Moberg Pharma (MOB) Q3 2025 earnings summary

Executive summary

• Achieved strong market leadership for TerclaraⓇ in Sweden (47% value share) and Norway (37% value share) during Q3 2025, with continued expansion into Europe via a new license agreement with Karo Healthcare covering 19 markets.

• MOB-015/TerclaraⓇ to be launched under the Lamisil® brand, leveraging Karo Healthcare's distribution network for broad European coverage.

• Product recognized for launch excellence, including a nomination for "Launch of the Year" in Norway.

Financial highlights

• Net revenue for Jan–Sep 2025 was SEK 11.5 million, up from SEK 8.8 million year-over-year; Q3 revenue was SEK 4.0 million (Q3 2024: SEK 3.9 million, which included a SEK 1.7 million milestone payment).

• EBITDA for Jan–Sep 2025 was SEK -18.7 million (2024: -15.7 million); Q3 EBITDA was SEK -5.6 million (2024: -3.0 million).

• Operating profit (EBIT) for Jan–Sep 2025 was SEK -19.9 million (2024: -16.7 million); Q3 EBIT was SEK -6.0 million (2024: -3.3 million).

• Profit for Jan–Sep 2025 was SEK -14.5 million (2024: -11.8 million); Q3 profit was SEK -4.3 million (2024: -1.3 million).

• Cash and cash equivalents at period end were SEK 236.2 million (2024: SEK 309.0 million).

Outlook and guidance

• Focus remains on launching MOB-015 in 11 additional approved European countries, with further expansion planned as regulatory approvals for the Lamisil® brand are obtained.

• Priority given to markets with existing commercial partners and high commercial potential.

• U.S. launch timeline extended pending additional clinical data; near-term focus is on Europe.