Newsfile
Cosmo Achieves Robust Financial Performance in H1 2024 and Confirms Its Full Year Guidance
Newsfile Corp.
9 min read

In This Article:

Ad hoc announcement pursuant to Art. 53 LR

Dublin, Ireland--(Newsfile Corp. - July 24, 2024) - Cosmo Pharmaceuticals N.V. (SIX: COPN) (FSE: C43) (“Cosmo”) today announced its 2024 half year results.

Key highlights

  • Health Tech: 

  • Upfront payment of $100 million received from Medtronic related to expansion of AI-driven partnership; Cosmo expects to receive an additional $100m from Medtronic this year linked to new services and the delivery of additional AI products/features which will further improve colonoscopy procedure quality measures and efficiency

  • The installed base of GI Genius™ continues to grow and ColonPRO™, the new version of GI Genius™ software incorporating an enhanced algorithm resulting in a notable improvement in detection capabilities and additional features to automate the workflow of physicians, was approved by the U.S. FDA in January

  • AI Access™ continues to attract external developers; four new applications have been selected for development

  • Dermatology: Winlevi® continues to be the #1 most prescribed topical acne product in the U.S. The global expansion is ongoing, the Canada launch at the end of 2023 is now delivering royalties, and the Australian approval was obtained by Cosmo’s partner Sun in March. The review of the Marketing Authorisation Application by the EMA is ongoing, and submissions for approval have been made in 14 additional countries

  • Gastroenterology (GI) product shipments increased to Cosmo’s partners in the reporting period

  • CDMO (contract development and manufacturing organisation) continued to grow with revenue increasing by 9.3% due to an increase in orders from existing customers

Pipeline & regulatory highlights

  • New GI Genius™ module 300 powered by Nvidia IGX has been submitted to FDA for clearance

  • Androgenetic Alopecia phase III trial in males progressing, enrolment near completion for both of the two identical-in-design pivotal trials

  • Distal Ulcerative Colitis phase II proof-of-concept study initiated, the 1st patient is enrolled and the majority of clinical sites are activated

  • Bile Acid Diarrhoea phase II proof-of-concept study documents for regulatory submission are under preparation, and the target is to have the study initiated with first patient enrolled by the end of the year

  • Solid Tumor phase I study ongoing in patients with advanced refractory solid tumors; the U.S. clinical sites are active, and the enrolment of patients is ongoing

  • Lumeblue® New Drug Application (“NDA”) approved in China; Cosmo’s partner CMS is currently preparing for launch

Terms and Privacy Policy
Your Privacy Choices
Utah Privacy Notice

Recommended Stories