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Moberg Pharma AB (Publ) Interim Report January – September 2013



  • Revenue MSEK 120.5 (82.3, 62.8 excluding milestones)
  • EBITDA MSEK -10.3 (13.4, -6.1 excluding milestones), loss of MSEK 7.3, excluding acquisition-related costs
  • Operating loss (EBIT) MSEK 14.9 (profit: 13.3)
  • Net loss after tax MSEK 10.9 (profit: 42.1)
  • Loss per share SEK 0.99 (earnings: 4.40)
  • Operating cash flow per share negative SEK 0.36 (pos: 1.27)


  • Revenue MSEK 37.2 (26.7, 24.2 excluding milestones)
  • EBITDA MSEK -3.0 (4.0, 1.5 excluding milestones), loss of MSEK 3.0, excluding acquisition-related costs
  • Operating loss (EBIT) MSEK 4.6 (profit: 4.0)
  • Net loss after tax MSEK 3.9 (profit: 2.8)
  • Loss per share SEK 0.34(earnings: 0.29)
  • Operating cash flow per share negative SEK 0.26 (pos: 0.66)


  • Private placement of MSEK 36 to Bure Equity to finance continued growth
  • Distribution agreement with Menarini for Kerasal Nail expanded to China
  • Kerasal® NeuroCream launched at Walmart and major drugstores in the U.S.


  • Distribution agreement with Leosons International for Kerasal Nail in the Middle East and North Africa

Moberg Pharma is continuing to grow. Product sales in the third quarter of the year rose 53 percent compared with the year-earlier period. In the U.S, the strong sales trend continued. Kerasal Nail™ strengthened its position as the best-selling product in its segment in the U.S. with a market share of 19 percent, compared with 11 percent in the year-earlier period[1]. A higher proportion of proprietary sales improved our gross margin[2], from 72 percent to 77 percent for the first nine months.

The U.S. is a growth driver
Kerasal Nail™ is now available at more than 30,000 retail outlets throughout the U.S. and our distribution has gradually increased. During the third quarter, we made our first deliveries to Target, Meijer and Kmart. In addition, Kerasal Nail™ is now the best-selling product for nail fungus online – through Amazon and Our assessment is that the product will continue to grow in the U.S. The market is less developed than in Europe with lower per-capita sales and less competition. Kerasal® Neurocream was launched in September, a new product for foot pain relief. Neurocream is already available at 15,000 retail outlets, including all Walmart, Rite-Aid and CVS stores and selected Walgreens. All in all, our acquisition of Alterna in the U.S. in November 2012 has developed very well. Organic growth for our American subsidiary was 26 percent for the third quarter year by year, compared to 2-3 percent growth of the total U.S. OTC market.

Decline in sales to distributors in Europe – new distributors in important markets
Sales of Nalox to our main distributor in Europe declined sharply during the quarter, due to high inventory levels. However the underlying sales in Europe for the nine month period are higher than the previous year. Our sales to distributors varies between quarters and do not always reflect the underlying sales to pharmacies and consumers. The expansion of our distributor network in other parts of the world continues. We recently signed agreements with Leosons for the Middle East and North Africa and are working intensively with Menarini to prepare our market approval application in China. Launches in Canada, Mexico, the Middle East, several European countries and eventually in Asia, are expected to bolster the continued growth of our distribution sales in 2014.

Development of our product portfolio
Kerasal Neurocream is a valuable addition to our product portfolio and addresses an unmet need for more than 30 million Americans. It is our first new launch through the U.S. marketing company that we acquired one year ago and will contribute to the development of Kerasal as a leading brand in foot care. The clinical trial with MOB-015 is progressing according to plan. The results of the trial are expected to be announced in the second half of 2014. Business development activities to strengthen our pipeline are advancing. We are continuously evaluating acquisition and in-licensing opportunities, with a focus on OTC products for the U.S. market. The intention is to acquire products that will improve our cash flow and profitability.

The company’s long-term objective remains unchanged
To date, the results for 2013 are weaker than expected. During 2013, we have made substantial investment in both marketing and the development portfolio. Combined with lower sales than expected in Europe, we now expect a negative EBITDA for the full-year 2013. However, the company’s long-term objective remains firm – to achieve a sustainable EBITDA margin of at least 25 percent within the coming three-year period under continued healthy growth. Growth potential in both established and new markets, progress in our development projects and business development activities continue to provide favorable conditions for developing a different kind of pharmaceutical company.

Peter Wolpert, CEO Moberg Pharma

[1] SymphonyIRI, retail sales in food, drug, mass stores including Walmart, for 12-week period ending September 8, 2013
Excluding acquisition-related costs

CEO Peter Wolpert will present the report at a teleconference today at 10:30 a.m., November 5, 2013. Phone: +46 (0)8-50626900, and enter the code 409017

Moberg Pharma discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 8:00 am (CET) on November 5th, 2013.

Peter Wolpert, CEO, tel. +46 (0)8-522 307 00

Peter Östling, Head of Investor Relations, tel. +46 8- 522 807 32

For more information about Moberg Pharma’s operations, please visit the company’s website at