Vistin Pharma ASA delivers a revenue growth of 22 percent from NOK 43.4 million in the first quarter 2017 to NOK 52.8 million in the first quarter 2018. The underlying demand for metformin is still strong and Vistin Pharma sales of metformin as active pharmaceutical ingredients were nine percent higher compared to first quarter 2017. EBITDA from continuing operations came to NOK 6.3 million for the first quarter, compared to NOK 5.2 million first quarter last year.
"Our production is running at full capacity to ensure that Vistin Pharma meets the demand of our customers. We are working to increase the existing annual capacity metformin through an ongoing efficiency program", says Kjell-Erik Nordby, CEO.
New business area
Vistin Pharma announced in March that the company will establish an energy trading business unit. Vistin Pharma has engaged Torbjørn Kjus and Kenneth Tveter to lead the new business area. A private placement of NOK 300 million was successfully completed and announced in March. The new activity and the private placement is subject to approval by the annual general meeting on 8 May.
Vistin Pharma will hold a presentation today at 08:30 CET at Carnegie AS, Fjordalleen 16, Oslo.
CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent the company.
Please find the report and presentation for the first quarter 2018 enclosed. The report and presentation will also be made available on www.vistin.com.
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For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby@vistin.com
Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum@vistin.com
About Vistin Pharma
Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) for the global pharmaceutical industry. The Group was established in 2015 when Vistin Pharma AS, a wholly owned subsidiary of Vistin Pharma ASA, acquired the metformin and opioids business and tablet production assets from Weifa AS.
Vistin Pharma is a pure play metformin producer, with a strong position in the global metformin market and clear ambitions for growth. Metformin is used as the first-line treatment of diabetes 2, a disease which is expected to grow by 50 per cent toward 2030, affecting more than 500 million people. The global market for metformin is expected to grow by four to five per cent per annum, and Vistin Pharma is attractively positioned to capture part of this growth.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.