Pharma Mar (PHM) Q4 2024 earnings summary

Executive summary

• Total revenue for 2024 increased by 11% year-over-year to €174.9 million, driven by higher royalties and licensing income, with Sapselca/Zepzelca and Yondelis accounting for 69–70% of total revenues.

• EBITDA reached €13.0 million, up from €2.1 million in 2023, reflecting improved operating performance and cost control.

• Net profit surged to €26.2 million from €1.1 million, aided by positive financial results and tax credits.

• Major clinical milestones achieved, including positive Phase III results for lurbinectedin (Sapselca/Zepzelca) plus atezolizumab in small cell lung cancer and progress in multiple trials.

• Net cash position stood at €109 million at year-end, supporting future growth and R&D investments.

Financial highlights

• Total revenues reached €174.9 million, up 11% year-over-year, with recurring revenue at €127.9 million and non-recurring licensing revenue up 38% to €46.5 million.

• Royalties grew 18% to €61.3 million, mainly from U.S. lurbinectedin/Zepzelca sales, with U.S. royalties up 15%.

• Product sales declined 6–7% to €66.5 million, mainly due to lower Yondelis and lurbinectedin sales in Europe.

• R&D expenses increased 4% to €103.5 million, reflecting expanded clinical activity, especially in oncology.

• Operating cash flow was €6 million, reversing a negative cash flow in 2023.

Outlook and guidance

• Revenue growth expected in 2025, with a major inflection point anticipated in 2026.

• Plans to submit marketing applications for lurbinectedin plus atezolizumab in the US and EU in H1 2025, with expected launches in 2H 2026.

• Ongoing and upcoming clinical trial readouts expected in 2025, including for SYL1801 in AMD.

• Most expenses and costs projected to remain stable.

• Anticipated launch in China in the first half of 2025 following regulatory approval.