Further success for Terclara®
During the second quarter, Moberg Pharma made several important advances in the international commercialization of MOB-015. The collaboration with Karo Healthcare was expanded to additional markets, and the first European countries approved the transition to Karo Healthcare's trademarks. This marks the beginning of a new phase in the launch preparations, with a defined timetable for the first European launches outside the Nordics while our international footprint continues to expand.
During the quarter, the agreement with Karo Healthcare was expanded in two stages, an important step in our international expansion. In April, an exclusive licensing agreement was signed for Australia, New Zealand, South Korea and Taiwan. Karo Healthcare is the market leader in antifungal foot treatments in all of these countries with the Lamisil® brand through athlete’s foot products, and the intention is to broaden the portfolio with Moberg Pharma’s nail fungus treatment under the same established brand. By leveraging Karo's established infrastructure and strong market position in these regions, we ensure an efficient and qualitative market entry strategy while further reducing the risks associated with the global rollout.
In June, the collaboration with Karo Healthcare was further expanded to include commercialization in China through the rapidly growing cross-border e-commerce (CBEC) channel, enabling a fast market entry. The launch in China is planned to be carried out in parallel with the first European launches under the Lamisil® brand. Limiting the license agreement to cross-border sales preserves Moberg Pharma's full strategic flexibility to expand into the substantially larger general trade market in the future. Karo Healthcare is one of several potential partners for such an expansion and has the commercial infrastructure, distribution capacity and local presence required to support a broader market rollout.
Another important milestone was reached in June when the first European countries approved the transition of MOB-015 to Karo Healthcare's trademarks. The approvals enable launch preparations and marketing activities to move forward as planned, with first deliveries planned around year-end. As part of the collaboration with Karo Healthcare, the next steps include obtaining local approvals for the updated product information and packaging materials. Following these approvals, commercial production can commence while pre-launch activities with pharmacy chains and pharmaceutical wholesalers are intensified. Karo Healthcare is leveraging its established antifungal franchise, including the Lamisil® brand, and its broad European commercial platform with established distribution in all major pharmacy chains to support the rollout of MOB-015 across the region.
Strong performance in Nordic markets
In both Sweden and Norway, Terclara® is the clear market leader and continues to deliver strong results. During Q2 2026, Terclara® achieved a 44% value share and 38% unit share of pharmacy sales to end-consumers in Sweden. For the first half of the year, the corresponding figures were 42% and 35%, respectively. In Norway, Terclara® achieved a 42% value share and 37% unit share based on pharmacy purchasing data for Q2 2026, corresponding figures for the half-year were 38% and 32% .
At the same time, the launch preparations in Israel are progressing according to plan, where the first patients are expected to gain access to MOB-015 under Moberg Pharma's brand Terclara® during the third quarter, making Israel the first market where the drug is launched outside the Nordics. Moberg Pharma's partner, Padagis, received marketing authorization from the Israeli Ministry of Health in December 2025 and has since carried out pre-launch activities, including presenting MOB-015 at the 3rd International Conference on Nail Disorders in Tel Aviv.
Following the end of the quarter, we continued to strengthen the organization to support the increasing level of commercial activity. Helena Jansson was recruited as Chief Business Officer and Executive Vice President, while Vaidrius Navikas was recruited as Chief Medical Officer. The recruitments strengthen the company's capabilities in international commercialization, medical affairs and regulatory activities as the number of markets and commercial initiatives continues to grow.
We are now entering a phase where execution is the primary focus. Together with our partners, we are preparing launches across multiple markets while continuing to advance additional regulatory processes and geographic expansion. After many years of development, it is very gratifying to see the project steadily translating into commercial launches and to know that an increasing number of patients will soon gain access to MOB-015.
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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