Ad hoc announcement pursuant to Art. 53 LR
Dublin, Ireland–(Newsfile Corp. – July 24, 2024) – Cosmo Pharmaceuticals N.V. (SIX: COPN) (FSE: C43) (“Cosmo”) today announced its 2024 half year results.
Key highlights
Pipeline & regulatory highlights
Half year 2024 financial highlights
Giovanni Di Napoli, CEO of Cosmo, commented: “We are delighted to report a robust financial performance for the first half of 2024, with revenues reaching €136.2 million, operating profits at €87.0 million, and operating cash flows of €99.2 million. Our flagship products, GI Genius™ and Winlevi®, are driving significant revenue growth, while our pipeline of innovative new products is poised to tap into large, high-potential markets. These outstanding results underscore our commitment to quality, innovation, and enhancing healthcare outcomes for patients worldwide.”
Financial results
EUR 1,000 |
Half Year |
|
2024 |
2023 |
|
Revenue |
136,237 |
43,661 |
Net expenses |
(49,283) |
(36,538) |
Operating profit |
86,954 |
7,123 |
Net financial income |
1,794 |
(3,450) |
Profit before taxes |
88,748 |
3,673 |
Income tax |
(12,690) |
(2,187) |
Profit after taxes |
76,058 |
1,486 |
Basic EPS |
4.718 |
0.092 |
Basic weighted average number of shares |
16,105,126 |
16,146,054 |
Diluted EPS |
4.705 |
0.092 |
Diluted weighted average number of shares |
16,150,246 |
16,146,054 |
Revenue in the first half of 2024 increased to €136.2 million compared to €43.7m in the same period last year. Health Tech revenue increased to €97.5 million compared to €6.4 million last year; the increase was driven by the receipt of an upfront payment from Medtronic related to the expansion of the AI partnership. Dermatology revenue increased by 58.5% to €7.4 million due to increases in net sales and the continued global expansion of Winlevi®. Gastroenterology royalty and supply revenue increased by 4.3% to €21.4 million. CDMO revenue increased by 9.3% to €8.9 million driven by an increase in orders from existing customers.
Net expenses in the first half were €49.2 million compared to €36.5 million in the same period last year. Expenses related to raw materials and consumables increased to €9.2 million compared to €8.6 million in the same period last year as a result of an increase in product shipments in the first half. Personnel expenses increased to €19.9 million compared to €12.2 million last year; the rise in expenses is attributed to an expanded R&D headcount, additional personnel costs related to higher production activity, and higher short-term incentive payments linked to the financial performance Outsourced preclinical and clinical trials costs increased to €2.3 million (H1 2023: €1.5 million) linked to the initiation of the Distal Ulcerative Colitis phase II proof-of-concept study and the costs associated with the preparation for the Bile Acid Diarrhoea phase II proof-of-concept study. Other operating expenses increased by €3.1 million to €10.8 million manly due to an increase in contingent consideration provisions linked to the Company’s new agreement with Medtronic and an increase in production related costs. Depreciation and amortisation increased by €0.4 million to €7.3 million.
Net financial income was €1.8 million compared to net financial expenses of €3.5 million in H1 2023; the gain relates to interest income on Cosmo’s cash balances and gains on the sale of short-term bond investments. The net financial expenses last year include imputed convertible bonds which were redeemed in the last quarter of 2023 and therefore no change arises in the reporting period.
Profit before tax was €88.7 million (H1 2023: €3.7 million) and profit after tax was €76.1 (H1 2023: €1.5 million).
EUR 1’000 |
H1 2024 |
H1 2023 |
Income statement |
||
Revenue |
136,237 |
43,661 |
Cost of sales |
(23,150) |
(18,871) |
Gross profit |
113,087 |
24,790 |
Other income |
1,014 |
425 |
R&D costs |
(10,824) |
(8,288) |
SG&A costs |
(16,323) |
(9,804) |
Net operating expenses |
(26,133) |
(17,667) |
Operating profit |
86,954 |
7,123 |
Net financial income/(expenses) |
1,794 |
(3,450) |
Profit before taxes |
88,748 |
3,673 |
Profit after taxes for the period |
76,058 |
1,486 |
Statement of financial position |
30 Jun 2024 |
31 Dec 2023 |
Non-current assets |
454,658 |
451,754 |
Cash and cash equivalents |
54,556 |
50,275 |
Other current assets |
129,038 |
51,951 |
Liabilities |
132,866 |
124,944 |
Equity attributable to owners of the Company |
498,443 |
422,160 |
Non-controlling interests |
6,943 |
6,876 |
Equity ratio (%) |
79.2% |
77.4% |
Shares |
H1 2024 |
H1 2023 |
Weighted average number of shares |
16,105,126 |
16,146,054 |
Earnings per share (in EUR) |
4.718 |
0.092 |
2024 Guidance
The Company today confirmed its 2024 guidance of:
Downloads
This media release (https://www.cosmopharma.com/investors/news-and-media) and the full Half Year Report 2024 (https://www.cosmopharma.com/investors/financial-reports) are available on Cosmo’s website.
Half Year 2024 Results Webcast / Conference Call
Cosmo invites investors, financial analysts and business/life science journalists to a live video webcast presentation with Giovanni Di Napoli, CEO, and Niall Donnelly, CFO, to discuss the financial and operating results as well as the next milestones of the Company:
About Cosmo
Cosmo is a pharmaceutical company focused on developing and commercializing products to treat selected gastrointestinal disorders, to improve endoscopy quality measures through aiding the detection of colonic lesions, and to treat selected dermatological conditions. Cosmo develops and manufactures products which are distributed globally by selected partners including Lialda®/Mezavant®/Mesavancol®, Uceris®/Cortiment®, Aemcolo®/ Relafalk®, Lumeblue® and Winlevi®. Cosmo has also developed medical devices for endoscopy and has a partnership with Medtronic for the global distribution of GI Genius™ which uses artificial intelligence to help detect potential signs of colon cancer. The company also has a rich development pipeline. For additional information on Cosmo and its products please visit the Company’s website: www.cosmopharma.com.
Upcoming Calendar of Events
H.C. Wainwright Global Investment Conference, N.Y. September 9-11, 2024
UBS Global Healthcare Conference, California November 11-14, 2024
Contact
Hazel Winchester
Head of Investor Relations
Cosmo Pharmaceuticals N.V.
Tel: +353 1 817 03 70
Disclaimer
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cosmo does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cosmo and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
Attachments
20240724_Cosmo Pharma_Media Release_H1 2024_EN_final
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217556
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