On April 24, 2025 PharmaMar Group (MSE: PHM) reported 19% growth in recurring revenues in the first quarter of 2025 (Press release, PharmaMar, APR 24, 2025, View Source [SID1234652109]). This revenue, which is the sum of net sales plus royalties received from our partners, amounted to €37.8 million as of March 31st, 2025. This increase was mainly driven by the good performance of lurbinectedin revenues in both Europe and the US.

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As of March 31st, 2025, total oncology revenues increased by 22% to €23.1 million, compared with €19.0 million in the same period of last year. This increase was due to the positive performance of lurbinectedin revenues in Europe, where revenues recorded under the compassionate use program – mainly in France – rose 26% to €8.0 million, compared to €6.3 million as of March 31, 2024. In addition, commercial sales of Zepzelca in Switzerland amounted to €4.3 million in the first quarter of the year, compared with €4.2 million in the same period of 2024.

Also, raw material sales of both Yondelis (trabectedin) and lurbinectedin to our partners amounted to €5.7 million, representing an increase of 72.3% compared to the €3.3 million recorded in the same period of the previous year.

Sales of trabectedin in Europe through March 31st, 2025, remained stable at €5.2 million.

At the end of the first quarter of 2025, oncology royalty revenues amounted to €14.7 million, an increase of 16% over the same period of the previous year. This growth was led by royalties received from our partner Jazz Pharmaceuticals for lurbinectedin sales in the US, which increased by 9% to €12.7 million[1].

In addition to the royalties received from Jazz Pharmaceuticals through March 31st, 2025, royalties on trabectedin sales from our partners in the U.S. and Japan totaled €2.0 million, almost double the €1.1 million recorded in the first quarter of 2024.

With regard to non-recurring revenues from licensing agreements, at the end of the first quarter of 2025, these amounted to €1.0 million, compared with €6.0 million as of March 31st, 2024. Both figures come from the recognition as revenue of a portion of the deferred revenue from the 2019 agreement signed with Jazz Pharmaceuticals in relation to Zepzelca.

In the current fiscal year, the annual imputation of income related to this agreement is estimated at €4 million, while the total for the previous year was approximately €23 million. Of the total €300 million of income received in 2020 in connection with this agreement, 93% has already been taken to income in recent years. The remaining 7% will be recognized in future fiscal years.

As a result, PharmaMar Group reported 2% growth in total revenues in the first quarter of 2025, to €38.9 million.

PharmaMar Group R&D expenditure amounted to €21.3 million, 22% less than in the first quarter of 2024.

Of total R&D expenditure in the period, the oncology segment accounted for €19.8 million, compared with €24.6 million at March 31st, 2024. This change is mainly due to the completion of recruitment in December 2024 for the LAGOON Phase III clinical trial with lurbinectedin in small-cell lung cancer.

In the RNAI segment 1.5 million was allocated, compared with €2.6 million in the same period of the previous year. This variation is due to the completion in the first months of 2024 of the PIVO1 phase III clinical trial with tivanisiran for dry eye disease.

In addition, the Company continues to invest in the clinical development of three molecules at earlier stages. Two Phase II clinical trials are underway with ecubectedin, as well as Phase I clinical trials with PM534 and PM54, all for the treatment of solid tumors.

EBITDA improved, compared to the same period of the previous year, standing at- € 1.1 M compared to € -2.7 M in the first quarter of 2024.

Net income, as of March 31st, 2025, stands at -€3.9 M compared to a profit of € 2.3 as of March 31st, 2024. This difference is due to the positive financial results recorded in March 2024 in addition to a positive income tax balance.

At March 31st 2025, the PharmaMar Group recorded a cash and cash equivalents balance of €142.2 million, with total financial debt of €48.5 million. As a result, the net cash position at end of the first quarter of 2025 was €93.7 million.