Moberg Pharma (MOB) Q4 2024 earnings summary

Executive summary

• Terclara achieved and maintained market leadership in Sweden, reaching a 33% value and 26% unit share in Q4 2024, and launched in Norway with further European expansion planned for 2026.

• The company shifted focus to Europe after North American Phase III topline data did not meet the primary endpoint, delaying the US launch pending further clinical data.

• Bayer and South Korea partnerships ended, returning full EU rights for MOB-015 to Moberg Pharma and allowing resource reallocation.

• A new terbinafine supplier was secured, removing supply constraints for European launches.

• Terclara's launch expanded the Swedish market and won Best Launch of 2024 at major pharmacy supplier meetings.

Financial highlights

• Q4 2024 net revenue was SEK 1,027 thousand, with full-year 2024 net revenue at 9.8 MSEK.

• Q4 2024 EBIT was SEK -308.1 million, mainly due to a 300 MSEK impairment of MOB-015; full-year EBIT was -324.8 MSEK.

• Cash and cash equivalents at year-end were SEK 293.3 million.

• 336 MSEK was raised in 2024 via options and a directed share issue, with 18.6 million new shares issued.

• No interest-bearing debt (excluding lease liabilities) at year-end.

Outlook and guidance

• The company prioritizes pan-European commercialization, with Norway and Sweden as new markets in 2024 and further EU rollouts planned for 2026.

• Additional US clinical studies are planned before FDA submission; US launch is delayed.

• The company is financed to sustain profitability and does not expect significant cash burn in the near term.