Mabion (MAB) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was PLN 63.8 million, down 16% year-over-year, with net profit at PLN 27.8 million, a 12% decrease from H1 2023.

• The company continued its transformation into a fully integrated CDMO, focusing on expanding its service portfolio and acquiring new contracts.

• The main revenue driver remained the manufacturing agreement with Novavax, though the period of guaranteed production ended in May 2024.

Financial highlights

• Operating profit for H1 2024 was PLN 24.1 million, down from PLN 35.5 million in H1 2023.

• Gross profit on sales reached PLN 52.8 million, compared to PLN 57.9 million in H1 2023.

• Cash and cash equivalents increased to PLN 50.2 million as of June 30, 2024, from PLN 47.8 million at year-end 2023.

• Total assets stood at PLN 196.4 million, with equity of PLN 145.6 million.

• Basic and diluted EPS for H1 2024 was PLN 1.72, down from PLN 1.96 in H1 2023.

Outlook and guidance

• Management expects continued operations for at least 12 months, supported by existing cash, ongoing contracts, and shareholder backing.

• The company is actively seeking new CDMO contracts and has signed a new SOW with Novavax for analytical services and a post-balance sheet contract with a UK immunotherapy company.

• Uncertainty remains regarding the realization of income from new contracts and potential need for additional financing.