On February 29, 2016 PharmaMar reported its Full Year 2015 financial results. The Group’s revenues totalled €193.8 million in 2015, the highest ever top-line reading and an increase of 11% with respect to 2014 (Press release, PharmaMar, FEB 29, 2016, View Source [SID:1234509271]). This figure was boosted by 15% growth in net sales of Yondelis, to €88.4 million in 2015, the best year for Yondelis sales since the drug was approved in 2007. Overall, the group’s biopharmaceutical area ended 2015 with €94.6 million in net sales, a 15% year-on-year increase.
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Net sales in the consumer chemicals segment also expanded, by 3% to €67.3 million, in 2015.
Other revenues, which include licence fees, royalties and other service charges, amounted to €31.8 million in 2015, an 18% increase with respect to 2014.
Research and development expenditure increased by 21% in 2015 to €63.5 million (€52.4 million in 2014). R&D spending was focused mainly in oncology, principally for clinical development of PM1183. PharmaMar is currently conducting pre-clinical and clinical trials with this molecule in a number of solid tumour indications, including a Phase III registration trial in platinum-resistant ovarian cancer, recruitment for which commenced in the second half of the 2015. The company also plans to start another pivotal Phase III trial with PM1183 in 2016 in the treatment of small-cell lung cancer (SCLC).
As a result, PharmaMar group EBITDA amounted to €19.4 million in 2015 (vs. €25.7 million in 2014) and net profit amounted to €6.5 million (€13 million in 2014). 2 During the year, the Company refinanced over €30 million of short-term debt, which improved its debt structure and released funds to continue investing in R&D. At 31 December 2015, net debt amounted to €46.9 million, compared with €54.8 million at the end of 2014.