RAPID GROWTH IN SALES AND PROFITABILITY

"A successful first quarter jump-started the year with strong operational performance across all areas of the business delivering a 53% growth in Net Sales and a significant improvement of EBITDA", comments Peter Wolpert, CEO Moberg Pharma

FIRST QUARTER

Revenue MSEK 73.1 (47.4)
EBITDA MSEK 17.4 (7.5)
EBITDA for Commercial Operations MSEK 25.6 (11.6)
Operating profit (EBIT) MSEK 14.9 (5.7)
Net profit after tax MSEK 10.9 (4.1).
Earnings per share SEK 0.75 (0.34)
Operating cash flow per share negative SEK 0.35 (neg: 0.24)

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

Moberg Pharma and Menarini Group expand Emtrix collaboration to include Russia and Ukraine
Approval in China and launch activities initiated in Malaysia, Singapore and Hong Kong
New product variants of Kerasal Nail launched in the U.S.
Patents approved in the U.S. and EU for MOB-015 and for Kerasal Nail in the U.S.
Expanded distribution for Domeboro® with a launch at Walmart

SIGNIFICANT EVENTS AFTER THE QUARTER

• Moberg Pharma acquired product rights for Balmex® in the U.S. for \$3.9 million from Chattem, a subsidiary of Sanofi.

EBITDA margin, rolling 12 months %

TELEPHONE CONFERENCE

CEO Peter Wolpert will present the report at a teleconference on Monday, May 11, 2015 at 10:30 a.m. CET. Telephone: SE: +46 8 566 426 63, US: +1 855 753 22 35

CEO COMMENTARY

A successful first quarter jump-started the year with strong operational performance across all areas of the business and especially for our distributor sales. For the first quarter we delivered 53% growth in Net Sales (27%, at fixed exchange rates) and a significant improvement in EBITDA, which grew 131% versus Q1 of last year and represented an EBITDA margin of 24%. The gross margin remains strong at 77% (79%). EBITDA for our commercial operations (excluding R&D and business development costs related to future products) was 25,6 MSEK (12,2) in the first quarter, equaling 35% Commercial EBITDA margin.

Growth in U.S. direct sales fuelled by a favorable exchange rate

U.S. sales grew by 38% in the first quarter (7%, at fixed exchange rates) with Kerasal Nail® as the key growth driver and a U.S. market share exceeding 20%¹ . The launch of two new line extensions - Kerasal Nail Fungal Nail Repair and Kerasal Nail Complete Care – have commenced according to plan and the products are now on the shelves at CVS, Walgreens and most recently Walmart. We also succeeded in expanding the distribution of Domeboro® to Walmart. We have made several enhancements to our media strategy and planning and look forward to evaluating the benefits of these changes as we approach the peak season for our main brands.

The recent acquisition of Balmex®, with products for diaper rash, fits well in our U.S. portfolio. It is immediately accretive and brings economies of scale to our operations as we fully leverage our infrastructure and the integration model we established following our previous brand acquisition. While the Balmex brand has a lower gross margin than our current business, it is expected to contribute positively to our long term goal of profitable growth and 25% EBITDA margin.

Rapid growth in distributor sales

Distributor sales grew by 102% in the first quarter excluding milestone payments (85%, at fixed exchange rates) with Asia, Europe and Canada all contributing to the sales growth. Accelerating growth in RoW markets - where the sales tripled compared to the first quarter last year - was a key contributor and Asia is expected to be a main growth driver in 2015. To date, launches have been initiated in three markets in the region; Singapore, Hong Kong and Malaysia. In the six months after launch in Malaysia, Emtrix has established a market leading position with 45% market share for the full year of 2014. Sales continued strongly in the first quarter of this year. In Europe, strengthened claims and new marketing campaigns have been implemented ahead of the peak season starting in Q2 2015. In the first quarter, sales to European distributors grew by 55%. One year after the launch in Canada, Emtrix® has achieved well above 50% market share and continues to drive growth. We are continuously evaluating opportunities to expand our distribution to new markets. As always in a distributor business there are fluctuations between quarters - we had lower volume in Q4 2014, with sales shifting to Q1 2015 for Emtrix/Nalox as well as Jointflex.

Innovation engine – patent approvals strengthens portfolio

Our innovation engine delivered key milestones during the first quarter with patent approvals for MOB-015 in U.S. and Europe as well as for Kerasal Nail in the U.S. Discussions with potential financial and industrial partners for MOB-015 continue, including alternatives in which Moberg Pharma can retain rights in key territories through Phase III. For BUPI, patient recruitment to the clinical study has been slower than expected. The latest timeline indicates that topline results will be available in the fall.

Excellent position to drive further growth and value creation

Through strong operational performance and the recent acquisition of Balmex, we strengthen our base business and are trending towards our long-term financial goal (25% EBITDA margin under profitable growth). We continue to focus on becoming the number one player in nail fungus and to drive growth organically as well as through targeted acquisitions.

Peter Wolpert, CEO Moberg Pharma

¹ U.S. retail sales of nail fungus products excluding private label in Multioutlet Stores over the last 52 weeks ending March 22 , 2015 as reported by SymphonyIRI

ABOUT MOBERG PHARMA

Moberg Pharma AB (publ.) is a rapidly growing Swedish pharmaceutical company. The company develops, acquires and licenses products that are subsequently commercialized via a direct sales organization in the U.S. and through distributors in more than 40 countries. Internal product development is based on Moberg Pharma's unique expertise in using innovative pharmaceutical formulations to develop improved products based on proven compounds. This approach reduces time to market, development costs and risk.

Launched products

PRODUCT	INDICATION	STATUS
Kerasal Nail® Emtrix® Nalox™	Damaged nails	Direct sales in the U.S. Launched by 10 partners in 27 markets
Kerasal®	Dry feet and cracked heels Foot pain	Direct sales in the U.S. Launched by 13 partners in 15 markets
Domeboro®	Itching and irritated skin	Direct sales in the U.S.
Balmex®	Diaper rash	Direct sales in the U.S.
Jointflex®	Joint and muscle pain	Direct sales in the U.S. Launched by 14 partners in 22 markets
Vanquish®	Headache, menstrual pain, back and muscle pain	Direct sales in the U.S.

	Fergon®	Iron supplement	Direct sales in the U.S.
--	---------	-----------------	--------------------------

Nalox™/Kerasal Nail®

Clinically proven for the treatment of fungal nails. The product was launched in the Nordic region H2 2010 and quickly became market leader. The international launch is under way via a direct sales organization in the U.S. and ten partners that have contracted rights for more than 60 markets, including the major EU markets, Canada, China, and South East Asia. Nalox™ is a prescription-free, over the counter product sold under the names Naloc™ and Emtrix® in certain markets and Kerasal Nail® in the U.S.² . Efficacy and safety have been documented in several clinical trials comprising more than 600 patients. Nalox™ has a unique and rapid mechanism of action, demonstrating very competitive results, which brings visible improvements within 2-4 weeks of treatment.

Kerasal®

Kerasal® is a product line for the treatment of common and difficult-to-treat foot problems. Podiatrists recommend Kerasal® products for the treatment of dry feet, cracked heals and foot pain. A number of clinical studies have been published that document the efficacy of Kerasal®.

Domeboro®

Domeboro® is a topical drug for the treatment of itching and irritated skin, for example, caused by phytotoxins, insect bites or reaction from washing detergent/cosmetics. The product has a drying and astringent effect (contributes to the contraction of blood vessels in the skin), which reduces inflammation.

Balmex®

Balmex® has been a well-known brand for many years, offering products for diaper rash, primarily for children. A product line for skin irritation among adults was launched in 2013. The products were acquired from Chattem (Sanofi) in April 2015.

JointFlex®

JointFlex® is a topical treatment for joint and muscle pain. The product provides long-term cooling pain relief and contains natural pain-relieving ingredients.

Vanquish®

Vanquish® is an analgesic for the treatment of headaches, menstrual pains, back and muscle aches and cold pains.

Fergon®

Fergon® is an iron supplement marketed primarily to women.

² The Nalox™ and Naloc™ brands are owned by the company's partners and Moberg Pharma has no ownership rights to these brands.

Development projects

MOB-015 - Phase II studies completed in September 2014

MOB-015 is a new topical treatment for onychomycosis with fungicidal, keratolytic and emollient properties. Moberg Pharma's patent-pending formulation technology enables the transportation of high concentrations of a fungicidal substance (terbinafine) in and through nail tissue. As MOB-015 is applied locally, the side effects associated with oral treatment are avoided. The company estimates the peak sales potential of the product to \$250-500 million. Data from an earlier Phase II study provided important input for the continued development program and, in December 2012, a new Phase II study of an improved formulation of MOB-015 was initiated jointly with leading expertise from Sahlgrenska University Hospital in Gothenburg. Patients with 25-75% of a large toenail affected by nail fungus were treated for 12 months and monitored for an additional three months with respect to the endpoints that the FDA and EMA normally accept for the medical indication. Positive results from this study were reported in September 2014 and presented at the American Academy of Dermatology in March 2015. The primary treatment objective, mycological cure, was achieved in 13 of the 24 patients (54%) who participated in the study. The secondary treatment objective, mycological cure and excellent clinical improvement or cure, was achieved by seven of the 24 patients (29%). Biopsies confirmed high levels of terbinafine in the nail plate and nail bed. MOB015 also displayed a favorable sideeffect profile. This study included patients with more severe onychomycosis than recently published studies of topical treatment alternatives.

BUPI - Bupivacaine lozenge - Phase II studies under way

BUPI is an innovative patent-pending lozenge formulation of the proven compound bupivacaine for treatment of oral pain. As the initial medical indication, Moberg Pharma has chosen pain management for patients suffering from oral mucositis during cancer therapy. Promising clinical data supporting safety and efficacy has been demonstrated in several pilot studies – most importantly the novel lozenge formulation provides significantly longer and better pain relief than currently available non-opioid treatment alternatives for patients with oral mucositis. Moberg Pharma initiated a Phase II study of oral mucositis during Q4 2014. Moberg Pharma has also identified several additional potential medical indications for the product, such as Sjögren's Syndrome, Burning Mouth Syndrome, endoscopic procedures, oral intubations and long-term OTC use for sore throat. The company estimates peak sales potential of \$50-100 million for the product assuming successful commercialization in oral mucositis and at least one additional medical indication.

BUSINESS DEVELOPMENT DURING THE QUARTER

Kerasal Nail approved in China

In January 2015, Moberg Pharma's partner, Menarini Asia-Pacific, obtained approval for Kerasal Nail in China. Launch preparations are under way in a number of markets in the region.

Moberg Pharma and Menarini Group expand collaboration to include Russia and Ukraine

In February 2015, Berlin-Chemie AG, part of Menarini Group, was granted exclusive rights to market and sell Emtrix® in Russia and Ukraine.

Approved patents in the U.S. and Europe

The USPTO has approved U.S. patent number 8,952,070 and the EPO has issued European patent number 2,672,962 applying to MOB-015, with expected patent term until 2032. The USPTO has also issued U.S. patent number 8,987,330 for Kerasal Nail®, with expected patent term until 2034.

Launch of new Kerasal® product in the U.S.

In February, deliveries to Walgreens started of Kerasal® Complete Care, a new foot care product in a duopack comprising two effective treatments that restore healthy appearance to nails suffering from nail fungus and treat athlete's foot. The product is targeting the large group of patients who suffer from both nail fungus and athlete's foot.

SIGNIFICANT EVENTS AFTER THE END OF THE YEAR

Acquisition of OTC products in the U.S.

Balmex®, a well-established U.S. brand featuring a number of non-prescription products from Chattem, Inc, the Sanofi division for OTC products in the U.S., was acquired in April 2015. Sales of the constituent products exceed \$4 million annually. The consideration amounts to \$3.9 million and is being financed using existing funds. Balmex® has been a well-known brand for many years, offering products for diaper rash, primarily for children. A product line for skin irritation in adults was launched in 2013. Balmex is sold via Moberg's established sales channels in the U.S., in drugstore chains such as CVS, Walgreens and RiteAid, in mass retailers such as Walmart and in toy stores such as Toys "R" Us and buybuyBABY.

CONSOLIDATED REVENUE AND EARNINGS

Sales

In the first quarter of 2015, revenue amounted to MSEK 73.2 (47.7), up 53% year-on-year, with an increase in product sales (excluding milestone payments) of 55%. Of total product sales, revenue for Nalox™/Kerasal Nail® accounted for MSEK 41.0 (25.8), while Kerasal® and JointFlex® accounted for MSEK 9.1 (9.1) and MSEK 12.3 (5.8), respectively. Other products contributed MSEK 8.7 (5.2). Other operating income primarily comprises exchange-rate fluctuations associated with operating receivables.

The company is dependent on the trend in the USD and EUR in relation to the SEK, since the USD and EUR account for the predominant part of sales. During the first quarter of 2015, USD revenue was booked at an average exchange rate of SEK 8.34, compared with SEK 6.46 in the first quarter of 2014. During the first quarter of 2015, EUR revenue was booked at an average exchange rate of SEK 9.42, compared with SEK 8.85 in the first quarter of 2014. Accordingly, exchange rates had a positive impact on revenue. At fixed exchange rates, revenue would have risen 27% year-on-year.

Distribution of revenue	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014
Sales of products	71,064	45,985	198,011
Milestone payments	2,114	1,762	2,169
Revenue	73,178	47,747	200,180
Other operating income	4,977	377	5,791
Total revenues	78,155	48,124	205,971

Revenue from product sales per quarter

Revenue by channel	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014
Direct sales	46,749	33,920	138,918
Sales of products to distributors	24,314	12,065	59,093
Milestone payments	2,114	1,762	2,169
TOTAL	73,178	47,747	200,180

Revenue by product category	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014
Nalox/Kerasal Nail™, sales of products	41,026	25,827	112,709
Nalox/Kerasal Nail™, milestone payments	2,114	1,762	2,169
Kerasal®	9,118	9,127	29,035
JointFlex®	12,348	5,828	30,908
Other products	8,572	5,202	25,359
TOTAL	73,178	47,747	200,180

Revenue by geographical market (KSEK)	Jan-Mar 2015	Jan-Mar 2014	Full-year 2014
Europe	13,625	8,799	30,115
North and South America	49,370	35,599	148,112
Rest of the world	10,183	3,349	21,953
TOTAL	73,178	47,747	200,180

Distribution of revenue as a percentage, January - March 2015

Earnings

Operating profit for the first quarter of 2015 was MSEK 14.9 (loss: 5.7). The cost of goods sold was MSEK 16.4 (9.8), corresponding to a gross margin on product sales of 77% (79%). Operating expenses, excluding cost of goods sold during the quarter, amounted to MSEK 46.8 (32.6), most of which comprised selling expenses of MSEK 31.7 (21.2).

Profit for the period after tax was MSEK 10.9 (4.0) and total comprehensive income MSEK 30.9 (5.0). The improvement in total comprehensive income includes currency translation gains of MSEK 19.9 due to the stronger USD.

EBITDA for the quarter was 24% (16%). Adjusted for R&D expenses for future products, EBITDA for the existing product portfolio was 35% (24%).

EBITDA summary	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014
Revenue	73,178	47,747	200,180
Cost of goods sold	-16,425	-9,824	-49,064
Gross profit	56,753	37,923	151,116
%	78%	79%	75%

Selling expenses	-29,450	-19,773	-85,648
Administrative expenses	-5,018	-4,740	-20,622
Research and development expenses - commercial operations1)	-1,251	-2,149	-7,251
Other operating income/operating expenses	4,523	377	5,791
EBITDA Commercial Operations	25,557	11,638	43,387
%	35%	24%	22%

Research and development expenses - future products2)	-6,478	-2,423	-12,283
Business development expenses	-1,708	-1,680	-5,809
EBITDA	17,371	7,535	25,295
%	24%	16%	13%

Depreciation/amortization	-2,472	-1,838	-8,068
Operating profit (EBIT)	14,899	5,697	17,227

1) Research and development expenses – commercial operations includes R&D expenses for new product variants under existing brands, regulatory work and quality.

2) Research and development expenses - future products includes R&D expenses for new product candidates, for example, MOB-015.

FINANCIAL POSITION

Cash flow

Cash flow from operating activities before changes in working capital was MSEK 17.3 (7.2). Operating receivables rose sharply due to a large influx of orders at the end of the quarter, which resulted in a change in working capital of MSEK 22.3 and in first-quarter cash flow from operating activities being negative at MSEK 5.1 (neg: 2.9).

Capital expenditures

During the first quarter 2015, the company's investments in intangible fixed assets in the form of capitalized expenditure for research and development work totaled MSEK 0.8 (1.5). Moberg Pharma also had R&D costs of MSEK 7.9 (4.6) that were expensed directly in the statement of comprehensive income, of which MSEK 6.5 (2.4) was related to future products.

Liabilities

Interest-bearing liabilities comprise a loan to Swedbank of MSEK 13.3, of which MSEK 3.3 (3.3) was amortized during the period.

Pledged assets and contingent liabilities

Moberg Pharma has no contingent liabilities. All pledged assets remain unchanged from those reported in the 2014 Annual Report

CHANGES IN EQUITY

At the end of the period, share capital amounted to SEK 1,396,253.70 (1,189,357.20), and a total of 13,962,537 (11,893,572) ordinary shares were outstanding with a nominal value of SEK 0.10.

Stock options

At March 31, 2015, a total of 891,130 warrants were outstanding. If all warrants were exercised for shares, the number of shares would increase by 1,136,985, from 13,962,537 shares to 15,099,522 shares.

Disclosure of ownership

Company's largest shareholders at March 31, 2015:

Shareholders	No. of shares	% of votes and capital
The Baltic Sea Foundation	2,192,026	15.7
Handelsbanken Fonder AB RE JPMEL	1,026,414	7.3
Insurance company, Avanza Pension	985,700	7.1
JPM Chase NA	825,652	5.9
Third AP Fund	600,000	4.3
Wolco Invest AB3	600,000	4.3
Grandeur Peak International	371,800	2.7
Societe Generale	358,591	2.6
Banque Carnegie Luxemburg s.a (funds)	341,494	2.5
Deutsche Bank AG LDN-Prime Broker, AGE Full tax	263,469	1.9
Grandeur Peak Global, Opportunities	245,880	1.8
Nordnet Pensionsförsäkring AB	234,251	1.7
State Street Bank & Trust Com., Boston	225,000	1.6
State Street Bank & Trust Com., Boston	200,000	1.4
Deutsche Bank AG LND-Prime Broker, Age Full Tax	194,952	1.4
M. Pierce, Fenner & Smith Inc.	172,414	1.2
Synskadades Stiftelse	172,201	1.2
Lundmark, Anders	147,000	1.1
Kaufmann, Peter	120,800	0.9
Tolvplus4 AB	116,636	0.8
TOTAL, 20 LARGEST SHAREHOLDERS	9,394,280	67.3
Other shareholders	4,568,257	32.7
TOTAL	13,962,537	100

3 Owned by Moberg Pharma's CEO, Peter Wolpert

ORGANIZATION

At March 31, 2015, the Moberg Pharma Group had 29 employees, of whom 69% were women. Of these, 20 were employed in the Parent Company, of whom 65% were women.

PARENT COMPANY

Moberg Pharma AB (publ), Corp. Reg. No. 556697-7426, is the Parent Company of the Group. Group operations are conducted primarily in the Parent Company (in addition to the sales organization in the U.S.) and comprise research and development, sales, marketing and administrative functions. Parent Company revenue amounted to MSEK 42.7 for the period January to March 2015, compared with MSEK 22.5 a year earlier. Operating expenses, excluding the cost of goods sold, amounted to MSEK 17.4 (11.4) and profit after financial items was MSEK 20.7 (5.4). Cash and cash equivalents were MSEK 40.8 (9.6) at the end of the period.

RISK FACTORS

Commercialization and development of drugs are capital-intensive activities exposed to significant risks. Risk factors considered to be of particular relevance for Moberg Pharma's future development are linked to competitors and pricing, production, partners' and distributors' performance, the results of clinical trials, regulatory actions, product liability and insurance, patents and trademarks, key personnel, sensitivity to economic fluctuations, future capital requirements and financial risk factors. A description of these risks can be found in the company's 2014 Annual Report on page 23.

Over the next 12 months, the most significant risk factors for the company are deemed to be associated with market development, the development of established partnerships, integration of acquisitions and the results of clinical trials.

OUTLOOK

Moberg Pharma aims to create shareholder value through a focus on profitable growth, targeting a long-term EBITDA margin of at least 25% from 2016 and onwards. The company's growth strategy includes organic growth of strategic brands, acquisitions/in-licensing of new products and commercialization of development projects.

In 2015, the focus will be on sales growth and improved earnings. Significant components are identifying further business opportunities, discussions with partners concerning development programs and supporting the company's distributors and retailers.

	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014

Revenue	73,178	47,747	200,180
Cost of goods sold	-16,425	-9,824	-49,064
Gross profit	56,753	37,923	151,116
Selling expenses1)	-31,691	-21,228	-93,198
Business development and administrative expenses	-6,778	-6,803	-26,552
Research and development expenses	-7,908	-4,572	-19,930
Other operating income	4,977	377	5,791
Other operating expenses	-454	-	-
Operating profit (EBIT)	14,899	5,697	17,227
Interest income and similar items	17	133	905
Interest expense and similar items	-231	-582	-1,555
Profit after financial items (EBT)	14,685	5,248	16,577
Tax on profit for the period	-3,774	-1,178	-4,309
PROFIT FOR THE PERIOD	10,911	4,070	12,268
Items that will be reclassified
Translation differences on translation of foreign operations	19,948	891	33,046
Other comprehensive income	19,948	891	33,046
COMPREHENSIVE INCOME FOR THE PERIOD	30,859	4,961	45,314
Profit for the period attributable to PC shareholders	10,911	4,070	12,268
Profit for the period attributable to non-controlling interests	-	-	-
Comprehensive income attributable to PC shareholders	30,859	4,961	45,314
Total comprehensive income attr. to non-controlling interests	-	-	-
Earnings per share before dilution	0.78	0.34	0.96
Earnings per share after dilution	0.75	0.34	0.95
1) Of which amortization of product rights	-2,217	-1,455	-7,198
EBITDA	17,371	7,535	25,295
Depreciation/amortization of product rights	-2,217	-1,455	-7,198
Other depreciation/amortization	-255	-383	-870
Operating profit (EBIT)	14,899	5,697	17,227

EBITDA excluding acquisition-related costs 17,371 7,535 25,295

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(KSEK)	Dec 31, 2015	March 31, 2014	Dec 31, 2014

Assets
Intangible assets	234,128	182,695	216,362
Property, plant and equipment	931	1,091	934
Financial assets	84	63	76
Deferred tax assets	21,624	28,183	24,903
Total non-current assets	256,767	212,032	242,275

Inventories	18,089	7,892	13,135
Trade receivables and other receivables	77,665	41,874	41,847
Cash and bank balances	52,655	19,227	62,463
Total current assets	148,409	68,993	117,445

TOTAL ASSETS	405,176	281,025	359,720

Equity and liabilities
Equity (attributable to Parent Company shareholders)	334,727	206,588	303,749
Non-current interest-bearing liabilities	-	13,333	3,333
Non-current non-interest-bearing liabilities	-	1,871	-
Current interest-bearing liabilities	13,333	13,333	13,333
Current non-interest-bearing liabilities	57,116	45,900	39,305

TOTAL EQUITY AND LIABILITIES	405,176	281,025	359,720

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014

Operating activities
Operating profit before financial items	14,903	5,697	17,231
Financial items, received and paid	-210	-465	-1,350
Taxes paid	-17	3	3
Adjustments for non-cash items:
Depreciation/amortization	2,472	1,838	8,068
Employee stock option costs	118	140	112
Cash flow before changes in working capital	17,266	7,213	24,064

Change in working capital
Increase (-)/Decrease (+) in inventories	-2,186	-854	-2,529
Increase (-)/Decrease (+) in operating receivables	-30,482	-4,623	-13,259
Increase (+) / Decrease (-) in operating liabilities	10,351	-4,590	7,886

CASH FLOW FROM OPERATING	-5,051	-2,854	16,162
ACTIVITIES

Investing activities
Net investments in intangible fixed assets	-2,182	-1,782	-7,230
Net investments in equipment	-58	-	-42
Net investments in subsidiaries	-	-	-17,225
CASH FLOW FROM INVESTING ACTIVITIES	-2,240	-1,782	-24,497

Financing activities
Repayment of loans	-3,333	-3,333	-13,333
New share issue after transaction costs	-	-	55,937
CASH FLOW FROM FINANCING ACTIVITIES	-3,333	-3,333	42,604
Change in cash and cash equivalents	-10,624	-7,969	34,269
Cash and cash equivalents at the start of the period	62,463	27,138	27,138
Exchange-rate difference in cash and cash equivalents	816	58	1,056
Cash and cash equivalents at the end of the period	52,655	19,227	62,463

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share capital	Other capital contributions	Translation reserve	Accumulated deficit	Total equity
(KSEK)
January 1, 2015 - March 31, 2015
Opening balance, January 1, 2015	1,396	357,305	29,490	-84,442	303,749

Comprehensive income
Results for the period				10,912	10,912
Other comprehensive income - translation differences on translation of foreign operations			19,948		19,948
Transactions with shareholders
Employee stock options		118			118
CLOSING BALANCE, MARCH 31, 2015	1,396	357,423	49,438	-73,530	334,727

January 1, 2014 - March 31, 2014
Opening balance, January 1, 2014	1,189	300,569	-3,554	-96,710	201,494
Comprehensive income
Results for the period				4,070	4,069
Other comprehensive income – translation
differences attributable to translation of			891		891
foreign operations
Transactions with shareholders
Employee stock options		133			133
CLOSING BALANCE, MARCH 31, 2014	1,189	300,702	-2,663	-92,640	206,588

January 1, 2014 – December 31, 2014
Opening balance, January 1, 2014	1,189	300,569	-3,554	-96,710	201,494
Comprehensive income
Results for the period				12,268	12,268
Other comprehensive income – translation
differences attributable to translation of			33,044		33,044
foreign operations Transactions with shareholders
New share issue	207	59,793			60,000
Transaction costs, new share issue		-3,169			-3,169
Employee stock options		112			112

CLOSING BALANCE, DECEMBER 31, 2014	1,396	357,305	29,490	-84,442	303,749

KEY FIGURES FOR THE GROUP

	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014

Revenue	73,178	47,747	200,180
Gross margin %	78%	79%	75%
Gross margin on product sales, % excluding acquisition-related costs and items affecting comparability	77%	79%	75%
EBITDA excluding acquisition-related costs	17,371	7,535	25,295
EBITDA % excluding acquisition-related costs	24%	16%	13%
EBITDA	17,371	7,535	25,295
Operating profit (EBIT)	14,899	5,697	17,227
Profit after tax	10,911	4,070	12,268
Profit margin, %	15%	9%	6%
Total assets	405,176	281,025	359,720
Net receivables	39,322	-7,439	45,797
Debt/equity ratio	4%	13%	5%
Equity/assets ratio	83%	74%	84%
Return on equity	3%	2%	4%
Earnings per share, SEK	0.75	0.34	0.95
Operating cash flow per share, SEK	-0.36	-0.24	1.27
Equity per share, SEK	23.97	17.37	21.75
Average number of shares before dilution	13,962,537	11,893,572	12,719,642
Average number of shares after dilution	14,545,321	12,034,568	12,859,499
Number of shares at end of period	13,962,537	11,893,572	13,962,537
Share price on the closing date, SEK	49.40	29.40	38.00
Market capitalization on the closing date, MSEK	690	350	531

Definitions of key figures

Net receivables	Cash and cash equivalents less interest-bearing liabilities
Debt/equity ratio	Interest-bearing liabilities in relation to equity
Equity/assets ratio	Equity at year-end in relation to total assets
Return on equity	Profit/loss for the period divided by equity
Earnings per share*	Profit after tax divided by the average number of shares outstanding after dilution
Operating cash flow per share*	Cash flow from operating activities divided by the average number of shares outstanding after dilution
Equity per share	Equity divided by the number of shares outstanding at the end of the period

* In periods during which the Group reported a loss, no dilution effect has occurred. This is because dilution is recognized only when a potential conversion to ordinary shares would mean that earnings per share would be lower.

CONDENSED PARENT COMPANY INCOME STATEMENT

	Jan-Mar 2015	Jan-Mar 2014	Full-year 2014
(KSEK)

Revenue	42,684	22,481	93,775
Cost of goods sold	-9,650	-5,943	-29,322
Gross profit	33,034	16,538	64,453

Selling expenses	-3,557	-2,399	-13,293
Business development and administrative expenses	-5,609	-4,404	-16,746
Research and development expenses	-7,735	-4,572	-19,930
Other operating income	4,852	377	5,791
Other operating expenses	-454	-	-
Operating profit	20,531	5,540	20,275

Interest income	373	413	2,122
Interest expense	-222	-578	-1,546
Profit after financial items	20,682	5,375	20,851

Tax on profit for the period	-4,975	-1,253	-4,822
PROFIT	15,707	4,122	16,029

CONDENSED PARENT COMPANY BALANCE SHEET

(KSEK)	Dec 31, 2015	March 31,	Dec 31, 2014
		2014

Assets
Intangible assets	44,619	33,968	42,966
Property, plant and equipment	466	597	470
Financial assets	178,107	178,107	178,107
Deferred tax assets	12,884	20,533	17,859
Total non-current assets	236,076	233,205	239,402

Inventories	205	-	155
Trade receivables and other receivables	24,215	18,489	20,047
Receivables to Group companies	50,696	26,423	23,914
Cash and bank balances	40,765	9,567	56,062
Total current assets	115,881	54,479	100,178

TOTAL ASSETS	351,957	287,684	339,580

Equity and liabilities
Shareholders' equity	314,086	229,319	298,283
Non-current interest-bearing liabilities	-	13,333	3,333
Current interest-bearing liabilities	13,333	13,333	13,333
Current non-interest-bearing liabilities	24,538	31,699	24,631

TOTAL EQUITY AND LIABILITIES	351,957	287,684	339,580

MOBERG PHARMA AB (PUBL) 556697-7426 INTERIM REPORT JANUARY – MARCH 2015

CONDENSED PARENT COMPANY CASH-FLOW STATEMENT

	Jan-Mar	Jan-Mar	Full-year
(KSEK)	2015	2014	2014

Operating activities
Operating profit before financial items	20,531	5,540	20,275
Financial items, received and paid	-211	-465	-123
Taxes paid	-	-	-
Adjustments for non-cash items:
Depreciation/amortization	591	379	1,878
Employee stock option costs	97	41	267
Cash flow before changes in working capital	21,008	5,495	22,297

Change in working capital
Increase (-)/Decrease (+) in inventories	-50	-	-155
Increase (-)/Decrease (+) in operating receivables and inventories	-30,576	-13,927	-12,394
Increase (+) / Decrease (-) in operating liabilities	-106	870	5,963

CASH FLOW FROM OPERATING ACTIVITIES	-9,724	-7,562	15,711
Investing activities
Net investments in intangible assets	-2,182	-1,782	-7,230
Net investments in equipment	-58	-	-42
Net investments in subsidiaries	-	-	-17,225
CASH FLOW FROM INVESTING ACTIVITIES	-2,240	-1,782	-24,497

Financing activities
Repayment of loans	-3,333	-3,333	-13,333
New share issue after transaction costs	-	-	55,937
CASH FLOW FROM FINANCING
ACTIVITIES	-3,333	-3,333	42,604

Change in cash and cash equivalents	-15,297	-12,677	33,818
Cash and cash equivalents at the start of the period	56,062	22,244	22,244
Cash and cash equivalents at the end of the period	40,765	9,567	56,062

ACCOUNTING AND VALUATION POLICIES

This interim report has been prepared in accordance with IAS 34 and the Swedish Annual Accounts Act. The consolidated financial statements have, in common with the annual accounts for 2014, been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU, and the Swedish Annual Accounts Act. The Parent Company accounts have been prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.

"IFRS" in this document refers to the application of both IAS and IFRS as interpretations of these standards as published by the IASB's Standards Interpretation Committee (SIC) and the International Financial Reporting Interpretations Committee (IFRIC).

The Group applies the same accounting principles and calculation methods as described in the 2014 Annual Report. A number of new or revised standards, interpretations and improvements have been adopted by the EU and are to be applied from January 1, 2015. These changes have not had any significant effect on the Group.

Amounts are expressed in SEK rounded to the nearest thousand unless otherwise stated. Due to the rounding component, totals may not tally. MSEK is an abbreviation of million Swedish Kronor. KSEK is an abbreviation of thousand Swedish Kronor. Amounts and figures in parentheses are comparative figures from the preceding year.

SEGMENT REPORTING

Since Moberg Pharma's operations comprise only one area of operation, the commercialization and development of medical products, the consolidated statement of comprehensive income and statement of financial position as a whole comprise one operating segment.

RELATED-PARTY TRANSACTIONS

No significant changes have occurred in relations and transactions with related parties.

FINANCIAL INSTRUMENTS

As on December 31, 2014, the fair value of financial instruments approximates to their carrying amount.

FUTURE REPORTING DATES

Interim report for January – June 2015 Interim report for January – September 2015 August 11, 2015 November 10, 2015

The Annual General Meeting for Moberg Derma will be held on May 11, 17.00 at the company's premises.

FOR MORE INFORMATION, PLEASE CONTACT

Peter Wolpert, CEO, tel. +46 (0)8-522 307 00, [email protected] Anna Ljung, CFO, tel. +46 (0)8-522 307 01, [email protected]

For more information about Moberg Pharma's operations, please visit the company's website at www.mobergpharma.com

This interim report has not been reviewed by the company's auditors.

BOARD DECLARATION

The undersigned certify that the Interim Report provides a fair overview of the operations, financial position and results of the Parent Company and Group, as well as a fair description of significant risks and uncertainties faced by the Parent Company and Group companies.

Bromma, May 8, 2015

Mats Pettersson Chairman

Wenche Rolfsen Vice Chairman

Torbjörn Koivisto Board member

Thomas Thomsen Board member

Geert Cauwenbergh Board member

Peter Wolpert CEO