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Vistin Pharma ASA (0RAM)

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Tuesday 23 February, 2016

Vistin Pharma ASA

Vistin Pharma ASA : Solid fourth quarter results and positive market outlook

Vistin Pharma ASA : Solid fourth quarter results and positive market outlook

Norwegian pharmaceutical company Vistin Pharma ASA (OSE: VISTIN) recorded a solid fourth quarter of 2015. A continued strong market for metformin, a diabetes type 2 medication, coupled with high volumes in CMO tablet manufacturing, contributed to the result.

"I am pleased to report on another solid quarter for Vistin Pharma. Demand for our metformin products exceeds our current production capacity, while our CMO business continues to perform according to plan. We are still experiencing price pressure in the opioids market, but the long term outlook remains favourable", says CEO Kjell-Erik Nordby.

Vistin Pharma recorded revenue and other income of NOK 104.5 million in the fourth quarter. Reported EBITDA was NOK 16.1 million, while the underlying EBITDA adjusted for one-off items was NOK 7.4 million. Net profit in the fourth quarter was NOK 10.3 million, while the full year* (1 June - 31 December) net result was NOK 21.4 million.

With solid, long-term potential in all business segments, Vistin Pharma's ambition is to grow the Company significantly.

"We are currently undertaking a feasibility study for capacity expansion of our metformin plant. At the same time an ongoing operational excellence programme within our CMO   business aims to increase our current tablet production capacity significantly. In parallel with these initiatives, we continue to monitor the market for potential M&A candidates", says Nordby.

Vistin Pharma will give a presentation today at 08:30 CET at Felix Konferansesenter, Bryggetorget 3, Oslo, Norway. CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent the company. The presentation will be held in English.

The presentation will be webcast live and can be accessed directly from http://webtv.hegnar.no/presentation.php?webcastId=29501459,or http://www.vistin.com/investors/webcast-article214-455.html.

Please find the report and presentation for the fourth quarter 2015 enclosed. The report and presentation will also be made available on www.vistin.com.

For further information, please contact:

Kjell-Erik Nordby
CEO
+47 91 36 42 80

[email protected]

Gunnar Manum
CFO
+47 95 17 91 90

[email protected]

* Note: Vistin Pharma ASA was established in February 2015, and the Group had no operating activities prior to Vistin Pharma AS' acquisition of the B2B business and tablet production assets from Weifa AS on 1 June 2015.

 About Vistin Pharma

Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) and solid dosage forms for the global pharmaceutical industry. The company has key positions in the Metformin and Opioids markets, and a strong foundation for creating a highly efficient Contract Manufacturing tablet production (CMO) business.  Solid growth potentials exist in all the business segments.

With more than 75 years of pharmaceutical industry experience, Vistin Pharma has built significant capacity and expertise as an API provider. The Company has more than 140 highly qualified employees and two manufacturing facilities in Kragerø, Norway. Both facilities are certified according to current Good Manufacturing Practice (cGMP) and successfully inspected by the US Food and Drug Administration (FDA) in 2014. Vistin Pharma's headquarter is in Oslo, Norway.

 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vistin Pharma ASA via Globenewswire

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