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Thursday 29 October, 2015

Vistin Pharma ASA

Vistin Pharma ASA : Third quarter 2015 results

Vistin Pharma ASA : Third quarter 2015 results

Vistin Pharma ASA (OSE: VISTIN) reports its first full quarterly result as a separate listed company, after the spin-off and acquisition of Weifa ASA's B2B business and tablet production assets on 1 June 2015.

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 CMO business (contract manufacturing of tablets).  Solid growth potentials exist in all the business segments. The spin-off from Weifa facilitates new growth opportunities due to a narrower business scope, increased visibility and being able to pursue own strategic agendas without the risk of compromises across business units.

Key highlights for the third quarter 2015:

  • EBITDA NOK 12.0 million
  • Metformin revenue and volume year-to-date significantly higher than same period last year, which increased by 18% and 10% respectively
  • Demand for Vistin Pharma's metformin exceeds current production capacity
  • A feasibility study for 100% capacity expansion of the metformin plant at Fikkjebakke to be carried out in Q1 2016
  • Maintained opioid volumes and prices despite challenging market conditions
  • First full CMO quarter sales, contributing positively to group EBITDA
  • Company plans to pay an annual dividend of approx. 50% of net profit after tax for 2015 and onwards
  • Cash balance at 30 September of NOK 18.1 million, and no interest-bearing debt 

Vistin Pharma had total revenues of NOK 92.0 million in the third quarter 2015. EBITDA came to NOK 12.0 million. Net profit for the period was NOK 9.0 million.

"Vistin Pharma reported a solid first full quarter as a separate company, and we are particularly pleased with the development of the metformin business and continued strong demand for our metformin product. Vistin Pharma is on its way to becoming a leading  recognised global supplier of high quality metformin, and we will start evaluating a doubling of our current production capacity to meet increased demand from pharmaceutical companies world-wide", says CEO Kjell-Erik 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.

Please find the report and presentation for the third 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]
 
 
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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