Vistin Pharma — Earnings Release 2022

Apr 27, 2022

Vistin Pharma ASA: First quarter 2022 financial results

Vistin Pharma ASA: First quarter 2022 financial results

Oslo, Norway, 27(th) of April 2022

Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) today announces the financial

results for the first quarter 2022

Revenue in first quarter ended at MNOK 33 compared to MNOK 71 in Q1 2021.

Decrease in revenue for the quarter driven by less volume available for sale due

to the planned Metformin Expansion Project (MEP) installation.

First quarter EBITDA ended at negative MNOK 18 (Q1'21: MNOK 15). EBITDA

unfavorably affected by limited sales volume available, start-up costs for new

line, FX and record high electricity prices in quarter. Financial result in the

quarter is according to plan and is expected to improve from Q2'22, with more

volume available for sale.

The net profit ended at negative MNOK 15.2 (Q1'21: MNOK 8.8) for the first

quarter of 2022.

At end of March both existing production line #1 and new line #2 was producing

metformin. Line #1 producing according to plan. Line #2 producing at reduced

capacity during initial ramp-up phase. Vistin has had significant start-up costs

in the quarter driven by onboarding of new operators & quality FTE's and semi-

variable overhead costs, in addition to limited production. First commercial

batch from the 2nd production line expected to be shipped out in Q2 '22 as

planned. Capacity is expected to ramp-up gradually during Q2-Q4 and reach an

annual capacity of >5 500MT by end 2022. Annual capacity of approx. 7000MT

expected to be reached during 2023.

Vistin Pharma had cash of MNOK 12 (Q1'21 MNOK: 85) as of 31 March 2022. Approx.

70% of the Metformin Expansion Project (MEP) has been paid as of end March and

project cost is according to budget. The company has a strong balance sheet with

an equity ratio of 82% and no interest-bearing debt.

The first quarter conference call, which will be held today, 27th of April, at

8.30am (CET) and will be available via web and audio through the following

access points:

Telephone conference:

Confirmation Code:            8168697

International dial-In:         +44 (0) 2071 928338

Norway, Oslo:                   +47 21563015

United States, New York:   +1 6467413167

Webcast:

https://edge.media-server.com/mmc/p/s56tfz7e

The conference call will be held in English.

Please find the Q1 report and presentation enclosed. The report will also be

made available on www.vistin.com (http://www.vistin.com).

*****

For further information, please contact:

Alexander Karlsen

CFO

+47 97 05 36 21

alexander.karlsen@vistin.com (mailto:alexander.karlsen@vistin.com)

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.