The PharmaMar Group (MSE: PHM) has recorded total revenues of EUR38.0 million, which represents an increase of 12% compared to the EUR34.0 million reported in the first quarter of 2023.

Recurring revenues, which resulting from net sales plus royalties received from our partners, have increased by 15% to 31.7 million euros, compared to 27.4 million in the same period of the previous year.

Sales in oncology registered an increase of 25% to 19.0 million euros. This increase is mainly due to the commercial sales of Zepzelca in Europe, which amount to 4.2 million euros, as well as the sales of raw materials to our partners, both Yondelis and Zepzelca, which amount to 3.3 million euros and the income from the 'early access' program, which increased by 12% to 6.3 million. These latest income come mainly from France, although other 'early access' programs are also open in countries such as Spain and Austria.

Yondelis sales in the European market, after the entry of generics, register a total of 5.2 million euros (vs. 8.1 million euros in 1Q23).

As of March 31, 2024, royalty income amounted to 12.7 million euros, which represents an increase of 14% compared to the same period of the previous year. These revenues include royalties received from our partner Jazz Pharmaceuticals for sales of lurbinectedin in the US, which increased 13% to EUR11.6 million. Royalties for the first quarter of 2024 are an estimate, as information on sales made by Jazz is not available at the date of publication of this report. If there is any divergence, it will be corrected in the following quarter.

To the royalties received from Jazz Pharmaceuticals, we must add royalties from sales of Yondelis, coming from our partners in the US and Japan in the amount of 1.1 million euros in the first quarter of 2024 compared to 0.9 million of euros recorded in the same period of the previous year.

In relation to the non-recurring income from the licensing agreements, at the end of the first quarter of 2024, they amount to 6.0 million euros, of which 5.7 million euros correspond to the part of the deferred income of the agreement 2019 with Jazz Pharmaceuticals in connection with Zepzelca.

Investment in R&D reaches 27.2 million euros in the first quarter of 2024, which represents an increase of 29% compared to the previous year.

Of the total investment in R&D in this first quarter of 2024, the amount allocated to the oncology segment increases by 39% to up to 24.6 million compared to the 17.8 million registered in the first quarter of 2023. This increase is directly related to the notable increase in activity developed in relation to ongoing clinical trials, mainly the LAGOON trials (phase III of clinical development in the indication of small cell lung cancer) and SaLuDo (phase IIb/III of clinical development in the indication of leiomyosarcoma); both are with Zepzelca. Additionally, the company continues to invest in the clinical development of other molecules in earlier stages. In this sense, a phase II clinical trial is underway with ecuectedin in solid tumors and phase I clinical trials, both with ecuectedin and with PM534 and PM54 for the treatment of solid tumors.

With all this, the Pharmamar Group records a net profit of 2.3 million euros at the end of the first quarter of 2024.

As of March 31, 2024, the PharmaMar Group has cash and equivalents amounting to 164.5 million euros and reduces total debt by 8% from December 2023, to 36.8 million euros. In this way, the net cash position stands at 127.7 million euros.

Contact:

Tel: +34 91 846 6000

Email: pharmamar@pharmamar.com

(C) 2024 Electronic News Publishing, source ENP Newswire