Enorama Pharma (ERMA) Q2 2025 earnings summary

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.