Oslo, Norway, 28 April 2016
Norwegian pharmaceutical company Vistin Pharma ASA (OSE: VISTIN) recorded its highest ever revenue from its main metformin business in the first quarter of 2016. Together with strong growth in opioids and a stable, profitable contract manufacturing business, Vistin Pharma recorded another solid quarter.
"Our growth story continues, and I am pleased to report on solid performance within all three business segments. Demand for our metformin products continues to exceed our current production capacity. Higher sales of codeine tablets led to a 46 per cent growth within our opioids business, while our CMO business continues to perform according to plan", says CEO Kjell-Erik Nordby.
Vistin Pharma recorded revenue of NOK 103.2 million in the first quarter. Reported EBITDA was NOK 11.0 million, while the net profit came in at NOK 6.6 million.
With solid, long-term potential in all three business segments, Vistin Pharma's ambition is to grow the Company significantly.
"The metformin business is experiencing growing demand owing to overall market developments. Long-term drivers for the opioid market also indicate an attractive future growth potential, and the outlook for our CMO business is promising. Our strategy is to grow our business significantly going forward, through investments in internal capacity expansion, completion of an operational excellence program, and through potential M&A opportunities. I see a bright future for Vistin Pharma", says Nordby.
Vistin Pharma will give a presentation today at 08:30 CET at Felix Konferansesenter, Bryggetorget 3, Oslo, Norway. CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent the company. The presentation will be held in English.
The presentation will be webcast live and can be accessed directly from
or http://www.vistin.com/investors/webcast-article214-455.html .
Please find the report and presentation for the first quarter 2016 enclosed. The report and presentation will also be made available on www.vistin.com .
For further information, please contact:
+47 91 36 42 80
+47 95 17 91 90
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Note: Vistin Pharma ASA was established in February 2015, and the Group had no operating activities prior to Vistin Pharma AS' acquisition of the B2B business and tablet production assets from Weifa AS on 1 June 2015.
About Vistin Pharma
Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) and solid dosage forms for the global pharmaceutical industry. The company has key positions in the Metformin and Opioids markets, and a strong foundation for creating a highly efficient Contract Manufacturing tablet production (CMO) business. Solid growth potentials exist in all the business segments.
With more than 65 years of pharmaceutical industry experience, Vistin Pharma has built significant capacity and expertise as an API provider. The Company has more than 140 highly qualified employees and two manufacturing facilities in Kragerø, Norway. Both facilities are certified according to current Good Manufacturing Practice (cGMP) and successfully inspected by the US Food and Drug Administration (FDA) in 2014. Vistin Pharma's headquarter is in Oslo, Norway.