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Why is this down on this great report?

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radly   Thursday, 04/23/20 04:48:48 PM
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Why is this down on this great report? Revenues and profits up and debt down.


PharmaMar Group presents results for the first quarter 2020
PharmaMar Group recorded a net profit of €70.6 million in the first quarter.
Sales revenues in the first quarter of 2020 increased by 35% to €24.8 million.
Sales of Yondelis® in the first quarter rose 21% to €20.7 million.
Total revenues for the first quarter of 2020 amounted to €99 million, compared with €19.4 million for the first quarter 2019.
Madrid, April 23rd, 2020. – PharmaMar Group (MSE: PHM) recorded total sales revenues of €24.8 million for the first quarter of 2020. This represents a growth of 35% compared with the first quarter of last year. Of the above total, €20.7 million correspond to net sales of Yondelis®, which includes €2.3 million of raw material sales to partners. Total sales of Yondelis® increased 21% with respect to the first three months of 2019. In the quarter ending March 31st, 2020, diagnostic sales increased by 44% to €1.9 million, reflecting the launch of the COVID-19 diagnostic test in the second half of March.

With reference to income from licenses, a total of €73.9 million was registered as of March 31st. On January 21st, 2020, PharmaMar received the $200 million (€181 million) upfront payment from Jazz Pharmaceuticals in connection with the licensing agreement signed in December 2019, which came into force in January 2020. In application of the regulations on revenue recognition (IFRS 15), €73.0 million of this payment was recorded in the first quarter of 2020.

PharmaMar Group's total debt at the end of the first quarter of 2020 was reduced to €60.5 million from €82.7 million at the end of 2019. The Group ended the first quarter with a cash and cash equivalents position of €173.6 million.

PharmaMar Group net profit amounted to €70.6 million to March 31st, 2020, compared with €10.4 million deficit at the same time last year.

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