

Positive initial response to U.S. repositioning of Kerasal Nail
U.S. direct sales increased by 4% in the first quarter (3% at fixed
exchange rates) thanks to the addition of Balmex. The main priority
for our U.S operations has been to reverse negative trends by
repositioning the Kerasal® brand to enable future growth. In March,
pre-season support was initiated with new packaging on shelf and new
TV campaign. Although not yet visible in net sales, early consumer
response is promising. Last 12 weeks, market share increased by three
points to 25% and resulted in +9% value growth (in sales to
consumers) in a declining category (-8%). On April 1, we divested
three non-core brands for USD 10 million. The divestment resulted in
a capital gain of USD 3 million (to be included in Q2 numbers) and
enables us to redirect resources to our strategic brands and future

Distributor sales declined but Asian launch continues to progress well
Total distributor sales declined by 15% (decline by 14% at fixed
exchange rates). European sales declined due to high incoming
inventory levels and quarter-to-quarter variations. The launch in
Asia continues to perform well with RoW sales growing at 31%. Emtrix®
and Kerasal Nail® are reaching market leading positions in most
countries/regions launched in Asia. Test launches are being initiated
in additional key markets globally and are expected to drive
long-term growth.

High activity level in our Innovation Engine
Phase 3 preparations for MOB-015 are continuing at full speed and
according to plan - to start phase 3 trials in the second half of
this year. For BUPI, we were highly pleased to report strong Phase 2
data - treatment with BUPI decreased pain with an additional 31%
compared to standard pain treatment. The regional partner agreement
with Cadila Pharma and grant funding from Eurostars is part of a
derisked strategy which enables Moberg Pharma to generate Phase 3
data at a limited investment. We aim at starting enrollment of
patients for Phase 3 in the first half of next year.

Both our pipeline assets have the potential to become major growth
drivers for us in the next few years through a combination of license
deals as well as a basis to start our own franchises in select

We are accelerating our business development activities backed by a
strong cash position of more than SEK 400 million, including the bond
issue as well as the recent brand divestment. The focus for our BD
efforts is to strengthen our commercial portfolio, e.g. for our U.S.
OTC franchise.

Focus on value creation
This spring we celebrate our 10th anniversary! It is with pride I look
back on the team's achievements in these years. Although we had lower
growth/profitability this quarter, I am convinced we are on the right
track to meet our long-term targets. Our focus remains to become the
leading player in nail fungus and to drive growth organically as well
as through acquisitions.

Peter Wolpert, CEO Moberg Pharma
CEO Peter Wolpert will present the report at a teleconference today at
3:00 p.m., May 10, 2016

Telephone: SE +46-8-566 426 95 US +1 646 502 51 20
Moberg Pharma discloses the information provided herein pursuant to
the Securities Markets Act and/or the Financial Instruments Trading
Act. The information was submitted for publication at 8:00 (CET) on
March 10, 2016

Peter Wolpert, CEO, Phone: +46 (0)70 - 735 71 35, E-mail:

Anna Ljung, CFO, Phone: +46 (0)70 - 766 60 30, Email:


Författare WKR

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