Biotech
Oryzon Cuts Losses by 20.7%, Faes Farma Earns almost 92 Million in 2023
Oryzon Genomics reduces losses by 20.7% in 2023, reporting over 3.3 million euros compared to the previous year’s 4.2 million. Income falls by nearly 28%, standing at 515,000 euros, while expenses decrease by 19.3% to 2.8 million euros. EBITDA drops by 17.14% to 4.5 million euros. Fourth-quarter 2023 research and development investments reach 15 million euros.
The Spanish biopharmaceutical company Oryzon Genomics has cut its losses by 20.7% in the whole of 2023, leaving it with red numbers of just over 3.3 million euros compared to the 4.2 million euros recorded the previous year. , as reported by the company to the National Securities and Markets Commission (Cnmv).
Despite everything, Oryzon’s income fell by almost 28% in 2023 compared to fiscal year 2022 , standing at 515,000 euros. Meanwhile, the company reduced its expenses by 19.3%, managing to bring the figure up to 2.8 million euros. For its part, the gross operating result (ebitda) has decreased by 17.14%, to 4.5 million euros.
Oryzon’s investments in research and development (R&D) in the fourth quarter of 2023 have reached a figure of 15 million euros, of which 14.3 million correspond to development activities and 700,000 euros to research activities.
Read more about Oryzon and Faes Farma and find the most important financial news of the day with our companion app Born2Invest.
Oryzon has a presence in Barcelona, Boston and San Diego
Oryzon Genomics emerged as a spin off of the Research and Development Center (CID/Csic) and the University of Barcelona (UB) in 2001 by doctors Carlos Buesa and Tamara Maes . This company is focused on the development and application of technologies with which to improve crops and identify biomarkers and targets in neurodegenerative and neoplastic diseases.
Currently, the company has a presence in Barcelona, Boston and San Diego, in the United States . In its product portfolio it has two LSD1 inhibitors, vafidemstat in CNS and iadademstat in oncology, in several phase two clinical trials. The company also has other programs directed against other epigenetic targets such as HDAC6, where ORY-4001 has been named as a clinical candidate for the treatment of certain neurological diseases such as CMT and ALS.
Besides Oryzon, Faes Farma earns almost 92 million in 2023, 2.7% more, in a record year
Faes Farma recorded a net profit of 91.9 million euros in 2023, which represents an increase of 2.7% compared to 2022 , in what has been a record year for the pharmaceutical company, as reported by the company this Tuesday. the National Securities Market Commission (Cnmv).
The company invoiced 473.1 million euros in 2023, 2.5% more than in the previous year , when it earned 462 million euros, in line with the forecasts set by the firm. While gross operating profit (ebitda) experienced a rise of 1.2%, to 122.2 million euros, which is also a new high.
The growth of the business was supported by the upward trend in direct sales revenue from international markets, that is, through subsidiaries (+8%), and by the “very positive” evolution of bilastine molecules (+10 %) and calcifediol (+11%), with record annual revenues, the pharmaceutical company has stressed.
Faes Farma closes 2023 as the eleventh consecutive year of growth in billing and profits
International markets revalidated their majority weight in the group with an upward trend of 6%, up to 263.3 million euros . The group has explained that it meets the expected results for the year and closes 2023 as the eleventh consecutive year of growth in both revenue and net profit.
It has also highlighted its “solid” financial position, with a strengthened balance sheet, and cash of 34 million euros, despite the strong level of investments made by the group of more than 97 million euros , mainly destined for the two new plants. of Faes Farma in Derio (Vizcaya) and Huesca.
The company has also highlighted that this year will be key, “with the consolidation of the investments made during the last two years.”
__
(Featured image by Myriams_Fotos via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce and PlantaDoce. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
-
Markets1 week ago
Rice Prices Hold Steady Amid Lower Asian Rates, Brazil’s Surge, and US Weather Threats
-
Cannabis2 weeks ago
Cannabis and Psychedelics Consumption at Historic High, Study Shows
-
Crypto6 days ago
Second XRP ETF Filed with SEC – Is the big XRP Boom Coming Now?
-
Cannabis2 weeks ago
Original Gangster Deluxe – New Medical Cannabis Strain from Canopy Growth Coming Soon to Polish Pharmacies