On April 28, 2016 The PharmaMar Group reported 42.1 million euro in total revenues in the first quarter of 2016, of which 40 million euro were group net sales, 16% more than in the same period of 2015 (Press release, PharmaMar, APR 28, 2016, View Source [SID:1234511555]).

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Both the Biopharmaceutical and Consumer Chemicals divisions increased revenues in the quarter. Biopharmaceutical net sales amounted to 24.7 million euro, a 15% increase year-on-year. Of that figure, 22.8 million euro was net sales of Yondelis in the territories where PharmaMar is leads commercialisation. That was a 15% increase over the same period of 2015 and the highest quarterly sales of Yondelis since the drug was launched.

The Consumer Chemicals area reported 15.8 million euro in revenues in the period, an 18% increase year-on-year.
Other revenues in the first quarter included 1.8 million euro in royalties on Yondelis.
The schedule of milestone payments under the 2011 coordination agreement with Janssen L.P. concluded in 2015, and no revenues were recognised under this heading in 2016. Janssen L.P, launched Yondelis late in 2015 in the US following FDA approval and PharmaMar will begin to collect additional royalties on sales in the US.

Research and development expenditure continued to increase in 2016. The advanced status of the product pipeline and the fact that there are Phase III trials are under way or about to commence requires that the sizeable R&D expenditure of previous years be continued in 2016. Total spending on R&D and innovation 2 amounted to 18.7 million euro in the first quarter, compared with 12.6 million euro (net) in the same period of 2015.

This increase in R&D and innovation expenditure and the conclusion of the milestone payments resulted in group EBITDA being negative in the amount of -3.9 million euro, down from a positive 9.5 million euro in the first quarter of 2015, which included a milestone payment of 10 million dollars (8.8 million euro).

As a result, the Group reported an attributable net loss of -7.1 million euro (vs. +6.5 million euro in 1Q15).