Vistin Pharma (VISTN) Q1 2025 earnings summary

Executive summary

• Revenue increased 11% year-over-year to NOK/MNOK 115 in Q1 2025, with sales volume up 14% and EBITDA rising 48% to NOK/MNOK 30, reflecting strong demand and operational improvements.

• Net profit for the quarter was NOK/MNOK 21.7, up from NOK/MNOK 7.7 in the same quarter last year.

• Gross margin reached 62-63%, exceeding long-term targets, and EBITDA margin improved to 26% from 20% year-over-year.

• Operational performance improved with higher run-rate and successful reactor replacement on line 1.

• Net cash position at quarter-end was NOK/MNOK 12.7–30, and the Board proposed a NOK 1.25 per share dividend for June.

Financial highlights

• Revenue: NOK/MNOK 115 (Q1 2025) vs. NOK/MNOK 103.9–104 (Q1 2024), up 11%.

• EBITDA: NOK/MNOK 30–30.2 (Q1 2025) vs. NOK/MNOK 20–20.4 (Q1 2024), up 48%, with margin at 26%.

• Net profit: NOK/MNOK 21.7 (Q1 2025) vs. NOK/MNOK 7.7 (Q1 2024).

• Gross margin: 62-63%, exceeding long-term ambition.

• Operating margin: 22% (Q1 2025) vs. 15% (Q1 2024).

Outlook and guidance

• Metformin market expected to grow at a 4-6% CAGR, with global diabetes prevalence rising.

• No significant impact from US tariff announcements; demand remains strong and stable.

• Ongoing ramp-up of new manufacturing line, targeting 7,000 MT theoretical capacity.

• Water recycling project and waste reduction initiatives expected to further lower costs in 2025.

• Higher manufacturing and sales volumes anticipated to increase working capital requirements.