Further success for Terclara®
The fourth quarter of 2025 capped off a fantastic year for Moberg Pharma. Terclara® continues to dominate the markets in both Sweden and Norway, with market shares continuing to rise and clear commercial momentum even during the off season. By far the most significant event of the fourth quarter was our new license agreement with Karo Healthcare, which enables broad European market coverage, strong distribution, and the launch of MOB-015/Terclara® under the globally leading antifungal brand Lamisil®.
Through the partnership with Karo Healthcare, we have a clear path to market for the 19 countries covered by the agreement, including all major EU countries and the UK, comprising a population of around 500 million. Karo Healthcare will be responsible for and finance marketing, distribution, and sales, while we will receive recurring royalty revenues and compensation for delivered products.
MOB-015/Terclara® will be launched under the brand Lamisil®, a leading global antifungal brand. Lamisil® is the original brand for terbinafine tablets, long established as the gold standard oral treatment for nail fungus, making it a highly suitable brand for our product (which contains terbinafine as the active ingredient in a topical formulation).
Licensing agreement with Karo Healthcare
Karo Healthcare is a leading European consumer healthcare company with ambitious growth plans, a strong owner in KKR, and established distribution across all major pharmacy chains in Europe. Through this collaboration, MOB-015 / Terclara® gains broad market coverage and effective distribution right from the outset, which would have required significant time and investment to build independently.
Clear Focus Going Forward
A regulatory process is currently underway in which the use of Karo Healthcare’s brand for our drug must be approved by the national health authorities in each country. Our shared ambition is to launch as soon as possible thereafter. The timetable for future launches is therefore governed by the regulatory process, followed by lead times to accommodate the pharmacy chains’ launch windows. Together with Karo Healthcare, we are now taking a decisive step toward establishing MOB-015/Terclara® as the market leader in nail fungus treatment across Europe.
In Sweden, Terclara® continues to deliver strong results. During the full-year 2025, Terclara® achieved a 42% value share and 35% unit share of pharmacy sales to end-consumers, representing an increase of 11 and 10 percentage points, respectively, compared with the previous year.[1] Corresponding figures for the fourth quarter were a 42% value share and 38% unit share, also a substantial improvement year-on-year. The fourth quarter is traditionally the weakest period for the nail fungus category, making it gratifying to see that we continue to gain market share even during the off season.
In Norway, Terclara® achieved a 34% value share and 31% unit share based on pharmacy purchasing data for the full-year 2025, despite consumer marketing only commencing in April[2]. For the fourth quarter, market shares reached 31% by value and 28% by units.
In summary, Moberg Pharma is now entering a new phase, from Nordic success to European expansion. The partnership with Karo Healthcare provides a unique platform for expansion, our strong performance in Sweden and Norway demonstrates that our model works. With strong partners, dedicated employees, and a clear vision, I confidently look forward to the next step in Moberg Pharma’s development.
Anna Ljung, CEO Moberg Pharma
[1] Source: IQVIA MIDAS, Pharmacy Sell-Out data, Jul-Sep 2025
[2] IQVIA MIDAS, Pharmacy Sell-In data, Jul-Sep 2025
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