Xbrane Biopharma (XBRANE) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked a strategic shift with the divestment of XB003 and part of R&D to Alvotech for SEK 275 million, reducing annual fixed costs and improving financial position.

• Focus is now on Ximluci (Lucentis biosimilar) and Xdivane (Opdivo biosimilar candidate) as core assets, with a leaner structure of about 25 employees.

• Ximluci launched in 23 European countries, including all major markets, with 36% volume growth versus Q4 2024.

• The company transitions to a biosimilar asset model, prioritizing profitability and global partnerships.

Financial highlights

• Q1 2025 revenue reached SEK 93.2 million, up from SEK 14.1 million in Q1 2024, with gross profit of SEK 52.9 million and a gross margin of 57%.

• Ximluci product sales contributed SEK 46.6 million; license revenue from Intas agreement also SEK 46.6 million.

• EBITDA was SEK 32.6 million, operating profit SEK 27.7 million, and profit after tax from continuing operations SEK 19.2 million.

• Operating cash flow for Q1 2025 was negative SEK 69 million; cash and equivalents at quarter-end were SEK 25 million.

• Loss for the period was SEK 8.2 million, including SEK 11.1 million loss from discontinued operations.

Outlook and guidance

• Alvotech transaction expected to close by end of May 2025, with proceeds received in June, enabling debt repayment and cost base reduction.

• Q3 2025 report will reflect the new cost structure post-divestment.

• Focus on FDA approval for Ximluci in the U.S., initiation of Xdivane clinical trial, and supporting Ximluci sales growth in Europe and new territories.

• The company is exploring additional funding options, including licensing, capital raising, and loans.