Healthy financial performance and solid end-user growth
(Thomson Reuters ONE) -
Pronova BioPharma reports revenues of NOK 356.6 million and EBITDA of NOK 135.2
million in the third quarter, reflecting the previously announced reduction in
demand from the group's US marketing and distribution partner, GSK. End-user
sales volume in the eight major markets increased by 17 per cent YTD. The key
priority going forward is to create a robust platform for further profitable
growth.
"Although there is uncertainty associated with the short term situation in the
USA, we see strong fundamentals for long term growth for Omacor®/Lovaza(TM) in
both existing and new markets", said Pronova BioPharma's CEO Morten Jurs. "The
agreement with Abbott secures long term strong distribution power in our
existing markets, and increased opportunities in markets with high growth
potential", Mr Jurs added.
The end-user sales volume of Omacor®/Lovaza(TM) in the first nine months of
2010 grew by 17 per cent in the eight largest markets, with 889 million capsules
sold, compared to 761 million in same period last year. GSK reported strong ex
factory sales growth of 20 per cent for Lovaza(TM) in the third quarter (source:
GSK third quarter report).
A cost efficiency programme has been implemented during the quarter with the
objective to reduce manufacturing costs and enable an increase in the group's
R&D investments.
Manufacturing related costs are expected to be reduced by approximately NOK 50
million in 2011, based on the cost levels at the end of June 2010.
Pronova BioPharma's R&D initiatives on several new drug candidates (next
generation omega-3 derived pharmaceuticals) are advancing according to plan. It
is anticipated that the first PRB candidate will enter phase I in the first half
of 2011. The clinical evaluation of the results from the GISSI-HF study is now
finalized and Pronova BioPharma has submitted filing for a new label inclusion
to regulatory authorities in Europe.
Pronova BioPharma's prescription drug Omacor® is commercialised in 52 countries
around the world, and there is still an untapped potential in further
geographical expansion. The company is actively pursuing a strategy for
geographical expansion with its partners, who currently have applications for
marketing authorization pending in 20 countries. Two new marketing
authorizations were granted in the third quarter; in Australia and in Mexico.
Mexico is among the fiftheen largest pharmaceutical markets according to IMS
Health.
The ongoing litigation process in the USA creates short term uncertainty. The
temporary situation with lower demand from GSK is expected to have an impact
also in 2011, before the demand from GSK is expected to be aligned with the
growth in end-user sales.
15 months post patent expiry in most countries in Europe, the company has not
observed any generic versions of Omacor® in the European market.
For further information, please contact:
Hamed Brodersen, vice president IR and communications +47 40 46 81 10
Synne Røine, CFO +47 99 22 98 92
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1461831]
Q3 2010 Report:
http://hugin.info/137506/R/1461831/401012.pdf
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originality of the information contained therein.
Source: Pronova BioPharma ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.11.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 48706
Anzahl Zeichen: 4181
contact information:
Town:
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Kategorie:
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