Interim report January - March 2026

Press release

Interim report January - March 2026

FIRST QUARTER (JAN-MAR 2026)

• Net revenue SEK 4.9 million (3.9)
• EBITDA SEK -1.5 million (-3.7)
• Operating profit (EBIT) SEK -1.9 million (-4.1)
• Profit for the period SEK -1.3 million (-2.8)
• Diluted earnings per share SEK -0.03 (-0.06)
• Cash and cash equivalents amounted to SEK 222.5 million (268.9)

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

• On March 13, the company announced that an additional terbinafine supplier has been approved for
  MOB-015/Terclara®. The regulatory approval process, initiated in April 2024, has therefore been concluded with positive results.

SIGNIFICANT EVENTS AFTER THE QUARTER

• Moberg Pharma and Karo Healthcare expanded the collaboration and entered an exclusive license agreement for
  MOB-015/Terclara® in Australia, New Zealand, South Korea and Taiwan. In all of these new markets, Karo Healthcare is the market leader in antifungal foot treatments with the Lamisil^® brand through athlete’s foot products, and the intention is to broaden the portfolio with Moberg Pharma’s nail fungus drug under the same established brand.
• The Nomination Committee proposes re-election of Fredrik Blom, Richard Ding, Isabelle Ducellier and Mona Zhang as members of the Board, and election of Su Chen and Lars Johansson as new Board members for the period until the end of the next Annual General Meeting. The Nomination Committee proposes election of Lars Johansson as Chairman of the Board of Directors for the period until the end of the next Annual General Meeting. 
• Regulatory process is ongoing in which the use of the brand Lamisil® for MOB-015/Terclara® must be approved by the relevant national health authorities.

CEO COMMENTS

We have started 2026 with important progress in both international expansion and operational execution. We continue to deliver strong performance in our existing Nordic markets. By building on our partnership with Karo Healthcare, we expand our international reach, whereby MOB-015 can be added to an already market-leading position in new APAC markets, providing us with an immediate commercial platform and reducing risk.

The expanded agreement with Karo Healthcare marks an important step in our international expansion. Through the new exclusive license agreement for Australia, New Zealand, South Korea and Taiwan, we are bringing MOB-015/Terclara® to additional attractive markets. By leveraging Karo’s established infrastructure and strong market position in these regions, we ensure an efficient and high-quality market entry strategy, while further reducing risk in the global rollout. 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. The expanded agreement covers markets with a combined population of around 100 million people, a valuable addition to the European agreement comprising markets with around 500 million people. Through the collaboration, MOB-015/Terclara® gains broad market coverage and rapid commercial reach, which would have otherwise taken significant time and investment to build independently.

In the 11 European countries where we have market approval today but have not yet launched a product, a regulatory process is underway in which the use of Karo Healthcare’s brand for MOB-015/Terclara® 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 the upcoming launches is therefore governed by the regulatory process, followed by lead times to accommodate the pharmacy chains’ launch windows and other market-specific conditions. Based on feedback during the regulatory process, we expect that we will likely not be able to use the Lamisil® brand in all markets where Karo Healthcare and Moberg Pharma collaborate. However, we will be able to use a similar visual identity and recognition factor in markets where Lamisil® is not expected to be approved. Preparations for launch are progressing at full pace. Together with Karo Healthcare, work is also underway to expand the number of market approvals to additional countries. However, the process in Europe must be done sequentially as it is not possible from a regulatory standpoint to add new countries while implementing name changes or other registration updates. We are now taking decisive steps toward establishing MOB-015/Terclara® as the market leader in nail fungus treatment across Europe.  

In Sweden, Terclara® continues to deliver strong results. During Q1 2026, Terclara® achieved a market share of 38% in value and 31% in unit of pharmacy sales to end-consumers, an increase of 9 and 8 percentage points respectively compared to the previous year.[1] In Norway, Terclara® achieved a 29% value share and 24% unit share based on pharmacy purchasing data for Q1 2026, a year-on-year improvement of 14 and 11 percentage points respectively[2].

During the quarter, we also reached an important milestone in our supply chain with the approval of an additional terbinafine supplier. We now have several fully approved suppliers, ensuring stable and scalable access to the active substance as we expand globally.

Overall, we better positioned ourselves during the quarter for continued global expansion. The combination of strong performance in the Nordic region and an expanded partnership with Karo Healthcare provides us with both reach and execution capability. Our strategy enables expansion without building our own infrastructure in each market. This creates balanced growth with a lower risk profile. With strong partners, dedicated employees and a clear vision, I look forward to continuing to build value in Moberg Pharma.

Anna Ljung, CEO Moberg Pharma.