- My News
- All News
- Most Popular
Dublin, Ireland – 3 April 2020 – Cosmo Pharmaceuticals N.V. (SIX: COPN) reports Full-Year results for the year ended 31 December 2019.
Following the spread of coronavirus to the majority of countries in the world resulting in lockdowns and measures to contain the pandemic previously unseen Cosmo wishes to highlight the following:
Cosmo, as a pharmaceutical company, is exempt from business shutdown provisions in Italy.
Cosmo’s production is up and running, drugs are being shipped and all inputs needed for its operations are being received.
Cosmo holds stocks of API, excipients and materials to enable continued production for quite some time even if the regular supply of these materials should be interrupted.
Employees are present at the company’s facilities where necessary and policies and procedures are in place to protect their health and welfare. Non-production related personnel are working remotely.
Due to the investments which Cosmo has made over the years its facilities are up-to-date and contain cutting edge technologies which allow manufacturing operations to be run only by a handful of employees.
The Company is strong and has significant cash and equity resources available to withstand this storm.
Cosmo’s management is assuming that the coronavirus pandemic will significantly slow down or stop clinical development and/or the FDA activity. Therefore 2020 will be a different year from the one we had envisaged.
As a result of the actions which Cosmo has taken during 2019, management expects that, on the assumption of FDA approval of Byfavo™ in 2020, Cosmo will be back to operating profit in 2020.
Financial Highlights Full-Year 2019
Key Events 2019 - Products and Business
|Cost of sales||(25,053)||(22,058)|
|Net operating expenses||(49,749)||(60,180)|
|Net financial (expense) / income||(3,933)||4,615|
|Share of result of associates||(5,064)||(5,453)|
|Loss before taxes||(21,304)||(17,459)|
|Loss after taxes for the period||(24,494)||(18,057)|
|Statement of financial position||2019||2018|
|Cash and cash equivalents||110,387||210,689|
|Other current assets||191,978||163,478|
|Equity attributable to owners of the Company||393,733||443,760|
|Equity ratio (%)||67.3%||71.1%|
|Weighted average number of shares||14,633,299||15,005,414|
|Earnings per share (in EUR)||(1.669)||(1.200)|
The Full-Year Report 2019 with further information was published on 3 April 2020, 07:00 am CET, and is available for download at:
Alessandro Della Chà, Chief Executive Officer, said: “During 2019 Cosmo has executed a complex repositioning following the delay of Methylene Blue MMX. After the deals with Medtronic, RedHill and Acacia we are now fully back to our business-to-business model, further de-risking the Company with the selection of different partners for each product or class of products. The current environment is unexpected and challenging but we have worked hard in the past to set our facilities up to the highest standards, to build up our ample cash and equity resources and to advance a fully-fledged pipeline of new products. We therefore expect to be in a favourable position when the situation stabilises, business opportunities will arise and companies will look for solid and reliable partners. For these reasons Cosmo looks to the future with optimism.”
2020 Financial Outlook
Cosmo provided full year guidance, assuming approval of Byfavo™ by the FDA, of:
Full-Year 2019 results conference call at 10:30 am CET on 3 April 2020
Alessandro Della Chà, CEO and Niall Donnelly, CFO will present the 2019 results and discuss the outlook for 2020. The conference will be held in English.
The dial-in numbers are:
Continental Europe: +41 (0) 58 310 50 00
UK: +44 (0) 207 107 06 13
USA: +1 (1) 613 570 56 13
About Cosmo Pharmaceuticals
Cosmo is a specialty pharmaceutical company focused in treating selected Gastrointestinal Disorders and Endoscopy. The Company’s proprietary clinical development pipeline specifically addresses innovative treatments for IBD, Colonic Infections and detection of colonic lesions. Cosmo has also developed medical devices for endoscopy and has recently entered into a partnership with Medtronic for the global distribution of GI Genius™ it’s artificial intelligence device for use in coloscopies and GI procedures. Cosmo has licensed Aemcolo™ to Red Hill Biopharma and is the licensee of Byfavo™(Remimazolam) for the U.S. for procedural sedation, which it has sub-licensed to Acacia. For additional information on Cosmo and its products please visit the Company’s website: www.cosmopharma.com
Niall Donnelly, CFO & Head of Investor Relations
Cosmo Pharmaceuticals N.V.
Tel: +353 1 817 03 70
Did you like this article?