Vistin Pharma ASA : First quarter 2017 results

4/26/2017, 7:00 AM (Source: GlobeNewswire)

Oslo, Norway, 26 April 2017

Norwegian pharmaceutical company Vistin Pharma ASA (OSE: VISTIN) recorded strong sales volumes for the first quarter of 2017 for both its metformin and opioid products. A dividend of NOK 1.00 per share for 2016 has been proposed by the Board of Directors, which is an increase from NOK 0.60 per share for 2015.

Vistin Pharma recorded total revenues of NOK 97.3 million in the first quarter of 2017, compared to NOK 103.2 million in the first quarter of 2016. An eight percent increase in sales volume for metformin was more than offset by a shift in the product portfolio balance towards more metformin HCl sold versus direct compressible (DC) metformin, and a lower EUR/NOK exchange rate. Within the opioids market, Vistin Pharma recorded a 28 percent increase in volumes sold for Active Pharmaceutical Ingredients (API's), while revenues were mainly unchanged. The increase in API volume was offset by a reduction in API prices of approximately 15 percent, as well as changes in the product mix of codeine tablets sold. Revenues for the CMO segment were NOK 25.7 million, slightly down from the first quarter of 2016 (NOK 30.4 million).

The Company's decision to invest in a new production line at its metformin plant in Kragerø, Norway, will effectively double Vistin Pharma's production capacity upon completion in 2019. The capacity expansion will require an investment of approximately NOK 120 million, which will be financed through existing cash reserves, cash generation and debt.

The Company's financial position remains strong, with a cash position of NOK 66.1 million as of 31 March. Total equity was NOK 190.5 million. Vistin Pharma holds no interest-bearing debt.

Vistin Pharma will hold a presentation today at 08:30 CET at at Carnegie AS, Fjordalleen 16, Oslo. CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent the Company. The presentation will be streamed live via webcast and can be accessed directly from
http://webtv.hegnar.no/presentation.php?webcastId=51444592 or
http://www.vistin.com/investors/webcast-article214-455.html.

Please find the report and presentation for the first quarter 2017 enclosed. The report and presentation will also be made available on www.vistin.com.

For further information, please contact:

Kjell-Erik Nordby
CEO
+47 91 36 42 80

kjell-erik.nordby@vistin.com

Gunnar Manum
CFO
+47 95 17 91 90

gunnar.manum@vistin.com

About Vistin Pharma

Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) and solid dosage forms for the global pharmaceutical industry. The Company has key positions in the Metformin and Opioids markets, and a strong foundation for creating a highly efficient Contract Manufacturing tablet production (CMO) business.  Solid growth potentials exist in all the business segments.

With more than 75 years of pharmaceutical industry experience, Vistin Pharma has built significant capacity and expertise as an API provider. The Company has approximately 150 employees and two manufacturing facilities in Kragerø, Norway. Both facilities are certified according to current Good Manufacturing Practice (cGMP) and successfully inspected by the US Food and Drug Administration (FDA) in 2014. Vistin Pharma's headquarter is in Oslo, Norway.

 
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



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Source: Vistin Pharma ASA via Globenewswire

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