Press release as PDF

MEDIVIR AB – INTERIM REPORT, JANUARY – MARCH 2016

Financial summary for the first quarter

  • Net turnover totalled SEK 75.0 million (215.9 m), of which SEK 18.1 million (128.6 m) comprised royalties for simeprevir.
  • Revenues from Medivir’s own pharmaceutical sales totalled SEK 56.2 million (86.8 m), of which SEK 1.8 million (34.2 m) derived from sales of OLYSIO® and SEK 54.5 million (52.6 m) from sales of other pharmaceuticals.
  • The profit after tax was SEK -40.5 million (66.7 m).
  • Basic and diluted earnings per share totalled SEK -1.50 (2.29) and SEK -1.49 (2.27), respectively.
  • The cash flow from operating activities amounted to SEK -36.4 million (205.3 m).
Summary of the Group’s figures, continuing operations
(SEK m)
          Q1 Full year
2016 2015 2015
Net turnover 75.0 215.9 657.9
Gross profit 54.6 182.8 548.6
Operating profit before depreciation and amortisation (EBITDA) -32.4 84.6 155.0
Operating profit (EBIT) -40.9 76.2 114.8
Profit/loss before tax -38.2 82.9 102.0
Profit/loss after tax -40.5 66.7 75.1
Operating margin, % -54.5 35.3 17.4
Basic earnings per share, SEK -1.50 2.29 2.59
Diluted earnings per share, SEK -1.49 2.27 2.56
Net worth per share, SEK 52.3 53.7 53.8
Return on equity -2.7 4.8 5.9
Cash flow from operating activities -36.4 205.3 307.4
Liquid assets and short-term investments at the period end 1 040.0 998.4 1 077.9
R&D spending/total opex, % 74.7 62.2 64.2


Conference call for investors, analysts and the media

The Interim Report, January – March 2016 will be presented by Medivir’s President & CEO, Niklas Prager, and members of Medivir’s management group.

Time: Thursday, 28 April 2016, at 14.00 (CEST).

Phone numbers for participants from:
Sweden + 46 8 566 426 96
Europe + 44 20 3008 9817
USA + 1 855 831 5946

The conference call will also be streamed via a link on the website: www.medivir.com
The presentation will be available on Medivir’s website after completion of the conference.

CEO’s comments

The launch of a phase IIa study of MIV-711 in knee osteoarthritis was an important milestone for Medivir during the first quarter of 2016. The study is going to be conducted in six countries, and I am pleased to report that it is proceeding apace in four of them and that patient enrolment is proceeding according to plan. The potential market for MIV-711 is substantial, given the large numbers of people suffering from osteoarthritis and the fact that there are currently no disease-modifying drugs available for use. The project timetable is on course and we anticipate being able to report the results of the study in Q3 2017.

Medivir´s other portfolio projects also proceeded according to plan during the quarter. The portfolio of projects is based on our established and proven technology platform.

At the same time, we continued to focus strongly on our business development initiatives that entail inlicensing of pharmaceuticals for the Nordic market, discussions with potential partners for the MIV-802 project for the treatment of hepatitis C, and our structured process of identifying suitable projects in the clinical development phase for inlicensing or acquisition in order to expand our portfolio.

Royalties attributable to the hepatitis C drug, OLYSIO® (simeprevir), totalled SEK 18.1 million during the first quarter, reflecting a continued decline in net sales of OLYSIO® due to increased competition.

Our Nordic pharmaceutical sales, Innovative Specialty Care and Nordic Brands, achieved combined sales of SEK 56.2 million during the quarter. Net turnover by Nordic Brands increased by 4 per cent in comparison with the corresponding period in 2015 due to the price increases implemented within an otherwise stable portfolio.

I am also pleased to report that the efficiency enhancing measures that we implemented in 2015 began to yield tangible results during the first quarter in the form of cost reductions, particularly in selling and administrative expenses.

Overall, developments during the first quarter continue to give me confidence in our potential for creating long-term value in 2016.

Niklas Prager
President and CEO

     
Upcoming reporting dates:
Annual General Meeting 2016

3 May 2016 at 2p.m., in Stockholm, Sweden
Interim Report (January – June 2016)
17 August 2016
Interim Report (January – September 2016)
10 November 2016

For further information, please contact:
Niklas Prager, President & CEO, phone: +46 (0) 8 407 64 30
Ola Burmark, CFO, mobile: +46 (0)725-480 580.

Medivir is required under the Securities Markets Act to make the information in this press release public.
The information was submitted for publication at 08.30 CET on 28 April 2016.

About Medivir
Medivir is a research based pharmaceutical company with a research focus on oncology and infectious diseases. We have a leading competence within protease inhibitor design and nucleotide/nucleoside science and we are dedicated to develop innovative pharmaceuticals that meet great unmet medical need. Our commercial organization provides a portfolio of specialty care pharmaceuticals on the Nordic market.
Medivir is listed on the Nasdaq Stockholm Mid Cap List.


Page updated 10 november 2014