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.
Born2Invest mobile application is bringing all biotech breakthroughs and business news from trusted sources to a single screen so you can stay on top of the market. The application is aggregating the most important and breaking news from relevant websites, the list is always revised and updated with new resources.
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).
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, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original 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.
PharmaMar Increases Investment in R&D for Oncology by 23%
The company has confirmed that, as a result of its commitment to R&D in oncology, it has achieved a success rate...
What Is the Role of Fintech Companies in the Payments Ecosystem
The CEO of BIT2ME referred to the future of fintech as "good". However, he stated, "We live in a society...
UN Report Calls on Member States to Stop Criminalizing Drug Users
The report shows that a growing number of countries in all regions are adopting policies and practices that decriminalize drug...
Markets Heated Up This Past Week as Guidance from the Fed Was Bearish
The Fed left rates unchanged at this past week's meeting as expected but the guidance was hawkish. Markets didn't like...
Current Woes in Bonds Promise Future Grief for Stocks: Focus on Dow Jones
If you’re bullish, maybe you should lower your expectations of what the stock market can do for you in the...
Biotech2 weeks ago
Werfen Launches We Venture Capital to Invest in Diagnostic Companies
Crowdfunding6 days ago
Mamacrowd Launches Five Campaigns with November 10th Deadline
Impact Investing2 weeks ago
Why Sustainable Funds Are a Difficult Challenge
Crypto4 days ago
Stanford University Returns Millions from FTX