According to Molecular Partners, the liquidities available guarantee the financing of the projects until 2026.
The biotechnology laboratory Molecular Partners ended its first quarter in the dark figures, thanks to a payment of 150 million francs made by Novartis for the takeover of the development, approval and marketing of Ensovibep in the field of Sars-Cov-2.
The Rhineland giant has already submitted an application for emergency approval in the land of Uncle Sam to do so.
The turnover reached 181.8 million francs, Molecular Partners said Thursday evening. At the operational level, profit amounted to 152.6 million francs, while net profit reached 153.1 million francs. In the first quarter of 2020, the company had still closed with a loss of 18 million.
Since the company has no drugs on the market yet, it continues to waste money if we do not take into account the one-time injection of Novartis. At the end of the quarter under review, liquid assets amounted to 296.2 million francs.
Confidence for 2022
According to Molecular Partners, the cash available ensures the financing of projects until 2026. For the current year, expenses should amount to between 75 and 85 million francs, including around 9 million for compensation in shares.
Funds provided by Novartis should be used to pursue the strategy and prioritize candidates that offer an advantage over other products. Molecular Partners continues to support Novartis in pursuing the global strategy around Ensovibep.
If the performance did not inspire analysts, investors seemed to welcome it with relief. On Friday morning, the registered Molecular Partners rebounded by a fifth, but remained more than 66% behind its level at the start of the year. The title, which still peaked at nearly 29 francs in mid-January, was trading around 7.30 francs.