Cosmo Pharmaceuticals N.V. / Key word(s): Preliminary Results
Cosmo Pharmaceuticals reports record results for 2022, preliminary results exceeding guidance, increased dividend distribution and 2023 guidance
16-Feb-2023 / 06:00 GMT/BST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Art. 53 LR
Dublin, Ireland – 16 February 2023: Cosmo Pharmaceuticals N.V. (SIX: COPN, XETRA: C43) (“Cosmo”) today announced its preliminary unaudited results for the financial year 2022.
- Total revenues of €102.1m vs. guidance of €90m - €100m, representing growth of 56.9% compared to 2021 (€ 65.1m)
- Operating profit of €28.0m vs. guidance of €20m - €25m, representing growth of 152.3% compared to 2021 (€ 11.1m)
These record 2022 results reflect both the performance of Cosmo’s new products, Winlevi® and GI Genius™, and the performance of the company’s legacy business which has continued to grow. The clinical development pipeline has also progressed significantly, and Cosmo expects to have the first patient enrolled in the Breezula® (Clascoterone solution for androgenetic alopecia) phase III trial in males in Q1 2023.
- Total revenues in the range of €110m - €120m vs €102.1m in 2022
- Operating profit in the range of €25m - €35m vs €28.0m in 2022
In light of these extremely positive 2022 results and of the 2023 outlook, Cosmo’s Board of Directors has resolved to propose at the upcoming AGM on May 26, 2023, the distribution of a cash dividend of €1.05 per share to its shareholders (which represents an increase of 10% vs. the dividend distributed in 2022).
Mauro Ajani, Chairman of Cosmo, commented:
“2022 is our record year so far, and I am therefore very proud to announce these results. Our new products are performing very well, and the substantial progress made in 2022 provides a solid foundation for 2023. I see big opportunities ahead that we can leverage, and I look forward to our future”.
Alessandro Della Chà, CEO of Cosmo, commented:
“2022 has been our best year ever. Although the economic landscape has been challenging, we have robustly increased our revenues and have overtaken the landmark 100m revenues threshold. Additionally, we generated substantial cash, reported a significant profit, and will distribute an increased dividend. We will further consolidate our business and advance the many opportunities already in our pipeline and beyond”.
Final audited results and Annual Report 2022:
The audited full financial statements as well as the annual report 2022 will be published on March 23, 2023. The final audited result for 2022 may differ from the preliminary reported numbers.
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Cosmo is a pharmaceutical company focused on developing and commercializing products to treat selected gastrointestinal disorders, to improve endoscopy quality measures through aiding the detection of colonic lesions, and to treat selected dermatological conditions. Cosmo develops and manufactures products which are distributed globally by selected partners including Lialda®/Mezavant®/Mesavancol®, Uceris®/Cortiment®, Aemcolo®/ Relafalk® and Winlevi®. Cosmo has also developed medical devices for endoscopy and has a partnership with Medtronic for the global distribution of GI Genius™ which uses artificial intelligence to help detect potential signs of colon cancer. The company also has a rich development pipeline. For additional information on Cosmo and its products please visit the Company’s website: www.cosmopharma.com
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cosmo does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cosmo and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
End of Inside Information