On April 28, 2022 PharmaMar Group (MSE: PHM) reported total revenues of €53 million in the quarter ending March 31st 2022, up 4% year-on-year (Press release, PharmaMar, APR 28, 2022, View Source [SID1234613131]). The good performance of the oncology business led to recurring revenues (sales plus royalties), growing by 7% in the first three months of the year to €46 million. Of this, revenues of Zepzelca (lurbinectedin) in Europe under the early access program were €8.7 million, up 1% year-on-year.
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The good performance of the oncology revenues is also reflected in royalty revenues, which grew by 27% to the end of the first quarter to €11 million .
In the case of non-recurring revenues from licensing agreements, these mainly relate to the revenue recognition from the licensing agreement entered into with Jazz Pharmaceuticals, leading to a recognition of €7.2 million for the quarter, compared with €8 million recognized in the first quarter of the previous year.
During the first three months of the year, R&D expenditure amounted to €19 million, an increase of 29% compared with the first quarter of the previous year, due to the clinical trials under way.
As a result, PharmaMar Group reported an EBITDA of €20.6 million in the first quarter of 2022, 6% higher than in the same period of 2021.
PharmaMar Group generated €36 million in operating cash flow over the period. As a result, PharmaMar Group’s total cash and cash equivalents amounted to €249 million at the end of the first quarter. The Group’s total financial debt was reduced to €44 million, from €46 million at the end of the previous year. As a result, net cash increased by 23%, from €167 million in December 2021 to €206 million to March 31st.
PharmaMar Group reported a net income of €22 million at the end of Q12022, slightly lower than in the same period of 2021.
Results conference call for analysts and investors
PharmaMar will host a conference call for analysts and investors on Friday, April 29th, 2022, at 13:00 (CET). The numbers to connect to the teleconference are: +34 91 901 16 44 (from Spain), +1 646 664 1960 (from the US or Canada) or +44 20 3936 2999 (other countries). Participants’ access code: 250969.
The teleconference and the recording of the webcast can be accessed on PharmaMar’s website by visiting the Events Calendar section of the Company’s website at www.pharmamar.com.
1 As our partner, Jazz Pharmaceuticals, has not yet reported its financial results for the first quarter of 2022, the royalties recorded in the first quarter of this year are an estimation based on our available information.