Moberg Pharma (MOB) Q4 2025 earnings summary

Executive summary

• Achieved strong commercial momentum in 2025, with TerclaraⓇ leading the Swedish and Norwegian markets and expanding into Europe via a major license agreement with Karo Healthcare.

• The Karo Healthcare partnership covers 19 European markets, enabling broad distribution and launch under the Lamisil® brand.

• TerclaraⓇ reached a 42% value share in Sweden and 34% in Norway for the full year, with significant year-over-year growth in both markets.

• Regulatory processes for further European launches are underway, with a clear path to broader international presence.

Financial highlights

• Net revenue for 2025 was SEK 13.5 million, up from SEK 9.8 million year-over-year.

• EBITDA for the year was SEK -25.7 million (prior year: -23.5 million); operating profit (EBIT) was SEK -27.3 million (prior year: -324.8 million).

• Profit for the period was SEK -27.2 million, a significant improvement from SEK -255.1 million in 2024.

• Cash and cash equivalents at year-end were SEK 230.9 million (prior year: SEK 293.3 million).

• Q4 net revenue was SEK 2.1 million (Q4 2024: SEK 1.0 million); Q4 profit was SEK -12.8 million (Q4 2024: -243.3 million).

Outlook and guidance

• Focus remains on commercializing MOB-015 in approved European markets and expanding into additional countries with strong commercial potential.

• The Karo Healthcare agreement is expected to accelerate European launches, with regulatory approvals pending.

• Long-term ambition includes U.S. market entry, pending further clinical data and FDA approval.