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Moberg Pharma AB interim report January - September 2017



  • Net revenue SEK 348.9 million (244.9)
  • EBITDA SEK 62.4 million (65.9)
  • EBITDA excluding capital gains* SEK 49.4 million (24.7)
  • EBITDA for current product portfolio SEK 75.2 million
  • Operating profit (EBIT) SEK 33.5 million (55.1)
  • Net profit after tax SEK 1.6 million (35.1)
  • Diluted earnings per share SEK 0.09 (2.45)
  • Operating cash flow per share SEK 1.40 (-1.64)


  • Net revenue SEK 108.3 million (104.1)
  • EBITDA SEK 36.0 million (29.0)
  • EBITDA excluding capital gains* SEK 23.0 million (29.0)
  • EBITDA for current product portfolio SEK 39.6 million
  • Operating profit (EBIT) SEK 26.6 million (23.4)
  • Net profit after tax SEK 12.3 million (12.8)
  • Diluted earnings per share SEK 0.71 (0.89)
  • Operating cash flow per share SEK 3.01 (-1.47)

*Excluding a capital gain of SEK 13 million from the divestment of Fiber Choice®. The comparative figures exclude a capital gain in Q2 2016 of SEK 41.1 million from the divestment of the Jointflex®, Fergon® and Vanquish® brands


  • Positive data from clinical trial for Kerasal Nail®/Emtrix®
  • Divestment of Fiber Choice® for SEK 54 million (USD 6.7 million), with a capital gain of SEK 13 million
  • Torbjörn Wärnheim, Director Pharmaceutical Innovation and Development, joined the management team
  • Canadian patent granted for BUPI


  • Update on timeline for MOB-015, patient recruitment expected to be finalized in 2018


Strong development for our three largest brands in the US, where the invigoration of New Skin has been a great success with 17% growth in the nine-month period. Recruitment for the MOB-015 Phase 3 studies is estimated to be completed in the summer of 2018 in North America and in the second half of 2018 for the European study. The successful divestment of Fiber Choice releases resources and strengthens our cash reserves.

The high season for Kerasal Nail® and New Skin® is ending and the effects of this year’s ad campaigns lasted far into September. Since the acquisition of New Skin®, we have succeeded in driving strong growth, with a sales increase of 17%[1] in the nine-month period. The positive trend is a result of our efforts to strengthen the brand, behind the breakthrough “Mr. Cut” advertising campaign that launched in June and expanded distribution at Walgreens and Walmart. For Dermoplast®, we are still seeing inventory effects from the takeover from the previous owner, but underlying demand from end customers is strong and we see several possibilities for driving future growth. For both these brands we see potential to further leverage a digital/social media marketing strategy.

Kerasal Nail® is developing strongly in the US, with 17% consumer sales growth for the nine-month period. Impactful advertising and the powerful new “one-week claim” launched earlier this year continue to drive positive consumption gains. We successfully extended the television campaign and managed to optimize our marketing mix further. Extending advertising deeper into the season brought the added benefit of a strong halo effect. We delivered positive gains in consumption and strong share versus year ago in the two months since coming off air.  

In terms of distributor sales of Kerasal Nail®, revenue levels are lower than they have been historically. The efforts in Asia have not met expectations and we therefore set lower expectations as to the region's contribution to the company's revenue. Profitability is good, however, and we see significant potential for next-generation nail fungus product, MOB-015, in these markets as well.

In August, we divested the Fiber Choice® brand for SEK 54 million (USD 6.7 million) plus inventory value, with a capital gain of SEK 13 million. In accordance with our plan, we have now successfully divested both non-strategic brands included in the acquisition from Prestige Brands. By streamlining the product portfolio, resources are released, and we can place greater focus on our larger brands. Through the divestment and strong operating cash flow in the quarter, our cash reserves strengthened significantly to SEK 121 million.

Recruitment to the phase 3 studies for MOB-015 continues in parallel in North America and Europe. We are not satisfied with the development of studies with delays and increased costs and have therefore initiated an extensive action program. Our current assessment is, that we in North America will complete recruitment in the summer of 2018 and in the second half of 2018 in Europe, and also that we can complete both studies without additional external financing.

My presence in the US creates new opportunities to expand our contacts with new investors and potential partners, with some of the major American players in the field nearby. I expect an exciting year to continue with further development of the company's portfolio and network in our largest market.

Peter Wolpert, CEO Moberg Pharma

[1] Symphony IRI, U.S. MULO, during the year up to October 8, 2017

CEO Peter Wolpert will present the report at a telephone conference today, November 13, 2017, at 3:00 p.m. CET. Telephone: SE +46-8-566 425 08, US +1 646 502 51 18

This information is information that Moberg Pharma AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.00 a.m. CET on November 13th, 2017. 

Peter Wolpert, CEO, Phone: +1 908 432 22 03 (US), +46 707 35 71 35 (SE), E-mail:

Anna Ljung, CFO, Phone: +46 707 66 60 30, E-mail:

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