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Moberg Pharma AB Year-end report for 2015



  • Revenue MSEK 285.6 (200.2)
  • EBITDA MSEK 47.0 (25.3)
  • EBITDA for Commercial Operations MSEK 69.7 (43.4)
  • Operating profit (EBIT) MSEK 35.8 (17.2)
  • Net profit after tax MSEK 26.7 (12.3)
  • Earnings per share SEK 1.85 (0.96)
  • Operating cash flow per share SEK 2.12 (1.38)
  • The Board of Directors proposes that no dividend be paid for the 2015 financial year.


  • Revenue MSEK 53.7 (44.5)
  • EBITDA MSEK 4.6 (3.6)
  • EBITDA for Commercial Operations MSEK 8.6 (9.1)
  • Operating profit (EBIT) MSEK 1.1 (1.4)
  • Net profit after tax MSEK 0.4 (loss: 0.3).
  • Earnings per share SEK 0.11 (loss: 0.02)
  • Operating cash flow per share SEK 0.15 (0.42)


  • Moberg Pharma and Colep signed a development agreement for MOB-015
  • Moberg Pharma regained the rights to Emtrix for certain EU markets, including the UK and Poland
  • Exercised stock options increased the number of shares and votes in December by 215,985 to 14,217,522


  • Positive data for BUPI in cancer patients suffering from pain due to oral mucositis
  • SEK 300 million raised through bond issue to finance growth and acquisitions


Our innovation engine has made significant progress in the last few months through positive phase II results for BUPI, progress with MOB-015 and secured financing for growth and acquisitions. For our commercial portfolio, the fourth quarter is the low season. Nevertheless we delivered topline growth and improvement in profitability. Year-on-year, net sales grew by 43% (21% at fixed exchange rates) and EBITDA improved by 86%, representing an EBITDA margin of 9% for the quarter and 16% for the full year. The gross margin remains strong at 69% (72%). The Commercial EBITDA margin was 18% in the fourth quarter and 24% for the full year. We continue to improve towards our long-term target of achieving 25% EBITDA margin. On a full-year basis, our operating profit and our profit after tax doubled in 2015.

Strong growth in U.S. direct sales
U.S. direct sales grew by 37% in the fourth quarter (20% at fixed exchange rates). Kerasal Nail® maintained a strong market share at 22%[1]. The overall nail fungus market (Rx and OTC) continues to increase but the OTC category declined 9% in 2015. We continue our revitalization plan for our strategic brands and are satisfied with the performance and integration of Balmex®, which we acquired earlier in 2015.

Asian launch drives growth in distributor sales
The 2015 launches in Asia continue to perform well and RoW sales grew by 91% for the full year. Distributor sales vary between quarters, in particular during launches in new territories. Distributor sales in total decreased by 11% in the fourth quarter (decreased 11% at fixed exchange rates), but grew by 29% for the full year (23% at fixed exchange rates). To date, our nail product has been launched in five Asian markets with excellent outcome. Preparations for additional markets are underway and progressing well.  Sales to European distributors grew by 120% in the fourth quarter and grew by 7% for the full year. We regained rights to Emtrix® in some EU markets and continue our evaluation of commercialization options.

Innovation engine – high activity level
Phase III preparations for MOB-015 are progressing at full speed and according to plan. Scale-up and other development activities performed at our supply partner Colep are progressing well. We met with regulatory authorities in the U.S. and key EU countries, finalized our phase III plan and seleced CROs for starting phase III trials in the second half of this year.

In January 2016, we reported positive data for BUPI in a phase II trial in cancer patients suffering from oral mucositis. BUPI provided significant additional pain relief compared to standard pain treatment alone. Additional analyses of the phase II data are ongoing.

In January 2016, we also closed a SEK 300 million bond issue, which provides non-dilutive financing for growth initiatives and acquisitions. The focus is on acquiring commercial assets, e.g. for our U.S. OTC franchise and to fuel growth of our strategic brands.

Strengthened position to drive growth and create value
We continue to focus on our long-term goal of becoming the leading player in nail fungus and driving growth organically as well as through targeted acquisitions. Progress across all business areas during the last year – together with our strengthened balance sheet - position us well to pursue further growth and value creation opportunities.

Peter Wolpert, CEO Moberg Pharma

[1]U.S. retail sales of nail fungus products excluding private label in Multioutlet Stores over the last 52 weeks ending December 27, 2015 as reported by SymphonyIRI

CEO Peter Wolpert will present the report at a teleconference today at 3:00 p.m., February 17, 2016. Telephone: SE +46-8-566 426 95 US +1 347 329 12 82


Peter Wolpert, CEO, tel. +46 (0)8-522 307 00,
Anna Ljung, CFO, tel. +46 (0)8-522 307 01,

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