PharmaMar Group reports first quarter financial results

On April 26, 2018 The PharmaMar Group (MSE: PHM) reported €44.7 million in total revenues in the first quarter of 2018, compared with €45.5 million in the same period of 2017 (Press release, PharmaMar, APR 26, 2018, View Source [SID1234526548]). Of that figure, €18.4 million were related to sales of
Yondelis, compared to €22.5 million in the same period of the previous year. The difference was mainly due to the fact that a major order from the Scandinavian distributor was shifted to the second quarter. Consequently, that volume will be recovered in the following months. Other factors that contributed to this difference in quarterly revenues were the fact that there were no sales of raw material to partners Janssen and Taiho in 1Q18, contrasting with €1.4 million in the same period of the previous year, and also price erosion in some European countries.

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Revenues in the Consumer Chemicals division totaled €16.8 million in the first quarter of 2018, compared with €17.4 million in the same period last year. This slight difference was mainly due to the fact that the distributors delayed their summer insecticide sale campaign due to adverse weather in the last few months.

Revenues from royalties, licensing and other agreements amounted to €8 million in the first quarter of 2018, compared with €3.8 million in the first quarter last year. This item included €4 million collected under the agreement signed with Seattle Genetics in February.
As a result, group EBITDA amounted to €-0.9 million in the first quarter of 2018.

The group reported a net attributable loss of €-1.3 million in the first quarter of 2018, which represents a 45% improvement on the €-2.4 million recorded in the first quarter of 2017.