Moberg Pharma (MOB) Q3 2024 earnings summary

Executive summary

• Terclara achieved market leadership in Sweden in Q3, reaching a 34% value share and 28% unit share, with availability at over 90% of Swedish pharmacies and strong consumer demand.

• The launch drove 41–44% category growth in Sweden, with recognition as "Launch of the Year" by major pharmacy chains and rapid market adoption.

• Commercialization is proceeding with a Swedish launch followed by a pan-European rollout, supported by Bayer, and ongoing US expansion efforts.

• Net sales for Q3 2024 were SEK 3.9 million, including milestone payments, and cash reserves reached SEK 309 million at quarter-end.

• Financial performance improved, with reduced operating losses and strengthened cash position through rights issues and warrant exercises.

Financial highlights

• Q3 2024 net sales were SEK 3.9 million, with Jan–Sep net sales at SEK 8.8 million, and gross profit for Q3 at SEK 3.2 million.

• Q3 EBITDA improved to -3.0 MSEK from -6.6 MSEK year-over-year; Q3 EBIT was -3.3 MSEK.

• Cash and cash equivalents stood at SEK 309 million at the end of Q3 2024, with no interest-bearing debt.

• Investments in the North American MOB-015 study totaled SEK 20.2 million in Q3 2024.

• Gross margin for Q3 2024 was approximately 84%.

Outlook and guidance

• Topline results from the US phase 3 study are expected in December 2024 or January 2025, with commercial prospects in the US dependent on these results.

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

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

• Continued focus on commercializing Terclara in Sweden and preparing for broader European rollout.