Photocure ASA

Earnings Release • Feb 10, 2016

Photocure ASA: Results for fourth quarter and full year 2015

Photocure ASA: Results for fourth quarter and full year 2015

Oslo, Norway, 11 February 2016: Photocure (OSE: PHO), a specialty pharmaceutical

company focused on photodynamic technologies in cancer and dermatology,

announces its results for the fourth quarter and full year 2015.

Highlights include:

(Numbers in brackets and comparisons are for the corresponding period in 2014.)

* Hexvix/Cysview global in-market sales increased 22% to NOK 59 million in the

fourth quarter and 20% for the full year to NOK 215 million. Full year in-

market unit sales increased 7%

* Sales revenues increased 34% in fourth quarter. Full year sales revenues

increased 31% to NOK 122.3 million (NOK 93.6 million)

* Commercial segment EBITDA increased 70% to NOK 28.7 million (NOK 16.8

million) with EBITDA margin at 21% (17%) for the full year

* Visonac® phase 2b clinical trial results published in the British Journal of

Dermatology

* Cash and cash equivalents of NOK 134 million as of 31 December 2015

Key figures:

Figures in NOK million 4Q 2015 4Q 2014 Change FY 2015 FY 2014 Change

Sales revenues 33.2 24.8 34 % 122.3 93.6 31 %

Signing fee & milestone revenues 1.3 1.2   12.4 35.4

Total revenues 34.5 26.0 33 % 134.7 129.0 4 %

Operating expenses 41.2 33.8 22 % 144.6 126.1 15 %

EBITDA -8.7 -9.7   -18.1 -4.2

EBITDA commercial franchise 4.5 5.1 -11 % 28.7 16.8 70 %

EBITDA development portfolio -13.2 -14.7   -46.8 -21.0

EBIT (Operating result) -10.2 -10.0   -22.0 -5.6

Profit/loss(-) before PCI and -10.1 -5.4   -17.4 1.5

tax

Earnings per share, diluted -0.44 -1.48   -1.69 -1.16

(NOK)

Cash & cash equivalents       134.0 165.2

President & CEO Kjetil Hestdal, M.D. Ph.D. comments:

"Throughout 2015, we made great strides towards our goal of building Photocure

into a Specialty Pharma Company. Consistent with 2014, we continued to drive

revenue growth in all major regions in 2015, while continuously increasing the

profitability of our urology focused commercial franchise. Hexvix/Cysview market

share continues to grow in the TURB segment across the major markets, and we

have started a substantial effort to penetrate the large bladder cancer

surveillance segment. Through new partnerships signed in 2015, Hexvix/Cysview

will expand into Canada, Australia and New Zealand.

We also continued advancements in our product pipeline this past year. With

Cevira, we gained alignment with the US FDA on the pivotal registration program.

In addition, the long term value of our novel late stage, phase 3 ready assets,

Cevira and Visonac, were further strengthened with issuance of new patents."

Please find the full financial report and presentation enclosed.

Photocure ASA will present its interim report today at Hotel Continental, Oslo,

Norway. The presentation will begin at 08.30 (CET) and representatives from the

company will be Kjetil Hestdal, President & CEO and Erik Dahl, CFO.

The presentation will be publicly available at www.photocure.com. It will be

possible to follow the presentation through a live webcast.

A light snack will be served from 08:00 (CET). The presentation is scheduled to

conclude at 09:15 (CET).

Photocure will additionally host an audio webcast and conference call today in

English at 17:00 CET / 16:00 GMT / 11:00 EST.

Please make sure to dial in 5-10 minutes prior to scheduled conference call

start time on one of the following numbers:

* NORWAY:        +47 2316 2771

* UK:                  +44(0)20 3427 1913

* USA:                +1646 254 3366

Confirmation code: 2815094

It is possible to listen to a replay of the conference call on the following

numbers:

* NORWAY         +47 2100 0498

* UK                   +44 (0)20 3427 0598

* USA                 +1 347 366 9565

Confirmation code: 2815094

For further information, please contact:

Photocure

President & CEO Kjetil Hestdal

Tel: + 47 913 19 535

Email: kh@photocure.no

CFO Erik Dahl

Tel: +47 450 55 000

Email: ed@photocure.no

Trout International LLC

Lauren Williams

Tel: +44 20 3780 4972

Email:lwilliams@troutgroup.com

About Photocure

Photocure, headquartered in Oslo Norway, is a specialty pharmaceutical company

and world leader in photodynamic technology. Based on our unique proprietary

Photocure Technology(TM) platform, Photocure develops and commercializes highly

selective and effective solutions within disease areas with high unmet medical

need, such as bladder cancer, HPV and precancerous cervical lesions, colorectal

cancer and skin conditions. Our aim is to provide solutions which can improve

health outcomes for patients worldwide. Photocure is listed on the Oslo Stock

Exchange (OSE: PHO). Information about Photocure is available at

www.photocure.com.

All trademarks mentioned in this release are protected by law and registered

trademarks of Photocure ASA.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1985283]