Moberg Pharma (MOB) Q4 2024 earnings summary

Executive summary

• Terclara achieved and maintained market leadership in Sweden, reaching a 33% value share and 26% unit share in Q4 2024, and expanded into Norway in early 2025 with targeted campaigns and initial deliveries.

• Strategic focus shifted to Europe after the North American Phase III study for MOB-015 did not meet its primary endpoint, delaying the U.S. launch and resulting in a SEK 300 million intangible asset impairment.

• The partnership with Bayer in Europe was mutually terminated, restoring full EU rights and control over commercialization.

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

• 13 EU market approvals are in place for MOB-015, with further rollouts planned for 2026.

Financial highlights

• Net revenue for 2024 was SEK 9.8 million, with SEK 8.1 million from product sales and SEK 1.7 million from milestone payments.

• Operating profit (EBIT) for 2024 was SEK -324.8 million, including a SEK 300 million intangible asset impairment.

• EBITDA for 2024 was SEK -23.5 million; profit after tax was SEK -255.1 million.

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

• Gross margin for 2024 was 64%.

Outlook and guidance

• Focus remains on scaling in Europe, with Norway and Sweden as the only new markets in 2024 and further EU rollouts planned for 2026.

• Additional U.S. clinical study is planned to support future FDA approval; U.S. launch is delayed.

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

• Company aims to increase direct presence and control over the value chain in Europe.