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Vistin Pharma — Earnings Release 2015
Feb 23, 2016
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Earnings Release
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Vistin Pharma ASA : Solid fourth quarter results and positive market outlook
Vistin Pharma ASA : Solid fourth quarter results and positive market outlook
Norwegian pharmaceutical company Vistin Pharma ASA (OSE: VISTIN) recorded a
solid fourth quarter of 2015. A continued strong market for metformin, a
diabetes type 2 medication, coupled with high volumes in CMO tablet
manufacturing, contributed to the result.
"I am pleased to report on another solid quarter for Vistin Pharma. Demand for
our metformin products exceeds our current production capacity, while our CMO
business continues to perform according to plan. We are still experiencing price
pressure in the opioids market, but the long term outlook remains favourable",
says CEO Kjell-Erik Nordby.
Vistin Pharma recorded revenue and other income of NOK 104.5 million in the
fourth quarter. Reported EBITDA was NOK 16.1 million, while the underlying
EBITDA adjusted for one-off items was NOK 7.4 million. Net profit in the fourth
quarter was NOK 10.3 million, while the full year* (1 June - 31 December) net
result was NOK 21.4 million.
With solid, long-term potential in all business segments, Vistin Pharma's
ambition is to grow the Company significantly.
"We are currently undertaking a feasibility study for capacity expansion of our
metformin plant. At the same time an ongoing operational excellence programme
within our CMO business aims to increase our current tablet production
capacity significantly. In parallel with these initiatives, we continue to
monitor the market for potential M&A candidates", says 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. The presentation will be held in
English.
The presentation will be webcast live and can be accessed directly from
http://webtv.hegnar.no/presentation.php?webcastId=29501459,or
http://www.vistin.com/investors/webcast-article214-455.html.
Please find the report and presentation for the fourth 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
* Note: Vistin Pharma ASA was established in February 2015, and the Group had no
operating activities prior to Vistin Pharma AS' acquisition of the B2B business
and tablet production assets from Weifa AS on 1 June 2015.
About Vistin Pharma
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
Contract Manufacturing tablet production (CMO) business. Solid growth
potentials exist in all the business segments.
With more than 75 years of pharmaceutical industry experience, Vistin Pharma has
built significant capacity and expertise as an API provider. The Company has
more than 140 highly qualified employees and two manufacturing facilities in
Kragerø, Norway. Both facilities are certified according to current Good
Manufacturing Practice (cGMP) and successfully inspected by the US Food and Drug
Administration (FDA) in 2014. Vistin Pharma's headquarter is in Oslo, Norway.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1988164]