April – June 2025

• Net sales totaled SEK 28,871 (24,601)* thousand, with a growth rate of 17 %, 28 % when adjusted for currency effects. Net sales, including the divested Antibody Business, totaled SEK 28,871 (29,470)** thousand, with a decrease of -2 %, growth of 7 % when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 6,036 (3,796)* thousand. EBITDA including the divested antibody business totaled SEK 6,036 (5,272)** thousand.
• Operating profit (EBIT) totaled SEK 3,457 (1,739)* thousand. EBIT including the divested antibody business totaled SEK 3,457 (2,517)** thousand.
• As a result of the Swedish krona strengthening further against the USD during the period, the operating profit was impacted by currency translation effects amounting to -1,298 (-255) thousand SEK, the majority of which is unrealized.
• Profit/loss for the period totaled SEK 5,117 (1,790) thousand.
• Earnings per share*** totaled SEK 0.08 (0.03).
• Comprehensive income for the period totaled SEK 6,231 (2,467) thousand.
• Cash flow from operating activities was SEK -5,400 (-295) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.
• Cash and cash equivalents at the end of the period totaled SEK 168,989 (135,809) thousand.

January – June 2025

• Net sales totaled SEK 61,163 (50,409)* thousand, with a growth rate of 21 %, excluding license revenue, 24 % when adjusted for currency effects. Net sales, including the divested Antibody Business and license revenue, totaled SEK 61,163 (69,527)** thousand, with a decrease of -12 %, -10 % when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 14,943 (12,089)* thousand. EBITDA including the divested antibody business and license revenue totaled SEK 14,943 (23,841)** thousand.
• Operating profit (EBIT) totaled SEK 9,848 (8,072)* thousand. EBIT including the divested antibody business and license revenue totaled SEK 9,848 (18,350)** thousand.
• As a result of the Swedish krona strengthening during the period against both the USD and the EUR, with the greatest strengthening and impact related to the USD, the operating profit was impacted by currency translation effects amounting to -4,001 (996) thousand SEK.
• Profit/loss for the period totaled SEK 8,573 (14,532) thousand.
• Earnings per share*** totaled SEK 0.13 (0.22).
• Comprehensive income for the period totaled SEK 10,843 (16,816) thousand.
• Cash flow from operating activities was SEK 5,251 (17,795) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.

*Previous year excluding the divested antibody business. The antibody business was divested on August 19, 2024.
** Previous year including the divested antibody business
***Earnings per share are calculated by dividing profit by the weighted average number of shares during the year. There is no dilutive effect.

Message from the CEO
We maintained strong momentum in the second quarter, delivering 28% organic growth. Adjusted for the divested antibody business, EBIT doubled compared with the same period last year, despite currency headwinds from the strengthened Swedish krona.
 
The organic growth was strong across all our main geographic markets: North America, Europe, and Asia. Sales growth in the Chinese market continued its positive trend during the second quarter, and Europe posted strong sales growth compared with the previous year. Despite uncertainties around tariffs, government research funding, and questions related to the FDA, sales in the US showed continued robust development.
 
Growth during the quarter was primarily driven by large pharmaceutical companies, while smaller biotech companies continued to face a challenging venture capital market, which limits their activity levels.
 
During the quarter, growth was relatively evenly distributed across our product portfolio. Enzymes for analysis showed strong sales growth, and our offerings in antibody conjugation and ADCs (Antibody Drug Conjugates) remain strong drivers of our business. Our service business, which has grown strongly in recent quarters, also showed solid growth and continued healthy inflow of new projects.
 
The macroeconomic environment remains characterized by increased uncertainty, including new trade tariffs. This creates volatility in the markets and affects investment appetite broadly, including in the Life Science sector. At the same time, there are industry-specific challenges, such as cuts in NIH research funding and turbulence within the FDA. While the short-term market for us as a supplier to the research and pharmaceutical industries is more difficult to assess, we continue to see strong underlying drivers. The global need for new medicines and better health is growing, and we are well-positioned to contribute with innovation to this development.
 
Our ambitions for continued growth through a broader product portfolio, commercial sharpness, and strong customer relationships remain unchanged. We have a strong financial position with good liquidity and cash flows, which gives us room to invest in future growth – both organically and inorganically.
 
At the beginning of the third quarter, we also executed two important inorganic growth initiatives: the acquisition of SEQURNA and an expanded licensing agreement with Thermo Fisher Scientific. Through the acquisition of SEQURNA, we secure access to critical innovation and a promising product pipeline to further strengthen our position in the rapidly growing RNA analysis market. Through the licensing agreement with Thermo Fisher Scientific, we can now support our customers throughout the entire development chain for ADCs – from early research all the way to commercial manufacturing – thereby creating new value in a rapidly growing market. These steps further strengthen our strategic position and broaden our market presence. Despite a turbulent financial climate influenced by macroeconomic and geopolitical uncertainty, we continue to see opportunities to act with a long-term, value-creating approach. Our strategy remains unchanged.
 
Finally, I would like to extend a sincere thank you to all my colleagues at Genovis. In a time when the world around us is changing rapidly, you demonstrate outstanding commitment and the ability to stay focused on what matters most – our customers. With customer-focused innovation as our guiding principle, you contribute every day to developing tools that help our customers create the medicines of the future.