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Vistin Pharma — Earnings Release 2017
Feb 27, 2018
3782_rns_2018-02-27_ba43f7f3-55b3-4bec-a63c-2a68c4ac56a7.html
Earnings Release
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Vistin Pharma ASA : Fourth quarter 2017 results
Vistin Pharma ASA : Fourth quarter 2017 results
Oslo, Norway, 27 February 2018
Vistin Pharma had a revenue of NOK 41.6 million in the fourth quarter 2017,
compared to NOK 32.5 million in the fourth quarter 2016. Adjusted EBITDA from
continuing operations came to negative NOK 1.6 million for the fourth quarter,
compared to negative NOK 1.0 million for the same quarter last year.
The demand for metformin is still increasing. Diabetes is one of the largest
global health emergencies of the 21st century, and the metformin business is
expected continue to grow as it remains the gold-standard treatment of type 2
diabetes for the foreseeable future.
"Our objective is to ensure that Vistin Pharma can meet the increasing demand
from existing customers and secure volumes from new customers. This will allow
us to re-start the 3,000MT metformin expansion project," says Kjell-Erik Nordby,
CEO.
The construction of the new NOK 120 million production line was postponed
earlier this year, to reduce the financial risk related to the expansion. When
sufficient volumes are secured to continue the expansion work, the Company will
be able to have the 3,000MT production capacity installed within approximately
18 months.
The Company's financial position remains strong, with a cash position of NOK
85.3 million as of 31 December. The Board will propose a dividend of NOK 1 per
share (NOK 17.1 million) for 2017. Vistin Pharma holds no interest-bearing debt.
Vistin Pharma will hold a presentation today at 08:30 CET at Carnegie AS,
Fjordalleen 16, Oslo. CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent
the Company.
Please find the report and presentation for the fourth quarter 2017 enclosed.
The report and presentation will also be made available on www.vistin.com.
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For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
Gunnar Manum
CFO
+47 95 17 91 90
About Vistin Pharma
Vistin Pharma is a Norwegian pharmaceutical company producing Active
Pharmaceutical Ingredients (APIs) for the global pharmaceutical industry. The
Group was established in 2015 when Vistin Pharma AS, a wholly owned subsidiary
of Vistin Pharma ASA, acquired the metformin and opioids business and tablet
production assets from Weifa AS.
On 2 October 2017, Vistin Pharma sold its opioids and CMO business to TPI
Enterprises Limited. Following the sale, Vistin Pharma is now a pure play
metformin producer, with a strong position in the global metformin market and
clear ambitions for growth. Metformin is used as the first-line treatment of
diabetes 2, a disease which is expected to grow by 50 per cent toward 2030,
affecting more than 500 million people. The global market for metformin is
expected to grow by four to five per cent per annum, and Vistin Pharma is
attractively positioned to capture part of this growth.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.