Vistin Pharma ASA third quarter 2016: Investing in future growth
(Thomson Reuters ONE) -
Oslo, Norway, 31 October 2016
Norwegian pharmaceutical company Vistin Pharma ASA (OSE: VISTIN) recorded an
EBITDA of 7.3 million, taking the result year to date to NOK 31.0 million.
Vistin Pharma's metformin plant has been running at full capacity for several
quarters, and in August, the Company decided to invest in a major capacity
expansion. This will double the Company's metformin production capacity,
effective from 2019.
"I am pleased to report on another good quarter for Vistin Pharma. While we are
pleased with our current performance, we are constantly looking to improve. The
decision to invest in a doubling of our metformin production capacity is an
important milestone that will secure significant growth starting 2019. In the
meantime, we will secure continued growth through operational excellence
programs both within our metformin and finished dose contract manufacturing
business," says CEO Kjell-Erik Nordby.
The 3,000 metric tonnes capacity expansion in Kragerø will require an investment
of approximately NOK 120 million. The new production line is expected to be
fully operational in 2019. The investment will be financed through a combination
of existing cash reserves, cash generation and debt.
Within opioids, the Company recorded a slight drop in revenue to NOK 18.6
million (NOK 20.2 million), reflecting continued price pressure in the market.
Despite continued challenging market conditions, Vistin Pharma is experiencing
an increase in demand from several key customers. The Company's contract
manufacturing (CMO) business recorded NOK 30.8 million in revenue, up from NOK
27.7 million in the third quarter of 2015. The operational excellence program
within the CMO business is running according to plan. This is expected to show
results in 2017, both through cost savings and higher production capacities.
Vistin Pharma recorded an overall revenue of NOK 88.2 million in the third
quarter. Reported EBITDA was NOK 7.3 million, while the net profit came in at
NOK 4.3 million. The Company's financial position remains strong, with net cash
of NOK 72.7 million as of 30 September. Vistin Pharma has no interest-bearing
debt.
Vistin Pharma will give a presentation today at 08:30 CET at Carnegie AS,
Grundingen 2, Oslo, Norway. CEO Kjell-Erik Nordby and CFO Gunnar Manum will
represent the Company. The presentation will be webcast live and can be accessed
directly from http://webtv.hegnar.no/presentation.php?webcastId=40095826, or
http://www.vistin.com/investors/webcast-article214-455.htm.
Please find the report and presentation for the third quarter 2016 enclosed. The
report and presentation will also be made available on www.vistin.com.
For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby(at)vistin.com
Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum(at)vistin.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Note: Vistin Pharma ASA was established in February 2015, and the Group had no
operating activities prior to Vistin Pharma AS' acquisition of the B2B business
and tablet production assets from Weifa AS on 1 June 2015.
About Vistin Pharma
Vistin Pharma is a Norwegian pharmaceutical company producing Active
Pharmaceutical Ingredients (APIs) and solid dosage forms for the global
pharmaceutical industry. The Company has key positions in the Metformin and
Opioids markets, and a strong foundation for creating a highly efficient
Contract Manufacturing tablet production (CMO) business. Solid growth potentials
exist in all the business segments.
With more than 65 years of pharmaceutical industry experience, Vistin Pharma has
built significant capacity and expertise as an API provider. The Company has
more than 140 highly qualified employees and two manufacturing facilities in
Kragerø, Norway. Both facilities are certified according to current Good
Manufacturing Practice (cGMP) and successfully inspected by the US Food and Drug
Administration (FDA) in 2014. Vistin Pharma's headquarter is in Oslo, Norway.
Vistin Pharma ASA third quarter presentation 2016:
http://hugin.info/168869/R/2052748/768330.pdf
Vistin Pharma ASA third quarter report 2016:
http://hugin.info/168869/R/2052748/768329.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vistin Pharma ASA via GlobeNewswire
Datum: 31.10.2016 - 07:01 Uhr
Sprache: Deutsch
News-ID 503685
Anzahl Zeichen: 5298
contact information:
Town:
Oslo
Kategorie:
Business News
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