Moberg Pharma (MOB) Q2 2025 earnings summary

Executive summary

• TerclaraⓇ (MOB-015) achieved market leadership in Sweden and Norway, validating the launch strategy and strong demand for effective topical nail fungus treatments.

• European expansion remains on track, with preparations for a broad-scale rollout in 2026 and organizational adjustments to support commercialization.

• Management and board changes were implemented to align with commercialization priorities.

Financial highlights

• Q2 2025 net revenue was SEK 3.6 million, down from SEK 4.1 million in Q2 2024, impacted by inventory effects despite growth in consumer sales.

• Net revenue for Jan–Jun 2025 was SEK 7.5 million, up 51% year-over-year.

• Gross profit for Q2 2025 was SEK 1.7 million, compared to SEK 2.7 million in Q2 2024.

• Operating profit (EBIT) for Q2 2025 was SEK -9.7 million, compared to SEK -4.7 million in Q2 2024.

• Cash and cash equivalents at the end of Q2 2025 were SEK 254.7 million.

Outlook and guidance

• European expansion is scheduled for 2026, with ongoing partner discussions to maximize reach and company involvement in commercialization.

• The company will prioritize commercialization in approved European markets before considering further U.S. studies.

• MOB-015 is approved in 13 European countries; launches in additional markets are planned for 2026.