Cosmo Pharmaceuticals (COPN) H1 2025 earnings summary

Executive summary

• H1 2025 revenues reached €51.7 million, with EBITDA at €4.9 million and cash holdings of €133.3 million at period end.

• Recurring revenues remained stable at €41.9 million, while project-based revenues declined sharply due to a prior year milestone.

• Key pipeline progress includes clinical trials in solid tumors, bile acid diarrhea, and ulcerative colitis, with global expansion of GI Genius™ and Winlevi® ongoing.

• ESG initiatives advanced, with upgraded MSCI ESG rating, improved peer ranking, and integration into operations.

• Strategic partnerships, notably with Apple and Medtronic, are driving innovation and market reach.

Financial highlights

• H1 2025 total revenues were €51.7 million, down 62% year-over-year due to a €92.5 million Medtronic milestone in H1 2024.

• Recurring revenues were €41.9 million, down 1% year-over-year; project-based revenues were €9.8 million, down 90%.

• EBITDA for H1 2025 was €4.9 million, a 94% decrease from H1 2024.

• Cash, equivalents, and investments stood at €133.3 million at June 30, 2025, down from €170.4 million at year-end 2024, with no significant debt.

• GI Genius™ recurring revenue grew 128% year-over-year; Winlevi® up 23%; Gastro, CDMO & Other down 21%.

Outlook and guidance

• FY 2025 revenue guidance raised to €102–107 million, with recurring revenues expected at €85–90 million.

• EBITDA guidance increased to €5.5–7.5 million, up €4.5 million from previous outlook.

• Cash and investments projected to remain above €110 million by year-end.

• H2 2025 expected to deliver double-digit revenue growth, EMA decision on Winlevi®, and key clinical readouts.

• R&D expenses to increase in H2 as phase II programs in bile acid diarrhea and distal ulcerative colitis advance.