Oryzon Cuts Losses by 20.7%, Faes Farma Earns almost 92 Million in 2023

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.

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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.”

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(Featured image by Myriams_Fotos via Pixabay)

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