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Moberg Pharma AB interim report January - June 2018



  • Net revenue SEK 233.4 million (240.7)
  • EBITDA SEK 47.3 million (26.5)
  • EBITDA excluding capital gains* SEK 42.3 million (26.5)
  • EBITDA margin 20% (11)
  • EBITDA for commercial operations SEK 57.8 million (35.7)
  • Operating profit (EBIT) SEK 28.8 million (6.9)
  • Net profit after tax SEK 6.7 million (-10.8)
  • Diluted earnings per share SEK 0.38 (-0.62)
  • Operating cash flow per share SEK 1.57 (-1.61)


  • Net revenue SEK 141.9 million (136.1)
  • EBITDA SEK 25.4 million (9.8)
  • EBITDA excluding capital gains* SEK 20.4 million (9.8)
  • EBITDA margin 18% (7)
  • EBITDA for commercial operations SEK 30.7 million (14.7)
  • Operating profit (EBIT) SEK 16.3 million (0.0)
  • Net profit after tax SEK 4.7 million (-7.8)
  • Diluted earnings per share SEK 0.27 (-0.45)
  • Operating cash flow per share SEK 0.91 (-1.44)

* Excluding a capital gain in Q2 2018 of SEK 5.0 million from the divestment of Balmex®.


  • The divestment of the brand Balmex® was finalised in April. The sale generated 4.25 million USD in cash plus inventory.
  • Patent granted for BUPI in the USA to 2032, complementing patents in Canada and Europe.
  • Anna Malm Bernsten elected as new Board member.
  • Mark Beveridge was appointed Vice President Finance and member of the management team.
  • The total number of common shares in the company increased to 17,703,762. The 263,000 newly issued shares are held by the company to secure its commitments under incentive programmes.


  • None to report


I am very pleased with the second quarter resulting in strong growth, higher profitability and pipeline progress. Net revenue for the three key brands in the U.S. grew at record pace, 29-43% in local currency, fundamentally outpacing the market and strengthening our leading position in all key categories, while doubling EBITDA to SEK 20.4 million, excluding capital gains. Meanwhile, the screening for the North American phase 3-study for MOB-015 is now completed and enrollment in Europe is expected to be finalized before the year-end.

Excellent growth in the U.S. key driver
The divestment of Balmex in April represented another milestone in our two-plus year effort to streamline the North American OTC portfolio. Six separate transactions have resulted in a synergistic portfolio of high margin niche brands with leading positions in the Foot Care and First Aid categories.  The portfolio delivered double-digit gains in retail sales and net revenue, as well as higher gross margins and brand contribution following our effort to focus the portfolio, strengthen marketing and improve the return on invested dollars.

Since the brand re-launch in 2016, Kerasal Nail® has delivered outstanding sales performance over ten consecutive quarters. Consumption growth over the prior two seasons of +37%[1] is indicative of the brand’s strength in the US where Kerasal Nail® continues to strengthen its #1 position in its category. In the U.S., net revenue grew by 43% in local currency. For the distributor sales, which now represent less than 5% of total revenues, the aim is to stabilize sales versus last year.

Kerasal Intensive Foot Repair was re-launched in May supported by a high impact television campaign leading to strong double-digit gains (+20.6% L4W1) in retail sales and excellent net revenue growth (+42% in local currency) of Other Products. Kerasal Nail Psoriasis launched in late May exclusively on Amazon, representing our first new product introduction through e-commerce only.

Both Dermoplast® and New Skin® expanded their market leading positions, delivering strong net revenue growth of 31% and 29% respectively, following successful campaigns and enhanced digital marketing including social media. Retail sales for Dermoplast® are growing at double-digit levels reflecting a positive response to the launch of the growth plan for the brand.

Pipeline progress
The Phase 3 studies for MOB-015 are progressing according to the plan from November 2017. The screening for the North American study was recently completed, and we expect the last patient to be randomized around the turn of the month of August. Recruitment in Europe is gaining momentum under the management of our CRO TFS and is expected to be finalized before the year-end. As the Phase 3 development is progressing, we continue to refine our long-term plans for which we see excellent potential in documenting differentiating claims versus key competitors, primarily focusing on three benefits i.e. better cure rates, fast visible improvement and shorter treatment time.

The recent U.S. patent approval for BUPI enables dialogues with new partners in North America and Europe, in addition to Cadila Pharmaceuticals.

Continued momentum
We continue to realize the exciting growth prospects for our commercial portfolio and pipeline, creating significant short-term and long-term value.

Peter Wolpert, CEO Moberg Pharma

[1] Symphony IRI, MULO, 4, 12 and 52 weeks through June 17, 2018. Note that approximately 60% of sales of Dermoplast® are through hospitals, which means that that retail sales data does not provide as complete a picture as for other brands.

CEO Peter Wolpert will present the report at a telephone conference today, August 7, 2018, at 3:00 p.m. Telephone: SE +46-8-505 564 53, US +1 646 502 51 16

Moberg Pharma AB is obliged to make this information public pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 a.m. (CET) on August 7th, 2018.

Peter Wolpert, CEO, Phone: +46 707 35 71 35, US phone: +1 908 432 22 03, E-mail:
Mark Beveridge, VP Finance, Phone: + 46 76 805 82 88, e-post: