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.
Mexican Senators Say Cannabis Legalization Would Generate Employment and Will Put a Strain on Drug Trafficking
Mexico could be a leader in the production, and commercialization of cannabis, if the country would legalize it. Senators present...
Augmented Reality (AR) Delivers Massive Benefits to Warehouses and Supply Chains
While Augmented Reality (AR) technology is known to many of us by now, its use in warehouses and supply chains...
Agreement Between BlinkS and Finance Evolution on Software for NPE Data
A new agreement was signed between the company Finance Evolution and Prelios Innovation, to integrate Finance Evolution's Panda software, aimed...
Top Doctors Closes $13 Million Round Led by Impact Partners
Top Doctors has recently raised capital to further expand. The financing round was led by Impact Partners. The platform offers...
Amid the Great Resignation, It’s Time to Figure Out What Workers Want
We haven’t seen the end of the Great Resignation — and we won’t until employers stop buying into the myth...
Cannabis2 weeks ago
Legal Cannabis Cultivation Begins in Argentina with a Public-Private Agreement
Biotech1 week ago
Canada’s Hidden Health Crisis: Is This Company the Only One Paying Attention?
Featured2 weeks ago
Citibanamex Seeks Collaboration Opportunities with the Fintech Ecosystem
Crowdfunding2 weeks ago
briq.mx: the First Crowdfunding Platform in Mexico to Launch a Project Certified by EDGE