First quarter 2020 Results

Biotec Pharmacon Q1 2020 Report

Tromsø, Norway, 23 April 2020 – Biotec Pharmacon (OSE: Biotec) reported sales of NOK 34.3 million (14.8) and an EBITDA of NOK 13.8 million (-3.9) for the first quarter of 2020. Improvements are in all areas of the business.

Highlights from Q1 2020

  • New Group strategy kicks off in the right direction on the promise to drive the company into profitability during 2020
  • Gross profit for the Group improved 118% to NOK 26.2 million (Q1 2019: NOK 12.0 million)
  • ArcticZymes had first quarter sales of NOK 18.5 million growing by 135% (Q1 2019: NOK 7.9 million)
  • Biotec BetaGlucans had first quarter sales of NOK8 million growing by 130% (Q1 2019: NOK 6.9 million)
  • ArcticZymes growth driven by strong sales in the therapeutic segment and upsides relating to sales of enzymes to partners launching coronavirus diagnostic tests
  • Secured 2020 commitment under commercial terms to supply SBG® Adjuvant for continuation of clinical trials
  • The Group delivered positive EBITDA with NOK 13.8 million (Q1 2019: NOK -3.9 million)
  • Cash-flow for the quarter was NOK 4.4 million (Q1 2019: NOK -3.5 million)

CEO Jethro Holter comments:

“We are delighted with another outstanding quarterly performance by delivering a profitable quarter of close to NOK 13.8 million EBITDA. Both the ArcticZymes and Biotec BetaGlucans businesses have contributed to top line growth with ArcticZymes delivering the best quarterly sales performance so far. For ArcticZymes, the main growth drivers were from strong sales in the Salt Active Nuclease (SAN) product line, and upsides from Cod UNG and other enzymes, which have been rapidly incorporated into coronavirus diagnostics assays by several of our customers. We expect these short-term upsides to continue but then subside once the coronavirus outbreak passes. Longer-term the company will focus on supporting its partners in developing the next generation of COVID-19 diagnostic tests.”

“Execution of the Company’s new strategic direction following the recent structural reorganisation has got off to a flying start. Q1 performance has cemented the foundations in delivering on our promise to drive the company into profitability during 2020.”

“Furthermore, with ArcticZymes representing the company’s core business, we are inspired and excited to initiate a rebranding initiative to rename the parent company to ArcticZymes Technologies. The new name builds on ArcticZymes strong brand position, which has resonated well with its customers and shareholders. ArcticZymes Technologies extends this further by reflecting the future direction and purpose of the company.”


First quarter 2020 Results

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