Enorama Pharma (ERMA) Q4 2024 earnings summary

Executive summary

• Net sales for 2024 increased to 15,768 KSEK from 1,358 KSEK year-over-year, driven by pouch sales in the US, but Q4 sales dropped 64.7% sequentially.

• Operating result for 2024 was -47,515 KSEK, down from -42,127 KSEK in 2023, with Q4 impacted by lower sales and NRT asset write-down.

• Strategic focus shifted to white nicotine pouches and the US PMTA process, with NRT business divestment ongoing and significant cost reductions implemented.

Financial highlights

• Q4 2024 net sales: 2,641 KSEK, down from 7,481 KSEK in Q3 2024 (–64.7%).

• Full-year 2024 operating result: -47,515 KSEK (2023: -42,127 KSEK); Q4 operating result: -26,673 KSEK (Q3: -4,476 KSEK).

• Result before tax for 2024: -43,806 KSEK (2023: -44,613 KSEK); Q4: -22,006 KSEK (Q3: -7,127 KSEK).

• Earnings per share for 2024: -0.72 SEK (2023: -1.09 SEK); Q4: -0.36 SEK (Q3: -0.12 SEK).

• Equity at year-end: 7,803 KSEK (2023: 19,538 KSEK); cash and cash equivalents: 2,085 KSEK (2023: 6,153 KSEK).

Outlook and guidance

• Focus remains on the US market and PMTA process for white nicotine pouches, with plans to expand online sales and partnerships.

• NRT business divestment is ongoing, with value dependent on process outcome; cost base reduced by 60% and team downsized.