In This Article:
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Revenue: EUR136.2 million, up from EUR43.7 million last year.
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Healthtech Revenue: Increased from EUR6.4 million to EUR97.5 million, driven by a EUR100 million upfront payment from Medtronic.
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Dermatology Revenue: Grew by 58.5% from EUR4.6 million to EUR7.4 million.
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Gastroenterology Revenue: Increased by 4.3% to EUR21.4 million.
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CDMO Revenue: Increased by 9.3% to EUR8.9 million.
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Net Expenses: EUR49.2 million, up from EUR36.5 million last year.
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Operating Profit: EUR87 million, compared to EUR7.1 million last year.
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Net Cash Flow from Operations: EUR99.2 million.
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Cash Position: EUR133.4 million at the end of June.
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Dividend: EUR2 per share paid in July.
Release Date: July 24, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Cosmo Pharmaceuticals NV (CMOPF) reported a significant increase in revenue for the first half of 2024, reaching EUR136.2 million compared to EUR43.7 million last year.
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The company has a strong financial position with no debt and a cash position of EUR133.4 million at the end of June.
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The partnership with Medtronic has been strengthened, resulting in a EUR100 million upfront payment and an expected additional EUR100 million by the end of the year.
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Winlevi, a dermatology product, achieved a remarkable 58.5% growth due to its continued global expansion.
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The company has a promising pipeline with advancements in AI technology and new product developments in gastroenterology and dermatology.
Negative Points
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Net expenses increased to EUR49.2 million from EUR36.5 million in the same period last year, driven by higher personnel and production costs.
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The company faces challenges in selecting a replacement commercial partner for Ncolo in the United States.
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There is uncertainty regarding the timing and magnitude of revenue impact from new GI Genius applications and the pricing strategy for these products.
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Winlevi's prescription growth in the US has been relatively flat over the last 12 to 18 months, indicating potential market penetration challenges.
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The company has not provided specific guidance for 2025 revenue, creating some uncertainty about future financial performance.
Q & A Highlights
Q: When should we expect the new GI Genius 300 module to influence revenue, and what is the pricing strategy for these new applications? A: The GI Genius 300 approval is expected in the next month or month and a half. Mass production will start afterward, with Medtronic planning to launch the technology at the beginning of next year. Pricing will vary based on the application and the clinical unmet need it addresses. Existing Genius subscribers will be able to access new applications quickly, supporting a scalable software-as-a-medical-device business model. Giovanni Di Napoli, CEO