Mithra slips on low Estelle sales, slow monetisation

Mithra Pharmaceuticals SA

08/03/2024 08:56

** Shares in Mithra Pharmaceuticals  MITRA.BR  fall around
3%, in a wobbly trade, after the Belgium-based pharmaceutical
company posted a drop in revenues and weak sales for its
flagship drug Estelle
    ** Mithra's FY revenues stand at 40.2 million euros  ($44
million), down from 67 million euros last year, while Estelle
product sales reach 10.4 million euros
    ** Portzamparc says Mithra missed break-even due to "way too
low" sales for the Estelle pill and high R&D spending at 52.9
million euros
    ** The company's EBITDA is a loss of 52.8 million euros,
while net result is a loss of 173.5 million euros
    **  Portzamparc adds that the earnings release shows "no
surprises" but illustrates Mithra's difficulties, with the
company's future now depending on its monetisation process
    ** Mithra is in the process of selling their rights to
certain products
    ** Referring to the group's monetisation efforts, Kempen
says this process also triggered an impairment loss of 74.1
million euros on the CDMO business and Zoreline 
    ** "From here, we keep an eye on how the monetization
process will unfold by April 30"
    ** Including Friday's fall the stock has dropped by 76% YTD

($1 = 0.9147 euros)

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