PharmaMar Increases Profit by 64% in the First Quarter, Up To 2.3 Million

PharmaMar improves its profits after the collapse of 2023. The Spanish pharmaceutical company registered a net profit of 2.3 million euros in the first quarter of this year, which represents an increase of 64% compared to the profits obtained during the same period of the year. previous year , as reported this Tuesday to the National Securities Market Commission (Cnmv).

PharmaMar closed 2023 with a net profit of 1.14 million euros, which represents a decrease of almost 98% compared to the previous year , when it earned 49.36 million euros. The company recorded total revenues of 158.15 million euros, 19.45% less, due to the impact of the arrival of the generic trabectedin to the European market.

The firm has achieved this benefit as a result of a positive financial result in the amount of 1.5 million euros, compared to losses of 600,000 euros in March 2023, as well as a positive income tax in the amount of 5. 1 million euros, compared to 4.6 million in March 2023 , after the collection of the part of the deductions for investment in Research and Development (R&D) corresponding to the 2022 financial year, which have been monetized.

Likewise, it recorded total revenues of 38 million euros, which represents an increase of 12% compared to the 34 million euros reported in the first quarter of 2023.

PharmaMar invested 27.2 million euros in R&D

Recurring income, which results from net sales plus royalties received from its partners, increased by 15%, to 31.7 million euros , compared to 27.4 million in the same period of the previous year.

Sales of Yondelis in the European market, after the entry of generics, register a total of 5.2 million euros, compared to 8.1 million euros in the first quarter of 2023 .

As of March 31, 2024, royalty income amounted to 12.7 million euros, which represents an increase of 14% compared to the same period of the previous year. These revenues include royalties received from its partner Jazz Pharmaceuticals for sales of lurbinectedin in the United States, which have increased 13% to €11.6 million.

PharmaMar has specified that the royalties corresponding to the first quarter of 2024 are an estimate, given that the information on the sales made by Jazz is not available at the date of publication of its report. If there is any divergence, it will be corrected in the following quarter.

To the royalties received from Jazz Pharmaceuticals, we must add royalties from sales of Yondelis, from its partners in the United States and Japan, amounting to 1.1 million euros in the first quarter of 2024 compared to 0.9 million in euros recorded in the same period of the previous year .

Investment in R&D stands at 27.2 million euros, which represents an increase of 29% compared to the same period of the previous year .

Finally, PharmaMar debt decreased by three million euros to 36.8 million euros , while the cash and equivalents position at the end of the first quarter stood at 164.4 million euros.

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(Featured image by Jakub Żerdzicki via Unsplash)

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