Continued strong growth in Sweden, but lower total sales during the quarter

First quarter

  • Net sales reached SEK 13.3 (15.1) million.
  • Result after tax came in at SEK -12.2 (-10.1) million.
  • Earnings per share, basic and diluted, were SEK -0.09 (-0.11)
  • Cash and cash equivalents were SEK 53.9 (8.2) million.

Significant events in Q1

  • Enzymatica presented the final results from the German multicenter study for assessment of ColdZyme® during the 2018 cold season. The convincing results strengthen and broaden ColdZyme’s product claims.
  • Enzymatica initiated a double-blind, placebo-controlled study to evaluate the effects of ColdZyme on the common cold. The extensive study includes more than 600 patients and is being conducted at ten study centers in Germany.

Significant events after the quarter

  • ABEX Pharmaceuticals began to sell ColdGuard® (ColdZyme) on the South African market.
  • Enzymatica has finalized the enrolment to the above mentioned placebo-controlled study in Germany of about 700 patients, whereof more than 400 have caught a cold according to plan.
Key figures for group 
(SEK million) Jan-Mar
2019
Jan-Mar
2018
Full year 2018
Net sales 13.3 15.1 52.6
Gross margin, % 74 71 70
Operating profit/loss -11.9 -9.6 -40.6
Cash flow from operating activities -15.6 -1.6 -28.8
Average number of employees 20 22 21

CEO statement: Increased market share and fourth largest brand in Sweden

Enzymatica’s sales during the first quarter totaled SEK 13.3 million, compared with about SEK 15 million the corre-sponding period in 2018. The reduction can mainly be explained by the absence of sales in Spain due to an uneven inflow of orders from our distributor between quarters, and in Germany due to restrictions imposed on the marketing of ViruProtect® (ColdZyme). Rolling 12-months sales as of March 31, 2019 excluding STADA’s sales in Germany and Austria show an increase of about 5% compared with the corresponding rolling 12-months sales as of March 31, 2018. Sales on the Swedish home market were extremely strong during the first quarter as sales of ColdZyme to consumers rose by almost 23%, corresponding to a market share of 6.4%. Thus ColdZyme has passed Bisolvon in sales value and is now the fourth largest brand in the cold product category on the pharmacy market in Sweden. An effective cold product, loyal customers with a high repurchase rate and successful marketing underlie this strong trend for ColdZyme.

In the beginning of the quarter we began the recruitment of participants for the double-blind, placebo-controlled study in Germany to evaluate the effects of ColdZyme on the common cold. In the beginning of May we announced that the enrolment to the study had been finalized with about 700 patients in total. More than 400 have caught a cold, which is according to plan. Those who do develop colds will be divided into two groups: one that uses ColdZyme and one that uses the placebo product in a double-blind design. The study was planned based on the highly convincing results, especially regarding quality of life, of the German methodological study, the final results of which were presented in early 2019. The results of the ongoing placebo study are expected to be ready this autumn.

In April our partner ABEX Pharmaceuticals began to sell ColdGuard (ColdZyme) on the South African market, which is an important milestone for Enzymatica. ABEX is conducting an extensive marketing campaign, including advertising in traditional media and in-store advertising, as well as commercials and marketing in various digital media channels, to ensure effective market awareness to the South African consumers. This is the first market to even out ColdZyme’s current seasonal variation in sales, since the cold season in the southern hemisphere lasts from April to September.

Fredrik Lindberg, CEO

For questions about this report, please contact:

Fredrik Lindberg, CEO, Enzymatica AB
Tel: +46 (0)708-86 53 70 | Email: fredrik.lindberg@enzymatica.com

Therese Filmersson, CFO, Enzymatica AB
Tel: +46 (0)708-40 72 24 | Email: therese.filmersson@enzymatica.com

Publication

This information is information that Enzymatica is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:30 a.m. CET on Tuesday, May 7, 2019.