Heidelberg Pharma doubles revenue, net loss falls to €5.6, in first nine months

Heidelberg Pharma reported Thursday that its net loss for the first nine months of the fiscal year fell to €5.6 million from previous year’s €7.4 million, referring the result to the sales revenue and income totaling €6.7 million, from €3.5 million in the same period last year.

Heidelberg Pharma’s CEO and CFO, Dr. Jan Schmidt-Brand, is pleased to see that sales revenue continued its positive trend in the third quarter, connecting it to successful collaborations and to the decision made at the beginning of the year to offer and coordinate the GMP-quality Amanitin material supply of the licensing partners within the framework of the respective license agreement.

Schmidt-Brand said that the company’s positive performance in this area reinforces its strategic decision to step up its involvement in the production and delivery process for Amanitin.

He said: “As regards our development candidate HDP-101, we are currently continuing to gradually work through the hurdles encountered in the second quarter in the formulation of the Antibody Drug Conjugate. Based on current planning, we should be in a position to submit the clinical trial application in the second half of 2020.”

Outlook: Financing remains secured until mid 2020

The Heidelberg Pharma Group said in the press release that it expects to generate between €7.5 million and €8.5 million in sales revenue and other income for the 2019 fiscal year (previously: between €5.0 million and €7.0 million). According to current plans, operating expenses will be in the range of €15.5 million to €17.5 million (previously €14.0 million to €18.0 million). Earnings before interest and taxes (EBIT) for 2019 are projected to be between €-7.5 million and €- 9.5 million (previously: between €-8.0 million and €-12.0 million).

Heidelberg Pharma said also it expects to require funds of €8-10 million in 2019 (previously: €10-14 million). Monthly cash use should be in the range of €0.7 million to €0.9 million (previously: between €0.9 -1.2 million). Based on the updated planning, the Heidelberg Pharma said its financing remains secured until mid-2020.