Cosmo Pharmaceuticals (COPN) H2 2024 earnings summary

Executive summary

• Achieved record FY2024 revenue of €267 million, a 188% year-over-year increase, and operating profit of €168 million, both exceeding guidance, driven by GI Genius™ and WinleviⓇ milestones.

• EBITDA rose 1,517% year-over-year to €161 million, with strong cash position at €170 million, up 239% year-over-year, and zero debt.

• Attracted top-tier talent, including new CEO, Chief Legal Counsel, and Chief AI Officer, with a strategic focus on high-prevalence diseases and ESG commitments.

• Two new FDA approvals in 2024 and a balanced pipeline targeting large markets with unmet needs.

• Completed Phase III enrollment for clascoterone solution in male androgenetic alopecia, the largest trial in company history.

Financial highlights

• FY2024 revenue reached €267 million, with €190 million from non-recurring project-based revenue (milestones from GI Genius™ and WinleviⓇ); recurring revenue was €77 million.

• Operating profit was €149 million (excluding ~€19 million in development costs due to accounting policy change); EBITDA for FY2024 was €161 million.

• Cash, equivalents, and investments totaled €170 million at year-end.

• 2023 financials restated due to a change in accounting policy for development costs.

• Earnings per share: €8.145 in 2024 vs. €(0.670) in 2023.

Outlook and guidance

• FY2025 revenue guidance: €102–€107 million, with recurring revenues of €85–€90 million and project-based revenues of €17 million.

• EBITDA for core business projected at €40–€42 million; cash from operations at €42–€44 million; year-end cash expected above €110 million.

• R&D investment of €40 million planned for 2025, focusing on pipeline and AI-driven innovation.

• Dividend payout to increase by 2.5% year-over-year, totaling ~€33 million.

• Strategic decision to withhold guidance on key pipeline assets to maximize deal value.