Biomm (BIOM3) Q1 2023 earnings summary

Executive summary

• Revenue reached R$34,283 thousand, up 34.8% YoY; gross profit rose 106.7%, net loss narrowed 14% to R$17,932 thousand, and the EBITDA loss narrowed 32.5%.

• Herzuma and Glargilin gained market share; Wosulin and Ghemaxan lost share despite higher Ghemaxan sales volume.

• Nova Lima factory qualification advanced, but commercial Glargilin production still required final Anvisa approval.

Financial highlights

• Net revenue was R$34,283 thousand, up 34.8% YoY and 30.3% QoQ, driven mainly by higher sales volumes.

• Gross profit reached R$6,925 thousand, up 106.7% YoY and 149.0% QoQ, reflecting higher volume and improved Ghemaxan and Glargilin margins.

• Selling, G&A and other expenses totaled R$22,311 thousand, down 10% YoY, mainly due to lower marketing and personnel costs.

• Net loss narrowed to R$17,932 thousand from R$20,981 thousand; net financial expense rose to R$2,060 thousand from R$198 thousand, primarily due to FX.

Segment performance

• Glargilin represented 23.6% of the glargine market versus 5.1% in Q1 2022; diabetes product volume increased 113%, led by Glargilin.

• Herzuma volume rose 36% YoY; market share reached 19.2%, versus 13.0% in Q1 2022, with gains in public and private markets.

• Private 440mg trastuzumab share reached 18% in Q1 2023 versus 13% in Q1 2022; LTM share rose to 17% from 13%.

• Wosulin share fell to 1% from 3.3%; Ghemaxan volume rose 50%, while its share declined to 1.8% from 6.8%.