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Vistin Pharma — Earnings Release 2015
Oct 29, 2015
3782_rns_2015-10-29_02762f7d-a2f9-4767-a9aa-620ed4e68354.html
Earnings Release
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Vistin Pharma ASA : Third quarter 2015 results
Vistin Pharma ASA : Third quarter 2015 results
Vistin Pharma ASA (OSE: VISTIN) reports its first full quarterly result as a
separate listed company, after the spin-off and acquisition of Weifa ASA's B2B
business and tablet production assets on 1 June 2015.
Vistin Pharma is a Norwegian pharmaceutical company producing Active
Pharmaceutical Ingredients (APIs) and solid dosage forms for the global
pharmaceutical industry. The company has key positions in the Metformin and
Opioids markets, and a strong foundation for creating a highly efficient CMO
business (contract manufacturing of tablets). Solid growth potentials exist in
all the business segments. The spin-off from Weifa facilitates new growth
opportunities due to a narrower business scope, increased visibility and being
able to pursue own strategic agendas without the risk of compromises across
business units.
Key highlights for the third quarter 2015:
* EBITDA NOK 12.0 million
* Metformin revenue and volume year-to-date significantly higher than same
period last year, which increased by 18% and 10% respectively
* Demand for Vistin Pharma's metformin exceeds current production capacity
* A feasibility study for 100% capacity expansion of the metformin plant at
Fikkjebakke to be carried out in Q1 2016
* Maintained opioid volumes and prices despite challenging market conditions
* First full CMO quarter sales, contributing positively to group EBITDA
* Company plans to pay an annual dividend of approx. 50% of net profit after
tax for 2015 and onwards
* Cash balance at 30 September of NOK 18.1 million, and no interest-bearing
debt
Vistin Pharma had total revenues of NOK 92.0 million in the third quarter 2015.
EBITDA came to NOK 12.0 million. Net profit for the period was NOK 9.0 million.
"Vistin Pharma reported a solid first full quarter as a separate company, and we
are particularly pleased with the development of the metformin business and
continued strong demand for our metformin product. Vistin Pharma is on its way
to becoming a leading recognised global supplier of high quality metformin, and
we will start evaluating a doubling of our current production capacity to meet
increased demand from pharmaceutical companies world-wide", says CEO Kjell-Erik
Nordby.
Vistin Pharma will give a presentation today at 08:30 CET at Felix
Konferansesenter, Bryggetorget 3, Oslo, Norway. CEO Kjell-Erik Nordby and CFO
Gunnar Manum will represent the company.
Please find the report and presentation for the third quarter 2015 enclosed. The
report and presentation will also be made available on www.vistin.com.
For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
Gunnar Manum
CFO
+47 95 17 91 90
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1962154]