Quarter 3, March 2022 – May 2022
• Net revenue was 644 (732) tkr.
• EBITDA was -3 100 (-2 079) tkr.
• Operating cash flow was -4 531 (-8 422) tkr.

Interim period, September 2021 – May 2022
• Net revenue was 946 (732) tkr.
• EBITDA was -10 035 (-3 191) tkr.
• Operating cash flow was -10 014 (-3 206) tkr.
• Cash position in the end of period was 38 715 (15 729) tkr.
• Licensed products in the end of period were 29.
• Products with marketing authorization in the end of the period were 4.

Significant events during the quarter
• Lenalidomide Newbury approved by the Swedish Health Authorities.
• Sunitinib Newbury approved by the Danish Health Authorities.
• Strengthening its portfolio with two new products, Ivermectin and Azelastine+Fluticasone.
• In May “Icatibant Newbury” was number one in Sweden and achieved market leadership across Scandinavia in volume market share.

Significant events after the end of the quarter
• Strengthening its portfolio with Teriparatide injection in pre-filled pen.
• “Icatibant Newbury” continued to win the Swedish market tender for June and July
 
A word from the CEO
This Quarter has been characterized by strong execution related to new in-licensing activities, new marketing authorizations obtained, and last but not least sales achieved in Sweden by winning the month of May for Icatibant Newbury. We are making strong progress and are well prepared for further growing the company.

High market share achieved 
Despite strong competition, we have been able to realize strong uptake of our first product on the market. Last Quarter we recorded sales in Norway and this month the product was launched in Sweden. In May we were awarded as the preferred product of the month in Sweden which made us market leader in Scandinavia in relation to number of patients using our product.

The same trend is expected in June and July where we also have been awarded number 1 position in Swedish pharmacies.

Pipeline continues to grow
Two additional licensing deals were entered during this Quarter. We successfully enlarged the portfolio with the addition of Ivermectin 10mg/g Cream, also known by its brand name Soolantra®. Ivermectin Cream is a topical treatment indicated for the treatment of inflammatory lesions of rosacea in adult patients.

Additionally, we expanded the portfolio with the addition of Azelastine+Fluticasone, also known by its brand name Dymista®. Azelastine+Fluticasone is indicated for relief of symptoms of moderate to severe seasonal and perennial allergic rhinitis if monotherapy with either intranasal antihistamine or glucocorticoid is not considered sufficient.

The two new products are strengthening our existing portfolio. With these new additions, we will increase the number of launches in the coming years with two competitive treatments. But we continue to focus on strengthening our future pipeline by licensing another product after the closing of this Quarter. We recently announced the addition of Teriparatide pre-filled injection pen which is a synthetic follow-on version for the recombinant (biological) teriparatide (Forsteo®) indicated for treatment of osteoporosis and it has been developed by utilizing fast-developing synthetic technologies. The addition of this non-biological complex drug is a terrific supplement to the existing portfolio and our strategic focus on specialty medicine. In addition, we have secured a new strategic partnership which can be an advantage when sourcing future products.

Executing the strategy road map
The results in this Quarter demonstrate the focus on scaling the company for future launches and identifying product opportunities as well as ongoing regulatory filings of our portfolio which by now consist of 30 products planned for launch in the years ahead. All together, we are making strong progress and are well prepared for further growing the company.