Biomm (BIOM3) Q4 2023 earnings summary

Executive summary

• FY2023 net revenue rose to R$118,194 thousand from R$104,954 thousand, and gross profit increased to R$23,259 thousand from R$15,996 thousand; EBITDA remained negative at R$61,045 thousand.

• 4Q23 net revenue fell 24.0% YoY to R$25.4 million, while gross profit rose 17.9%, supported by lower Herzuma acquisition costs.

• Nova Lima facility readiness advanced, biologics partnerships expanded the portfolio, and capital was raised to support funding needs.

• Net loss narrowed to R$81,141 thousand from R$92,559 thousand; independent auditor issued an unmodified opinion on the individual and consolidated financial statements.

Financial highlights

• FY2023 operating expenses were R$95,784 thousand, down 6% YoY, partly due to lower product damage and expiry losses recorded in 2022.

• Consolidated net financial expense rose to R$8,276 thousand from R$6,953 thousand.

• Operating cash outflow was R$74,785 thousand; cash and equivalents closed at R$25,998 thousand versus R$75,931 thousand at 2022 year-end.

• Basic loss per share was R$0.98 in 2023 versus R$1.26 in 2022; diluted loss per share was R$0.97 versus R$1.26.

Segment performance

• Glargilin reached 20.3% of the glargine market, up from 12% in 2022; sales grew 88% as the market expanded 13%, and diabetes portfolio volume rose 32%.

• Herzuma volume grew 40% YoY and reached 23.7% oncology market share; trastuzumab 440 mg private-market share rose from 16% to 19%.

• Ghemaxan volume increased 20% YoY; Wosulin and Ghemaxan market shares declined 1.8% and 1.9%, respectively.

• Enoxaparin share fell from 4% to 3%, with sales down 23% as the market grew 7%.

• Operations were managed as one consolidated operating segment; 2023 and 2022 sales were from externally sourced products, with no own production yet.