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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 2020

07/30/2020 | 01:05am EST

Cosmo Half-Year Report 2020

Dublin, Ireland - 30 July 2020 - Cosmo Pharmaceuticals N.V. (SIX: COPN) reports half-year results for the period ended 30 June 2020.

Cosmo obtained important product approvals, continued to execute its equity for product strategy and is on track to return to operating profit in FY20.

Key Events Half-Year 2020 - Products and Business

  • ByFavo™ sub-licensed to Acacia Pharma Group (EURONEXT: ACPH) in January in equity for product deal for €30m in upfront payment, regulatory and commercial milestones due in equity plus up to $105m in sales related commercial milestones. Additional equity investment of €21.1m made in the company plus €25m in loan financing provided. ByFavo™ approved by the FDA in July 2020.
  • European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for Methylene Blue MMX in June 2020.
  • Protocol and related statistical analysis plan for the confirmatory phase III trial for Methylene Blue MMX filed with the U.S. FDA in April 2020 for final comment.
  • Very positive results of the first investigator initiated prospective clinical study of GI Genius™ announced. ADR (Adenoma Detection Rate) and APC (Adenoma Per Colonoscopy) were significantly higher in the GI Genius™ group compared to the control group.
  • GI Genius™ further approved in Australia, Israel and the United Arab Emirates.

Financial Highlights Half-Year 2020

  • Revenues €25.9m vs €21.5m last year, mainly because of increase in manufacturing income for generic and Lialda® and milestones income which did not occur in prior period.
  • Expenses (net) down 40% to €23.2m following the elimination of our U.S. organisation. ​
  • Operating profit €2.7m vs operating loss €17.2m in prior period​.
  • Net financial expense €5.8m mainly relates to interest on convertible bonds of €4.2m of which cash impact €2.2m. ​
  • Loss for the period €3.0m including share of Cassiopea loss €2.2m. ​
  • Cash inflow from operations before changes in working capital €4.8m for the period.
  • Cash and investments in funds €238.4m at 30 June 2020 (excluding 574,312 treasury shares at cost of €47.1m) vs €268.2m at 31 December 2019.
  • Market value of Cosmo's stake in Cassiopea at 30 June 2020 €188.2m versus carrying value of €138.8m.
  • Equity €405.4m vs €393.7m at 31 December 2019.

Key figures

EUR 1,000

H1 2020

H1 2019

Income statement

Revenues

25,883

21,507

Cost of sales

(12,845)

(11,029)

Gross profit

13,038

10,478

Other income

5,530

277

R&D costs

(7,289)

(7,667)

SG&A costs

(8,617)

(20,289)

Net operating expenses

(10,376)

(27,679)

Operating profit/(loss)

2,662

(17,201)

Net finance (expenses) / income

(5,773)

(2,600)

Share of result of associate

(2,220)

(2,818)

Loss before taxes

(5,331)

(22,619)

Income tax

2,316

1,837

Loss for the period

(3,015)

(20,782)

Shares

Weighted average number of shares

14,488,454

14,715,110

Earnings per share (in EUR)

(0.208)

(1.407)

EUR 1,000

30 Jun 20

31 Dec 19

Statement of financial position

Non-current assets

304,700

282,795

Cash and cash equivalents

82,591

110,387

Other current assets

209,326

191,978

Liabilities

191,177

191,427

Equity attributable to owners of the Company

405,440

393,733

Equity ratio (%)

68.0%

67.3%

Alessandro Della Chà, Chief Executive Officer, said: "In the first half of 2020 we continued to execute our equity for product strategy which allows us to participate in the equity upside of our products by taking stakes in our partners. We believe that we have substantially de-risked our business and are well positioned with a pipeline of products and €238.4 million in cash and investments and look to the future with optimism. We are maintaining our FY20 guidance of revenue in the range of €52 to €56m and operating profit in the range of €2m to €8m"

The Half-Year Report 2020 with further information was published on 30 July 2020, 07:00 am CET, and is available for download at:

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

Half-Year 2020 Results Conference Call on Thursday, 30 July 2020, 10:00am CET

Alessandro Della Chà, CEO and Niall Donnelly, CFO will present the half-year results 2020 and will provide an update of Cosmo's activities. The conference call is scheduled to last 30-45 minutes and will be held in English.

Dial-in numbers:

From Continental Europe:

+41 (0)58 310 50 00

From UK:

+44 (0) 207 107 06 13

From USA:

+1 (1) 613 570 56 13

The presentation is available for download at:

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

About Cosmo Pharmaceuticals

Cosmo is a specialty pharmaceutical company focused on developing and commercialising products to treat selected gastrointestinal disorders and improve endoscopy quality measures through aiding the detection of colonic lesions. Cosmo has also developed medical devices for endoscopy and has recently entered into a partnership with Medtronic for the global distribution of GI Genius™ its artificial intelligence device for use in coloscopies and GI procedures. Cosmo has licensed Aemcolo™ to Red Hill Biopharma and is the licensee of BYFAVO™ (Remimazolam) for the US for procedural sedation, which it has sub-licensed to Acacia. For additional information on Cosmo and its products please visit the Company's website: www.cosmopharma.com

Financial calendar

Investora, Zurich

September 23, 2020

Contact

Niall Donnelly, CFO & Head of Investor Relations

Cosmo Pharmaceuticals N.V.

Tel: +353 1 817 03 70

ndonnelly@cosmopharma.com




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Financials
Sales 2020 53,1 M 64,2 M 64,2 M
Net income 2020 -8,53 M -10,3 M -10,3 M
Net cash 2020 51,0 M 61,6 M 61,6 M
P/E ratio 2020 -132x
Yield 2020 -
Capitalization 1 125 M 1 356 M 1 359 M
EV / Sales 2020 20,2x
EV / Sales 2021 16,7x
Nbr of Employees 261
Free-Float 45,8%
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Technical analysis trends COSMO PHARMACEUTICALS N.V.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 102,69 €
Last Close Price 77,77 €
Spread / Highest target 43,1%
Spread / Average Target 32,0%
Spread / Lowest Target 21,3%
EPS Revisions
Managers
NameTitle
Alessandro E. Della Chà Chief Executive Officer & Executive Director
Mauro Severino Ajani Executive Chairman
Giuseppe Cipriano Chief Operating Officer
Niall Donnelly Chief Financial Officer & Head-Investor Relations
Davide Malavasi Director-Qualified Person & Technical
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