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
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1222892 30-Jul-2021 GMT/BST
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July 30, 2021 01:00 ET (05:00 GMT)