Pharma Mar’s first-quarter profit fell 66% to 24 million

Pharma Mar’s profits fall. Pharma Mar reduced its first-quarter profit by 66% to $28.9 million (€24 million), compared with $85 million (€70.6 million) a year earlier, the company said in a statement sent to the Spanish Securities and Exchange Commission (CNMV).

The Spanish biotech company reduced its revenues by 48% in the first quarter, to $61.7 million (€51.3 million), compared with $119.6 million (€99.5 million) in the first quarter of 2020. The company justifies the result due to a drop in revenue from licensing agreements during the first quarter of 2021, which was $9.7 million (€8.1 million), compared with $88.8 million (€73.9 million) during the same period last year. The difference is due to the upfront payment revenue from the licensing agreement with Jazz Pharmaceuticals, which occurred during the first quarter of last year.

Genomica, a subsidiary of Pharma Mar, reported sales of $1.44 million (€1.2 million) through March 31st, 2021, compared with $2.3 million (€1.9 million) in the same period last year. The company said that this difference reflects the effect of lower demand for COVID-19 diagnostic tests from public authorities.

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Pharma Mar reported a 48% drop in revenues, to $61.7 million (€51.3 million)

Meanwhile, Pharma Mar reported a 39% rise in net sales in the first quarter of 2021, to $41.4 million (€34.4 million). The company reported a 45% rise in oncology net sales to $39.9 million (€33.2 million). Sales of Yondelis (trabectedin) in Europe increased by 3% to $22.7 million (€18.9 million).

Sales of lurbinectedin in Europe under the temporary use authorization program increased from $2.65 million (€2.2 million) in the first quarter of 2020 to $10.1 million (€8.4 million) in the first quarter of 2021.

Royalty income amounted to $10.5 million (€8.7 million), compared with $0.84 million (€0.7 million) in the same period of the previous year. The increase is mainly due to revenues received from sales of Zepzelca (lurbinectedin) in the United States by Pharma Mar’s partner in the country, Jazz Pharmaceuticals.

The Spanish pharmaceutical company increased sales by 39% to $41.4 million (€34.4 million)

Pharma Mar’s investment in research and development (R&D) rose by 19.6% to $17.7 million (€14.7 million). Other operating expenses fell by 13% to $15.5 million (€12.9 million). The group closed the first quarter of 2021 with cash and cash equivalents of $277.7 million (€231 million) and total debt of $60 million (€50 million), leaving net cash at $216.5 million (€180 million), up $20.4 million (€17 million).

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