Results for the 2nd quarter and first half year 2010
Published: 19 August 2010
<div> <h3 align="justify" >Highlights for the second quarter 2010</h3> <p>(2009 figures in brackets)</p> <p>· <b>Hexvix revenues increased by 19.6% to NOK 14.2 million (11.9) in Q2 2010</b></p> <p>· <b>In May, the FDA approved Cysview (Hexvix) for the US market, triggering an EUR 10 million (NOK 79.3 million) milestone from GE Healthcare</b></p> <p>· <b>Total revenue of NOK 93.5 million (11.9) in Q2 2010, including the milestone for approval of Cysview</b></p> <p>· <b>Net profit of NOK 60.2 million (-12.1) in Q2 2010</b></p> <p>· <b>Cash holding of NOK 330.8 million per 30 June 2010</b></p> <p>· <b>Established US subsidiary, Photocure Inc. Terry Conrad started as President in August</b></p> <p><b> </b></p> <p><b> </b></p> <p><b>Key figures</b><b></b></p> <table border="0" cellpadding="0" cellspacing="0" ><tbody ><tr ><td align="justify" > <b><i>Figures in NOK '000 </i></b><b></b></td><td align="right" > <b>Q2 2010</b></td><td align="right" > <b>Q2 2009</b></td><td align="right" > <b>YTD 2010</b></td><td align="right" > <b>YTD 2009</b></td><td align="right" > <b>2009</b></td></tr><tr ><td align="justify" > Sales revenues</td><td align="right" > 14 245</td><td align="right" > 11 907</td><td align="right" > 28 205</td><td align="right" > 21 576</td><td align="right" > 48 428</td></tr><tr ><td align="justify" > Signing fee & milestone revenues</td><td align="right" > 79 300</td><td align="right" > 0</td><td align="right" > 83 440</td><td align="right" > 0</td><td align="right" > 0</td></tr><tr ><td align="justify" > <b>Total revenues</b></td><td align="right" > <b>93 545</b></td><td align="right" > <b>11 907</b></td><td align="right" > <b>111 645</b></td><td align="right" > <b>21 576</b></td><td align="right" > <b>48 428</b></td></tr><tr ><td align="justify" > <b>Gross profit</b></td><td align="right" > <b>91 117</b></td><td align="right" > <b>10 621</b></td><td align="right" > <b>107 583</b></td><td align="right" > <b>19 498</b></td><td align="right" > <b>42 887</b></td></tr><tr ><td align="justify" > Research and development expenses</td><td align="right" > 19 996</td><td align="right" > 20 373</td><td align="right" > 39 261</td><td align="right" > 30 916</td><td align="right" > 78 980</td></tr><tr ><td align="justify" > Sales and marketing expenses</td><td align="right" > 7 431</td><td align="right" > 5 992</td><td align="right" > 15 568</td><td align="right" > 12 197</td><td align="right" > 24 984</td></tr><tr ><td > <b>Operating result (EBIT)</b></td><td align="right" > <b>58 764</b></td><td align="right" > <b>-23 310</b></td><td align="right" > <b>43 036</b></td><td align="right" > <b>-36 804</b></td><td align="right" > <b>-78 952</b></td></tr><tr ><td align="justify" > <b>Net profit/loss</b></td><td align="right" > <b>60 244</b></td><td align="right" > <b>-20 900</b></td><td align="right" > <b>46 379</b></td><td align="right" > <b>-20 706</b></td><td align="right" > <b>312 382</b></td></tr><tr ><td align="justify" > <b>Earnings per share, diluted (NOK)</b></td><td align="right" > <b>2.72</b></td><td align="right" > <b>-0.55</b></td><td align="right" > <b>2.09</b></td><td align="right" > <b>-0.94</b></td><td align="right" > <b>3.46</b></td></tr></tbody></table></div> <p>Please find the full financial report enclosed.</p> <div>Photocure ASA's results for the second quarter 2010 will be presented at Shippingklubben, Oslo, Norway, today at 11:30 am CET by the President and CEO Kjetil Hestdal and CFO Christian Fekete. The presentation will be transferred live via webcast. </div> <div> <p>For further information, please contact</p> <p>President & CEO Kjetil Hestdal, Tel: + 47 913 19 535, email: <a href="mailto:kh@photocure.no" target="_blank">kh@photocure.no</a></p> <p>CFO Christian Fekete, Tel: + 47 916 42 938 email: <a href="mailto:cf@photocure.no" target="_blank">cf@photocure.no</a></p> <p><b>About Photocure<br /></b>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. </p> <p>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.</p> <p>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. </p> <p>For more information about Photocure, visit our website at <a href="http://www.photocure.com/" target="_blank">www.photocure.com</a>. </p></div> <div>This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)</div>