|Commissioned research: Solid margins confirmed in Q3
Moberg Pharma posted Q3 numbers with net revenue amounting to SEK 109m, up 5% y/y for the current portfolio at constant exchange rates, including a milestone payment of SEK 4.6m. Adjusting for the milestone, sales at constant FX were the same as in Q3 2017. This is largely explained by a warehouse move in July, which shifted volumes of SEK 5-10m from Q3 to Q2. Adjusted gross margins were solid at 76% and reported EBITDA was SEK 23m, representing a slight beat versus our estimate at SEK 22m.
Commissioned research: First licence agreement for MOB-015
On 18 September, Moberg Pharma announced that the company has signed an exclusive licence agreement with Cipher Pharmaceuticals for MOB-015 in Canada. Moberg Pharma is eligible to receive USD 0.5m upfront and an additional USD 4.1m when development and regulatory milestones have been reached. Pending commercial targets, Moberg Pharma is entitled to further milestone payments of up to USD 10m, as well as royalties.
|Commissioned research: Breaking the catch-22 of onychomycosis treatment
Moberg Pharma is a speciality pharma company operating three leading flagship brands in the over-the-counter (OTC) market, with an emphasis on onychomycosis (nail fungus) and skin treatments. Its commercial operations are largely conducted in the US, where ~90% of total sales were generated in 2017. In addition, it has two late-stage drug candidates, including a next-generation nail fungus treatment (MOB-015) and a novel treatment for pain caused by oral mucositis (BUPI).
Marketing material commissioned by Moberg Pharma.
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