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Vistin Pharma — Earnings Release 2015
Aug 26, 2015
3782_rns_2015-08-26_f3f9c4c6-c836-4bee-a638-fb6154b064ea.html
Earnings Release
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Vistin Pharma ASA : Second quarter and first half 2015 results
Vistin Pharma ASA : Second quarter and first half 2015 results
Oslo, 26 August 2015
Vistin Pharma ASA (OSE: VISTIN) reports its first quarterly result as a separate
listed company, after the spin-off and acquisition of Weifa ASA's B2B business
and tablet production assets. The company was listed on Oslo Axess on 10 June
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 and growth potential in
the international Metformin and Opioid markets, and a strong foundation for
creating a highly efficient CMO business (contract manufacturing of tablets).
For Vistin Pharma, the split facilitates new growth opportunities due to a
narrower business scope, increased visibility and being less exposed to the risk
of strategic compromises across business units.
Key highlights for the second quarter 2015:
* The company raised NOK 170 million in new equity through a rights issue to
fund the acquisition of the Weifa assets and to secure working capital
* A five-year manufacturing agreement was signed with Weifa for the production
of all tablets previously produced in-house by Weifa, including an option to
extend the agreement for two-year periods
* Strong demand for metformin from new and existing clients
* Maintained opioid volumes and prices despite a continued softening of the
market
* Successful transfer of tablet manufacturing operations in the CMO segment
Vistin Pharma had total revenues of NOK 31.4 million in the reporting period
from 1 June to 30 June 2015. EBITDA came to NOK 2.9 million, including one-off
costs of about NOK 1 million relating to the listing of Vistin Pharma. Net
profit for the period was NOK 2.1 million.
"With Vistin Pharma now successfully established as a separate company, focus
will be on operational excellence and strengthening our position in the
metformin and opioids market. We will develop the long-term strategy for our
CMO segment and seek to identify potential new business opportunities", 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 second quarter and first half
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#1947493]