Moberg Pharma (MOB) Q3 2024 earnings summary

Executive summary

• Terclara achieved market leadership in Sweden, reaching a 34% value share and up to 78% unit share in Q3, and was named best launch of the year by major pharmacy chains.

• The launch drove 41–44% category growth in Sweden, with broad distribution across over 90% of pharmacies and rapid consumer uptake.

• Commercialization is proceeding in two steps: Swedish launch followed by a pan-European rollout with Bayer, with approvals in 13 EU countries.

• The ongoing North American Phase 3 study for MOB-015 has led to lowered expectations for the primary endpoint, with topline results expected by year-end or January 2025.

• Terclara's launch overcame initial distribution challenges, with production schedules accelerated to meet high demand.

Financial highlights

• Q3 2024 net revenue was SEK 3.9 million, including SEK 2.2 million from product sales and SEK 1.7 million from a milestone payment.

• Gross profit for Q3 2024 reached SEK 3.2 million, with a gross margin of 84%.

• Q3 EBIT was SEK -3.3 million, improving from previous quarters.

• Cash and cash equivalents at quarter-end were SEK 309 million, strengthened by TO 2 warrants and share issues.

• Investments in the North American Phase 3 study totaled SEK 20.2–20.4 million in Q3.

Outlook and guidance

• Topline results from the North American Phase 3 study are expected in December 2024 or January 2025.

• Pan-European rollout is planned for 2026, contingent on long-term terbinafine supply and positive US study results.

• Approval for a new terbinafine supplier is anticipated before year-end 2024.

• Continued focus on expanding market presence and ensuring supply chain stability.