Biomm (BIOM3) Q1 2024 earnings summary

Executive summary

• Q1 revenue was R$38,561k, up 12.5% YoY; gross profit rose 22.5% to R$8,486k, and net loss narrowed to R$17,082k.

• Commercial momentum across diabetes, oncology and thrombosis products coincided with ANVISA approval of the Nova Lima plant for Glargilin manufacturing.

Financial highlights

• Consolidated operating expenses were R$26,024k, up 17% YoY, mainly due to marketing, personnel, the long-term incentive plan and salary adjustments.

• EBITDA was negative R$14,742k versus negative R$12,401k in Q1 2023; higher expenses outpaced gross profit growth.

• Net financial result improved to income of R$320k from an expense of R$2,060k, mainly from interest income on capital-raise proceeds.

• Operating cash outflow was R$43,249k versus R$33,597k a year earlier; cash and equivalents were R$118,004k at March-end.

Segment performance

• Glargine insulin sales grew 56% YoY versus 4% market growth; share rose from 24% to 36%.

• Herzuma reached 20% market share, up 46% YoY; volumes increased 38% across private and decentralized public channels.

• Trastuzumab 440mg private-market sales grew 27% YoY versus 8% market growth; share rose from 15% to 19%.

• Enoxaparin sales grew 777% YoY versus 36% market growth; share increased from 2% to 11%.

• Diabetes product volume increased 45%, led by Glargilin replacing Wosulin in the mix; Ghemaxan held ~11% share despite an 11% volume decline.