Mithra falls on 'lackluster' H1, outlook cut for contraceptive drug

Mithra Pharmaceuticals SA

26/09/2023 08:47

** Shares in Mithra Pharmaceuticals  MITRA.BR  fall over
12%, after the Belgium-based pharmaceutical company posted
"lackluster" H1 results and cut sales guidance for its
contraceptive drug Estelle
    ** Kempen flags "lackluster" results with Estelle
contributing only 2.6 million euros
    ** H1 revenue is down 38% yoy to 7 million euros ($7.41
million) and net loss widened to 50.5 million euros, the company
says 
    ** Mithra now expects FY revenue for Estelle at 8.5 million,
from 12 million euros previously, to reflect inventory and
promotional pricing effects by marketing partners
    ** The surge in dispensed Estelle cycles in the U.S. are not
yet fully reflected into supply sales to Mayne  MYX.AX , KBC
says, due to lower promotional pricing and earlier inventory
build-up
    ** Including today's fall the stock has dropped 46% YTD

($1 = 0.9453 euros)

 (Reporting by Augustin Turpin)
 ((augustin.turpin@thomsonreuters.com))