Mabion (MAB) Q3 2024 earnings summary

Executive summary

• Revenue for the 9 months ended 30 September 2024 was PLN 64.3 million, down from PLN 105.2 million year-over-year, reflecting the end of guaranteed production for Novavax in May 2024.

• Net profit for the 9 months was PLN 11.5 million, a significant decrease from PLN 42.6 million in the prior year period.

• The company is transitioning to a fully integrated CDMO, focusing on acquiring new contracts and expanding its service portfolio.

Financial highlights

• Gross profit for the 9 months was PLN 53.2 million, compared to PLN 81.1 million year-over-year.

• Operating profit for the 9 months was PLN 9.0 million, down from PLN 46.4 million in the prior year.

• Cash and cash equivalents at 30 September 2024 were PLN 47.0 million, stable compared to PLN 47.8 million at year-end 2023.

• Total assets decreased to PLN 179.3 million from PLN 208.3 million at year-end 2023.

• Total equity increased to PLN 129.3 million from PLN 117.8 million at year-end 2023, reflecting retained earnings.

Outlook and guidance

• No additional material income is expected from Novavax under the current agreement, but future services are possible if the agreement is renewed.

• New contracts, including a PLN 5.5 million order from a UK immunotherapeutic company, are expected to support revenue in 2025.

• Management expects sufficient liquidity for at least 12 months, assuming successful acquisition of new contracts and/or external financing.