Q3 2024 Xbrane Biopharma AB Earnings Call Transcript
Key Points
- Xbrane Biopharma AB (STU:7XB) reported a solid volume growth of 23% for Ximluci in Q3 compared to Q2, indicating strong market demand.
- The company has successfully scaled up production processes for its Cimzia and Opdivo biosimilar candidates, demonstrating competitive analytical similarity to reference products.
- Ximluci has achieved a market share of over 1% in a EUR1.2 billion market, ranking second among ranibizumab biosimilars in Europe.
- Xbrane Biopharma AB (STU:7XB) is making progress in out-licensing efforts for its biosimilar candidates, with ongoing negotiations and nonbinding proposals received.
- The company has implemented a cost-saving scheme, realizing SEK22 million in savings and reducing staff by 35, contributing to a decrease in overall expenses by 34% compared to Q4.
- Despite volume growth, Ximluci's net sales remained stable due to a negative mix effect, impacting revenue.
- The company received a Complete Response Letter from the FDA for Ximluci, requiring additional work to address deficiencies before resubmission.
- Xbrane Biopharma AB (STU:7XB) reported a lower net profit share for Ximluci in Q3, attributed to one-time marketing costs and a lower price/mix.
- The cash position decreased to SEK31 million by the end of the quarter, highlighting potential liquidity concerns.
- R&D expenses remain significant due to ongoing commitments for Ximluci, Xdivane, and XB003, potentially impacting future financial flexibility.
Hello, everybody, and welcome to this webcast in relation to our quarterly report, the third quarter of 2024, Xbrane Biopharma. I am Martin Amark, the CEO, and I have with me also Anette Lindqvist, our CFO, in this call. We will, as usually, go through the highlights operationally and financially of the quarter, and then we will open up for questions, both via audio as well as on the chat.
So let's start here, and most of you who are calling in probably are aware of our business model. We are engaged in development of biosimilars. We have a portfolio that consists of four biosimilars and biosimilar candidates under development, all in all addressing reference product sales expected to reach about EUR26 billion by 2026.
Our first program, Ximluci, biosimilar to the eye drug Lucentis approved in Europe and launched in Europe since March 2023 by our partner STADA, and going through a regulatory process for approval in the US and subsequently post-approval to be launched by our US partner Valorum Biologics. We have, then, two
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