Cosmo Pharmaceuticals N.V.

  • ISIN: NL0011832936
  • Land: Irland

Nachricht vom 30.07.2021 | 07:00

Cosmo Half-Year Report 2021

Cosmo Pharmaceuticals N.V. / Key word(s): Half Year Results

30-Jul-2021 / 06:00 GMT/BST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.


 Ad hoc announcement pursuant to Art. 53 LR

 

Dublin, Ireland - 30 July 2021 - Cosmo Pharmaceuticals N.V. (SIX: COPN) reports half-year results for the period ended 30 June 2021.

 

Cosmo obtained the first ever FDA approval for a device that uses artificial intelligence that to help detect signs of colon cancer and announced important out-licencing agreements. As a consequence of the Cassiopea licencing deal announced on 26 July, Cosmo will be back to profit before tax in FY21.

 

Key Events Half-Year 2021 - Products and Business

 

  • GI Genius(TM), the first device that uses artificial intelligence to assist clinicians in the detection lesions in the colon in real time during colonoscopy, approved by the FDA.
     
  • Successful outcome of our phase II Proof of Concept (POC) clinical trial of Rifamycin-MMX 600mg in Irritable Bowel Syndrome with Diarrhea (IBS-D) announced.
     
  • EU rights (plus Switzerland, UK, EEA countries, Russia and Mexico) for Lumeblue(TM) licenced to Alfasigma S.p.A.
     
  • Cosmo's associate, Cassiopea S.p.A., announced the signing of licence and supply agreements with Sun Pharmaceutical Industries for Winlevi(R) in US and Canada in July.
     
  • Agreement entered into with RedHill Biopharma Ltd. (Nasdaq: RDHL) to manufacture Movantik(R), RHB-204 and Opaganib.

 

Financial Highlights Half-Year 2021

 

  • Revenues increased by 9.7% to €28.4m vs €25.9m last year.
     
  • Expenses (net) of €28.4m vs €23.2m last year the increase mainly due to the fact that in the first half of 2020, in 'other income', a gain was recorded on the out-licencing of Byfavo(TM) to Acacia of €4.2 million and a break-fee of €1.1 million paid by Acacia in relation in a debt equity conversion, both of which had the impact of reducing net expenses.
     
  • Operating profit €8k vs €2.7m last year.
     
  • Net financial expense €1.9m mainly includes interest on convertible bonds of €4.3m, of which cash impact €2.2m, offset by interest received of €1.5m and FX gains of €0.9m. 
     
  • Loss for the period €5.7m including share of Cassiopea loss €2.8m. 
     
  • Cash inflow from operating activities €12.7m.
     
  • Cash and investments in funds €203.1m at 30 June 2021 (excluding 705,773 treasury shares at cost of €57.4m) vs €212.9m at 31 December 2020.
     
  • Market value of Cosmo's stake in Cassiopea at 30 June 2021 €207.4m versus carrying value of €133.4m.
     
  • Equity €371.0m vs €400.1m at 31 December 2020, the reduction mainly due to a reduction in the value of the equity stakes held in other companies during the period.

Key figures

 

EUR 1,000

H1 2021

H1 2020

 

 

 

Income statement

 

 

Revenues

28,420

25,883

Cost of sales

(13,796)

(12,845)

Gross profit

14,624

13,038

Other income

163

5,530

R&D costs

(7,436)

(7,289)

SG&A costs

(7,343)

(8,617)

Net operating expenses

(14,616)

(10,376)

Operating profit/(loss)

8

2,662

Net finance expenses

(1,916)

(5,773)

Share of result of associate

(2,759)

(2,220)

Loss before taxes

(4,667)

(5,331)

Income tax

(1,074)

2,316

Loss for the period

(5,741)

(3,015)

 

 

 

Shares

 

 

Weighted average number of shares

 14,392,984

 14,488,454

Earnings per share (in EUR)

(0.399)

(0.208)

 

 

EUR 1,000

30 Jun 21

31 Dec 20

 

 

 

Statement of financial position

 

 

Non-current assets

323,552

343,293

Cash and cash equivalents

203,134

212,852

Other current assets

36,073

40,016

Liabilities

191,758

196,036

Equity attributable to owners of the Company

371,001

400,125

Equity ratio (%)

65.9%

67.1%

 

Management change

Sean MacDonald has resigned from the position of Head of Business Development to pursue other opportunities and in the interim the role will be assumed by the CEO.

 

CEO comment

Alessandro Della Chà, Chief Executive Officer, said: 'In the first half of 2021 we reached a number of very important milestones including obtaining FDA approval of GI Genius(TM). The business is very well positioned, sales of GI Genius(TM) are about to commence in the US, we are moving to replenish our pipeline and we hold €582m in equity stakes in other companies, investments, loans treasury shares and cash. We expect Cassiopea to close FY21 with a profit as a result of the agreement with Sun for Winlevi(R) and Cosmo's financial results will benefit in line with our stake in Cassiopea. As a result, we estimate that Cosmo will deliver a profit before tax in the range of €4m to €6m in FY21.'

 

The Half-Year Report 2021 with further information was published on 30 July 2021, 07:00 am CET, and is available for download at:

http://www.cosmopharmaceuticals.com/investor-relations/financial-reports

 

Half-Year 2021 Results Conference Call on Friday, 30 July 2021, 2:00pm CET

Alessandro Della Chà, CEO and Niall Donnelly, CFO will present the half-year results 2021 and will provide an update of Cosmo's activities. The webcast is scheduled to last 30-45 minutes and will be held in English.

 

Webcast Participants' Link:

https://78449.choruscall.com/dataconf/productusers/cosmo/mediaframe/45417/indexl.html

 

Dial-in numbers

Switzerland / Europe: +41 (0) 58 310 50 00

United Kingdom: +44 (0) 207 107 06 13

United States: +1 (1) 631 570 56 13

 

The presentation is available for download at:

http://www.cosmopharma.com/ir/presentations.aspx

About Cosmo Pharmaceuticals

Cosmo is a specialty pharmaceutical company focused on developing and commercialising products to treat selected gastrointestinal disorders and improve endoscopy quality measures through aiding the detection of colonic lesions. Cosmo has also developed medical devices for endoscopy and has recently entered into a partnership with Medtronic for the global distribution of GI Genius(TM) its artificial intelligence device for use in coloscopies and GI procedures. Cosmo has licensed Aemcolo(TM) to Red Hill Biopharma and is the licensee of BYFAVO(TM) (Remimazolam) for the US for procedural sedation, which it has sub-licensed to Acacia. For additional information on Cosmo and its products please visit the Company's website: www.cosmopharma.com

Calendar  
Commerzbank ODDO BHF Conference, Virtual  31 August 2021
H.C. Wainwright 23rd Annual Global Investment Conference 7-9 September 2021
Investora, Zurich  16 September 2021
Credit Suisse Equity Forum Switzerland, Zurich  16-19 November 2021

Contact

Niall Donnelly, CFO & Head of Investor Relations

Cosmo Pharmaceuticals N.V.   

Tel: +353 1 817 03 70

ndonnelly@cosmopharma.com



End of ad hoc announcement

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