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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Cosmo Pharmaceuticals N.V.    COPN   NL0011832936

COSMO PHARMACEUTICALS N.V.

(COPN)
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Cosmo Half-Year Report 2017

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07/28/2017 | 01:05am EST

Cosmo Half-Year Report 2017

Dublin, Ireland - 28 July 2017 - Cosmo Pharmaceuticals N.V. (SIX: COPN) reports half-year results for the period ended 30 June 2017.

Highlights

  • Expansion of organization to commercialize products in the US progressed with the addition of further personnel with strong sales and marketing experience
  • LuMeBlue NDA submitted to the FDA on 21 July 2017
  • Zemcolo NDA under preparation
  • Pre-marketing of LuMeBlue and Zemcolo commenced
  • Successful results of a clinical trial comparing Eleview to the standard of care in endoscopic mucosal resection of large sessile polyps announced
  • Zemcolo phase II clinical trial for a second indication for diarrhea-predominant irritable bowel syndrome (IBS-D) commenced
  • Remimazolam successfully concluded its US Phase III clinical trial in procedural sedation in patients undergoing bronchoscopy
  • Dr. Falk Pharma, the licensee for Europe and selected countries excluding the US, is preparing the EU Marketing Authorization submission for Zemcolo
  • Qolotag was filed for approval in the EU as a medical device and approval was granted on 24 July 2017
  • The Company received CHF102.8 million from the placement of 315,447 treasury shares and 618,500 ordinary shares created by the exercise of stock options
  • Uceris royalty and manufacturing income in the first half of 2017 is an estimated EUR 12.1 million vs EUR 13.8 million in the same period last year as a result of lower Uceris net sales by Valeant, the lower income is an estimate based on TRX data as the Q2 report from Valeant has not been received yet
  • Cosmo announced that it had filed for arbitration against Santarus Inc. and Valeant Pharmaceuticals Ireland Ltd. seeking the termination of its Uceris license agreement with Valeant and the transfer of the marketing authorization to Cosmo

Financial Highlights Half-Year 2017

  • Revenue of EUR 31.8 million compared to EUR 31.6 million in prior year
  • Net operating expenses EUR 36.1 million compared to EUR 19.4 million in prior year, EUR 13.4 million of costs associated with US sales and marketing organisation
  • Operating loss EUR 8.4 million compared to an operating profit of EUR 8.8 million in prior year
  • Financial expenses of EUR 11 million includes an unrealised loss of EUR 9.9 million on the Company's US Dollar cash and investment bonds.
  • Loss after taxes EUR 17.3 million compared to a profit of EUR 5.6 million in prior year
  • Cash, cash equivalents and bond investments EUR 263.5 million at 30 June 2017

Key figures

EUR 1,000

H1 2017

H1 2016

Income statement

Revenues

31,824

31,648

Other income

268

10

Cost of sales

(10,670)

(9,554)

R&D costs

(4,557)

(3,535)

Selling, general & administrative expense

(21,184)

(6,322)

Share of result of associates

(4,049)

(3,486)

Operating result

(8,368)

8,761

Financial Income/(Expenses)

(11,000)

240

Profit/(Loss) before taxes

(19,368)

9,001

Income tax expenses

2,098

(3,406)

Profit/(Loss) for the period

(17,270)

5,595

Shares

Weighted average number of shares

14,578,249

14,103,536

Earnings per share (in EUR)

(1.185)

0.397

Statement of financial position

30.06.2017

31.12.2016

Non-current assets

303,288

256,400

Cash and cash equivalents

136,315

117,649

Other current assets

67,659

69,425

Liabilities

26,553

27,916

Equity attributable to owners of the Company

480,697

415,546

Equity ratio (in %)

95%

94%

The Half-Year Report 2017 with further information was published on 28 July 2017, 07:00am CET, and is available for download at:

http://www.cosmopharmaceuticals.com/investor-relations/financial-reports

Confident Outlook

Cosmo has filed the NDA for LuMeBlue and expects to file the NDA for Zemcolo in the second half of this year. Selling, general & administrative expense costs will increase materially in 2017 due to the pre-marketing of LuMeBlue and Zemcolo and the build-up of the US organization. The Zemcolo phase II clinical trial for a second indication for diarrhea-predominant irritable bowel syndrome (IBS-D) commenced.

Alessandro Della Chà, CEO, said: "We have progressed building our US marketing and sales organization in the first half of this year. We have launched Eleview in the US, filed the LuMeBlue NDA and will file the Zemcolo NDA in the second half of this year. We are confident that approval will be granted for these products and we have commenced pre-marketing activity. We have the necessary liquidity in place to continue financing the set-up of our US marketing and sales organization and combined with our strong pipeline of products we expect our US organization to deliver substantial shareholder value. We are also continuing our out-licensing activities and we believe we shall be able to deliver interesting news in the second half of 2017".

Half-year 2017 results conference call at 10:30am CEST on 28 July 2017

Alessandro Della Chà, CEO, Luigi Moro, CSO, Niall Donnelly, CFO and John Manieri, Head of IR, will present the half-year results and discuss the outlook for 2017 at a conference call to be held today at 10:30 am CEST.

The dial-in numbers:

+41 (0) 58 310 50 00

Continental Europe

+44 (0) 203 0595 862

UK

+1 (1) 631 570 5613

USA

The presentation is available for download at:

http://www.cosmopharma.com/ir/presentations.aspx

About Cosmo Pharmaceuticals

Cosmo is a specialty pharmaceutical company that aims to become a global leader in the field of optimized therapies for selected Gastrointestinal Disorders and Endoscopic Procedures. The Company's proprietary clinical development pipeline specifically addresses innovative treatments for IBD, such as Ulcerative Colitis and Crohn's Disease, and Colon Infections. In addition, the Company has developed a medical device for polyp and adenoma excision and is has filed the NDA for LuMeBlue, a diagnostic drug for the detection of colon cancer as well as new chemical entities that are being developed by the associate company Cassiopea S.p.A. for the topical treatment of skin diseases. Cosmo's MMX products that have reached the market are Lialda/Mezavant/Mesavancol, a treatment for IBD that is licensed globally to Giuliani and Shire Limited and Uceris, the first glucocorticosteroid indicated for the induction of remission in active, mild to moderate Ulcerative Colitis, licensed in US to Santarus/Salix/Valeant and in the Rest of the World to Ferring as Cortiment. Cosmo's proprietary MMX technology is at the core of the Company's product pipeline and was developed from its expertise in formulating and manufacturing gastrointestinal drugs for international clients at its GMP (Good Manufacturing Practice) facilities in Lainate, Italy. The technology is designed to deliver active ingredients in a targeted manner in the colon. For further information on Cosmo, please visit the Company's website: www.cosmopharma.com

Next events

Investora Conference

September 20/21, 2017 in Zurich

Jefferies Global Healthcare Conference

November 15/16, 2017 in London

Full-year results 2017 reporting

March 2018

Annual General Meeting

May 2018

Contact:

John Manieri, Head of Investor Relations

Cosmo Pharmaceuticals N.V.

Tel: +353 1 817 03 70

jmanieri@cosmopharma.com




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Financials (EUR)
Sales 2019 47,1 M
EBIT 2019 -17,5 M
Net income 2019 -27,6 M
Finance 2019 117 M
Yield 2019 -
P/E ratio 2019 -34,8x
P/E ratio 2020 -58,6x
EV / Sales2019 17,4x
EV / Sales2020 9,28x
Capitalization 939 M
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Technical analysis trends COSMO PHARMACEUTICALS N.V.
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 4
Average target price 101,78  €
Last Close Price 64,22  €
Spread / Highest target 113%
Spread / Average Target 58,5%
Spread / Lowest Target 10,3%
EPS Revisions
Managers
NameTitle
Alessandro E. Della Chà Chief Executive Officer & Executive Director
Mauro Severino Ajani Chairman
Giuseppe Cipriano Chief Operating Officer
Niall Donnelly Chief Financial Officer & Head-Investor Relations
Luigi Moro Chief Scientific Officer
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