Results for the 2nd quarter and first half year 2010
Highlights for the second quarter 2010
(2009 figures in brackets)
· Hexvix revenues increased by 19.6% to NOK 14.2 million (11.9) in Q2 2010
· In May, the FDA approved Cysview (Hexvix) for the US market, triggering an EUR 10 million (NOK 79.3 million) milestone from GE Healthcare
· Total revenue of NOK 93.5 million (11.9) in Q2 2010, including the milestone for approval of Cysview
· Net profit of NOK 60.2 million (-12.1) in Q2 2010
· Cash holding of NOK 330.8 million per 30 June 2010
· Established US subsidiary, Photocure Inc. Terry Conrad started as President in August
Key figures
| Figures in NOK '000 | Q2 2010 | Q2 2009 | YTD 2010 | YTD 2009 | 2009 |
| Sales revenues | 14 245 | 11 907 | 28 205 | 21 576 | 48 428 |
| Signing fee & milestone revenues | 79 300 | 0 | 83 440 | 0 | 0 |
| Total revenues | 93 545 | 11 907 | 111 645 | 21 576 | 48 428 |
| Gross profit | 91 117 | 10 621 | 107 583 | 19 498 | 42 887 |
| Research and development expenses | 19 996 | 20 373 | 39 261 | 30 916 | 78 980 |
| Sales and marketing expenses | 7 431 | 5 992 | 15 568 | 12 197 | 24 984 |
| Operating result (EBIT) | 58 764 | -23 310 | 43 036 | -36 804 | -78 952 |
| Net profit/loss | 60 244 | -20 900 | 46 379 | -20 706 | 312 382 |
| Earnings per share, diluted (NOK) | 2.72 | -0.55 | 2.09 | -0.94 | 3.46 |
Please find the full financial report enclosed.
For further information, please contact
President & CEO Kjetil Hestdal, Tel: + 47 913 19 535, email: kh@photocure.no
CFO Christian Fekete, Tel: + 47 916 42 938 email: cf@photocure.no
About Photocure
Photocure is a Norwegian pharmaceutical company listed on the Oslo Stock Exchange (OSE: PHO). The company develops and sells pharmaceuticals and medical devices for the photodynamic treatment and diagnosis of cancer and selected dermatology indications.
Photocure's commercial activities include its own marketing and sales organisations in selected markets as well as partnerships with leading pharmaceutical companies on a regional or global basis.
Photocure has one proprietary pharmaceutical product on the market: Hexvix®, for the diagnosis of bladder cancer. Hexvix® is approved in EU and in the US. In addition, the company has developed a proprietary light source, which is used in combination with Visonac(TM) cream. Through worldwide studies, Photocure is continuously testing its products for new indications, and the aim is to develop a pipeline of follow-on products based on the Photocure Technology(TM) platform.
For more information about Photocure, visit our website at www.photocure.com.