Moberg Pharma (MOB) Q2 2024 earnings summary

Executive summary

• TerclaraⓇ (MOB-015) launched in Sweden, quickly becoming market leader with 39% value and 34% unit share in Q2 2024, available in all Swedish pharmacy chains.

• National approvals for MOB-015 obtained in all 13 targeted EU countries; 7 OTC and 6 Rx.

• North American Phase 3 study completed enrollment, topline data expected January 2025 to support US approval.

• Partnerships established in EU, Canada, Korea, Israel, and Scandinavia, with potential milestones of USD 70m.

• Cash position strengthened to SEK 326 million at end of Q2 2024 after successful warrant exercise and directed share issue.

Financial highlights

• Q2 2024 net revenue reached SEK 4.1 million, up from SEK 0.8 million in Q1 2024; six-month net revenue was SEK 4.9 million.

• Q2 operating loss (EBIT) was SEK -5.5 million, with six-month EBIT at SEK -13.4 million.

• Q2 profit for the period was SEK -4.0 million; six-month profit was SEK -10.5 million.

• Cash and cash equivalents increased to SEK 326 million at end of Q2 2024.

• Consistent investments in MOB-015 development, with SEK 16.8 million invested in Q2 2024.

Outlook and guidance

• Pan-European rollout planned with Bayer as partner, pending long-term terbinafine supply and U.S. study results.

• US commercialization strategy includes building presence among podiatrists and dermatologists, with partner search ongoing.

• Anticipated global product sales potential for MOB-015 is USD 250–500 million.

• Focus remains on Swedish market leadership, securing API supply, and preparing for broader commercialization.