FIRST QUARTER (JAN-MAR 2025)

• Net revenue SEK 3.9 million (0.8)
• EBITDA SEK -3.7 million (-7.6)
• Operating profit (EBIT) SEK -4.1 million (-7.9)
• Profit for the period SEK -2.8 million (-6.5)
• Diluted earnings per share SEK -0.06 (-0.23)
• Cash and cash equivalents amounted to SEK 268.9 million (38.6)

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

• The launch of Terclara® (MOB-015) in Norway began in February, marking an important next step in Moberg Pharma's European rollout. Drawing on the successful model established in Sweden, the Norwegian launch followed the same structured and disciplined approach. Initial deliveries to pharmacies were made in February, followed by targeted information campaigns for pharmacy staff and healthcare professionals. In parallel, consumer marketing is set to intensify ahead of peak season, when demand for nail fungus treatment traditionally rises.

SIGNIFICANT EVENTS AFTER THE QUARTER

• The Nomination Committee proposes the re-election of Nikolaj Sörensen and Jonas Ekblom to the Board of Directors, along with the election of Isabelle Ducellier, Otto Skolling and Richard Ding as new Board members for the period until the conclusion of the next Annual General Meeting. In addition, the Committee proposes that Jonas Ekblom will be appointed Chairman of the Board of Directors. This aligns with the intentions communicated by the Nomination Committee last year, when Kerstin Valinder Strinnholm announced her plan to retire in connection with the 2025 Annual General Meeting, and the Committee proposed Jonas Ekblom as the intended successor for election as Chairman of the Board at that meeting.

CEO COMMENTS

We have started the year with strong progress in our commercialization. In the first quarter, we launched Terclara® in Norway - an important step in our European expansion, and a continuation of the success we have built in Sweden.
In Sweden, Terclara® is maintaining market leadership and continues to deliver solid sales, clearly affirming the product's relevance and strength.

In Sweden, Terclara® is maintaining its market leadership in terms of both value and volume, with a market share of 29% in value and 22% in units in Swedish pharmacy sales to end consumers[1], despite seasonally lower demand and minimal marketing during the quarter. The corresponding figures are not available for Norway, since pharmacies there do not report as extensive data. The fact that we are seeing strong sales even during low-intensity periods demonstrates that Terclara® has gained a genuine foothold in the market.

The launch in Norway, executed in close partnership with Allderma, followed the same proven playbook used in Sweden last year. Timed ahead of peak season, the launch began with pharmacies in February and consumer marketing at the end of March.

Our proven launch model - with a focus on pharmacy collaborations, education and selective marketing - serves as the foundation here as well. It is particularly gratifying that every pharmacy chain in Norway has already added the product to its range. This means that Terclara® now has broad-based distribution[2] and is available at around 900 Norwegian and around 1200 Swedish pharmacies. 

During the quarter, we worked to ensure that conditions were in place for a successful launch, and Terclara® became available on Norwegian pharmacy shelves in February. While the pharmacies filled up those shelves, work was underway in February and March to inform physicians and pharmacy staff of the unique benefits of Terclara®. The focus is now shifting to end consumers, with television advertising beginning at the end of March as planned. This means that MOB-015 is available to both Norwegian and Swedish patients ahead of peak season, for patients who want to start their journey towards attractive, fungus-free nails before sandal season and summer vacation.

Our broader European expansion timeline remains on track. During the quarter, we continued to work actively with our partnership strategy, to optimize the commercialization of MOB-015 in additional markets. Participation in international partnering conferences during the quarter, such as the JP Morgan Healthcare Conference in San Francisco, EuroPLX in Vienna and Bio-Europe Spring in Milan, has led to several substantive discussions with potential partners. Interest in MOB-015 is high, reinforced by the product's approval in 13 European countries, including seven with OTC status, and the strong commercial traction already demonstrated in Sweden.

In the near term, our focus remains clear: to invest in and accelerate growth in the European markets where MOB-015 is already approved. We aim to showcase the product's market-leading potential through successful EU launches before considering new clinical studies in the U.S. or investing in marketing outside of Europe. In line with this strategy, we are evaluating how internal resources are allocated to ensure alignment with our current phase of commercialization. While clinical development needs are tapering, commercial demands is rising. Accordingly, we have initiated a review of our staffing structure and implemented cost-savings measures in areas with lower activity.

With a strong start to the year, continued leadership in Sweden , and the launch now underway in Norway, we've established a solid platform for the next phase of our commercial journey. Our strategy is clear: direct resources where they create the greatest value, in key European markets, and at the same time lay the groundwork for long-term growth. We are well-positioned as we enter peak season, and I look forward - together with our dedicated team - to continuing to build Moberg Pharma into a market leader in nail fungus treatment.

My sincere thanks to our team, our partners and our shareholders, who make this journey possible.
Anna Ljung, CEO Moberg Pharma.