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Enorama Pharma (ERMA) investor relations material
Enorama Pharma Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 was 733 KSEK, down 87% year-over-year, mainly due to a change in US distributor and minimal sales activity during the transition.
Operating loss widened to -15,321 KSEK in Q2 and -31,999 KSEK for H1 2025, reflecting higher PMTA costs, inventory write-downs, and negative currency effects.
Strategic focus remains on the PMTA process for permanent FDA approval and building a new commercial platform in the US.
Financial highlights
Q2 2025 net sales: 733 KSEK (5,656 KSEK Q2 2024); H1 2025 net sales: 1,182 KSEK (5,646 KSEK H1 2024).
Q2 2025 operating result: -15,321 KSEK (-6,340 KSEK Q2 2024); H1 2025: -31,999 KSEK (-16,366 KSEK H1 2024).
Q2 2025 pre-tax result: -18,708 KSEK (-6,767 KSEK Q2 2024); H1 2025: -41,219 KSEK (-14,673 KSEK H1 2024).
Inventory write-downs in H1: -10,330 KSEK; PMTA costs: -6,021 KSEK; currency losses: -8,696 KSEK.
Equity at June 30, 2025: 8,279 KSEK (38,754 KSEK June 2024); liquidity: 2,518 KSEK (17,376 KSEK June 2024).
Outlook and guidance
Expectation of resumed sales growth in the US from September 2025 with a new distributor and commercial director.
Continued investment in PMTA process, with further capital needed to complete FDA approval.
US market for white snus remains a significant growth opportunity.
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