Pharma Mar SA ( (PHMMF) ) has released its Q3 earnings. Here is a breakdown of the information Pharma Mar SA presented to its investors.
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Pharma Mar SA is a biotechnology company based in Madrid, Spain, specializing in the development of innovative oncology therapies. The company is known for its research-intensive approach, focusing on marine-derived compounds for cancer treatment.
In its latest earnings report for the first nine months of 2024, Pharma Mar SA reported a revenue increase of 8% year-over-year, reaching €126.5 million. The company also highlighted a 14% rise in EBITDA, indicating improved operational performance. A notable corporate milestone was the completion of a share buyback program, reducing share capital by 0.72%.
Key highlights from the report include a 10% increase in royalties from the oncology drugs Yondelis and Zepzelca, with total royalties reaching €42.2 million. Additionally, the company announced positive clinical trial results for Zepzelca in combination with atezolizumab for treating Small Cell Lung Cancer, boosting its strategic position in oncology.
Despite increased research and development expenses, particularly in ongoing clinical trials, Pharma Mar maintained a net profit of €7.4 million. The company’s cash position remains robust, with €148.2 million in cash and equivalents, supporting future R&D initiatives and potential market expansion.
Looking ahead, Pharma Mar is poised to submit a marketing authorization application to the European Medicines Agency and a new drug application to the US FDA in the first half of 2025, indicating a strategic focus on expanding its drug portfolio in international markets.
