Q3 2024 Oncopeptides AB Earnings Call Transcript
Key Points
- Oncopeptides AB (STU:OND) reported a slight increase in Q3 revenue to SEK8.5 million compared to Q2, despite not receiving a milestone payment from SCBIO for South Korea.
- The company has unlocked 80% of regional access in Spain, indicating strong market penetration and potential for future sales growth.
- Year-to-date sales for the nine-month period in 2024 reached SEK21.7 million, a significant increase from SEK5.6 million in the same period of 2023.
- Research and development expenses have decreased by 34% year-to-date compared to last year, reflecting cost efficiency.
- Oncopeptides AB (STU:OND) has a strong cash position with SEK250 million at the end of Q3, bolstered by a rights issue completed in May 2024.
- European sales in Q3 were slightly lower than in Q2, with a notable decline in the German market due to slower than expected growth.
- Sales in Greece were very low during Q3 due to changes in ordering patterns by the authority, impacting overall revenue.
- The company faces challenges in the Netherlands due to a strict payer environment, delaying market access and sales potential.
- Despite efforts, the lack of local key opinion leader endorsement in Germany has hindered sales growth.
- Oncopeptides AB (STU:OND) has not yet secured financing for its clinical program, which could delay the progression of its preclinical pipeline.
Hi everyone and welcome to this presentation of our report for the third quarter of 2024. This is our standard disclaimer. As always, I have Henrik Bergentofts with me who will give a financial update before that I will go over some key points for the third quarter.
I will then come back with an update of our European commercialization and provide a deep dive on our three key markets in Europe, Germany including Austria, Spain and Italy. Starting off with some key highlights. The revenue in Q3 was SEK8.5 million. A slight increase versus Q2 and without a milestone payment from SCBIO for South Korea.
European sales in third quarter are slightly lower than in the second quarter, which in turn showed a 60% increase over Q1. We do see a strong start in Spain where we during this quarter have broad and regional access. Year-to-date we have unlocked 80% of the regions which we are pleased with. The speed we are moving with is due to a high unmet need for CapEx and a function of the positive clinical
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