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    COPN   NL0011832936

COSMO PHARMACEUTICALS N.V.

(COPN)
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EQS-Adhoc: Cosmo Half-Year Report 2021

07/30/2021 | 01:01am EDT
EQS Group-Ad-hoc: Cosmo Pharmaceuticals N.V. / Key word(s): Half Year Results 
Cosmo Half-Year Report 2021 
30-Jul-2021 / 06:00 GMT/BST 
Release of an ad hoc announcement pursuant to Art. 53 LR 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
 Ad hoc announcement pursuant to Art. 53 LR 
 
Dublin, Ireland - 30 July 2021 - Cosmo Pharmaceuticals N.V. (SIX: COPN) reports half-year results for the period ended 
30 June 2021. 
 
Cosmo obtained the first ever FDA approval for a device that uses artificial intelligence that to help detect signs of 
colon cancer and announced important out-licencing agreements. As a consequence of the Cassiopea licencing deal 
announced on 26 July, Cosmo will be back to profit before tax in FY21. 
 
Key Events Half-Year 2021 - Products and Business 
 
  . GI Genius(TM), the first device that uses artificial intelligence to assist clinicians in the detection lesions in 
    the colon in real time during colonoscopy, approved by the FDA. 
 
  . Successful outcome of our phase II Proof of Concept (POC) clinical trial of Rifamycin-MMX 600mg in Irritable Bowel 
    Syndrome with Diarrhea (IBS-D) announced. 
 
  . EU rights (plus Switzerland, UK, EEA countries, Russia and Mexico) for Lumeblue(TM) licenced to Alfasigma S.p.A. 
 
  . Cosmo's associate, Cassiopea S.p.A., announced the signing of licence and supply agreements with Sun Pharmaceutical 
    Industries for Winlevi(R) in US and Canada in July. 
 
  . Agreement entered into with RedHill Biopharma Ltd. (Nasdaq: RDHL) to manufacture Movantik(R), RHB-204 and Opaganib. 
 
Financial Highlights Half-Year 2021 
 
  . Revenues increased by 9.7% to EUR28.4m vs EUR25.9m last year. 
 
  . Expenses (net) of EUR28.4m vs EUR23.2m last year the increase mainly due to the fact that in the first half of 2020, in 
    'other income', a gain was recorded on the out-licencing of Byfavo(TM) to Acacia of EUR4.2 million and a break-fee of 
    EUR1.1 million paid by Acacia in relation in a debt equity conversion, both of which had the impact of reducing net 
    expenses. 
 
  . Operating profit EUR8k vs EUR2.7m last year. 
 
  . Net financial expense EUR1.9m mainly includes interest on convertible bonds of EUR4.3m, of which cash impact EUR2.2m, 
    offset by interest received of EUR1.5m and FX gains of EUR0.9m. 
 
  . Loss for the period EUR5.7m including share of Cassiopea loss EUR2.8m. 
 
  . Cash inflow from operating activities EUR12.7m. 
 
  . Cash and investments in funds EUR203.1m at 30 June 2021 (excluding 705,773 treasury shares at cost of EUR57.4m) vs 
    EUR212.9m at 31 December 2020. 
 
  . Market value of Cosmo's stake in Cassiopea at 30 June 2021 EUR207.4m versus carrying value of EUR133.4m. 
 
  . Equity EUR371.0m vs EUR400.1m at 31 December 2020, the reduction mainly due to a reduction in the value of the equity 
    stakes held in other companies during the period. 
Key figures 
 
EUR?1,000                          H1 2021     H1 2020 
 
Income statement 
Revenues                           28,420      25,883 
Cost of sales                      (13,796)    (12,845) 
Gross profit                       14,624      13,038 
Other income                       163         5,530 
R&D costs                          (7,436)     (7,289) 
SG&A costs                         (7,343)     (8,617) 
Net operating expenses             (14,616)    (10,376) 
Operating profit/(loss)            8           2,662 
Net finance expenses               (1,916)     (5,773) 
Share of result of associate       (2,759)     (2,220) 
Loss before taxes                  (4,667)     (5,331) 
Income tax                         (1,074)     2,316 
Loss for the period                (5,741)     (3,015) 
 
Shares 
Weighted average number of shares   14,392,984  14,488,454 
Earnings per share (in EUR)        (0.399)     (0.208) 
EUR?1,000                                     30 Jun 21 31 Dec 20 
 
Statement of financial position 
Non-current assets                            323,552   343,293 
Cash and cash equivalents                     203,134   212,852 
Other current assets                          36,073    40,016 
Liabilities                                   191,758   196,036 
Equity attributable to owners of the Company  371,001   400,125 
Equity ratio (%)                              65.9%     67.1% 

Management change

Sean MacDonald has resigned from the position of Head of Business Development to pursue other opportunities and in the interim the role will be assumed by the CEO.

CEO comment

Alessandro Della Chà, Chief Executive Officer, said: 'In the first half of 2021 we reached a number of very important milestones including obtaining FDA approval of GI Genius(TM). The business is very well positioned, sales of GI Genius(TM) are about to commence in the US, we are moving to replenish our pipeline and we hold EUR582m in equity stakes in other companies, investments, loans treasury shares and cash. We expect Cassiopea to close FY21 with a profit as a result of the agreement with Sun for Winlevi(R) and Cosmo's financial results will benefit in line with our stake in Cassiopea. As a result, we estimate that Cosmo will deliver a profit before tax in the range of EUR4m to EUR6m in FY21.'

The Half-Year Report 2021 with further information was published on 30 July 2021, 07:00 am CET, and is available for download at:

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

Half-Year 2021 Results Conference Call on Friday, 30 July 2021, 2:00pm CET

Alessandro Della Chà, CEO and Niall Donnelly, CFO will present the half-year results 2021 and will provide an update of Cosmo's activities. The webcast is scheduled to last 30-45 minutes and will be held in English.

Webcast Participants' Link:

https://78449.choruscall.com/dataconf/productusers/cosmo/mediaframe/45417/indexl.html

Dial-in numbers

Switzerland / Europe: +41 (0) 58 310 50 00

United Kingdom: +44 (0) 207 107 06 13

United States: +1 (1) 631 570 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(TM) its artificial intelligence device for use in coloscopies and GI procedures. Cosmo has licensed Aemcolo(TM) to Red Hill Biopharma and is the licensee of BYFAVO(TM) (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

Calendar 
Commerzbank ODDO BHF Conference, Virtual                 31 August 2021 
H.C. Wainwright 23rd Annual Global Investment Conference 7-9 September 2021 
Investora, Zurich                                        16 September 2021 
Credit Suisse Equity Forum Switzerland, Zurich           16-19 November 2021 

Contact

Niall Donnelly, CFO & Head of Investor Relations

Cosmo Pharmaceuticals N.V.

Tel: +353 1 817 03 70

ndonnelly@cosmopharma.com ----------------------------------------------------------------------------------------------------------------------- End of ad hoc announcement -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      Cosmo Pharmaceuticals N.V. 
              Riverside 2, Sir John Rogerson's 
              Dublin 2 Dublin 
              Ireland 
Phone:        + 353 1 817 0370 
E-mail:       info@cosmopharma.com 
Internet:     https://www.cosmopharma.com/ 
ISIN:         NL0011832936 
Listed:       SIX Swiss Exchange 
EQS News ID:  1222892 
 
End of Announcement EQS Group News Service 
=------------ 

1222892 30-Jul-2021 GMT/BST

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1222892&application_name=news 
 

(END) Dow Jones Newswires

July 30, 2021 01:00 ET (05:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
COSMO PHARMACEUTICALS N.V. -2.84% 68.5 Delayed Quote.-17.06%
DJ INDUSTRIAL 0.18% 35741.15 Delayed Quote.16.57%
MEDTRONIC PLC 0.38% 123.56 Delayed Quote.5.48%
NASDAQ COMP. 0.90% 15226.706157 Real-time Quote.17.08%
REDHILL BIOPHARMA LTD. 0.52% 5.85 Delayed Quote.-27.60%
SUN PHARMACEUTICAL INDUSTRIES LTD. -0.01% 813.05 Delayed Quote.37.28%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.58% 69.3631 Delayed Quote.-4.62%
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Analyst Recommendations on COSMO PHARMACEUTICALS N.V.
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Financials
Sales 2021 61,3 M 71,2 M 71,2 M
Net income 2021 6,00 M 6,97 M 6,97 M
Net cash 2021 42,1 M 48,9 M 48,9 M
P/E ratio 2021 163x
Yield 2021 -
Capitalization 946 M 1 099 M 1 098 M
EV / Sales 2021 14,7x
EV / Sales 2022 11,1x
Nbr of Employees 276
Free-Float 45,1%
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Number of Analysts 2
Last Close Price 65,98 €
Average target price 100,77 €
Spread / Average Target 52,7%
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Managers and Directors
Alessandro Della ChÓ Chief Executive Officer & Executive Director
Niall Donnelly Chief Financial Officer & Head-Investor Relations
Mauro Severino Ajani Executive Chairman
Davide Malavasi Director-Qualified Person & Technical
Stefano Selva Chief Scientific Officer
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