Mabion (MAB) Q4 2024 earnings summary

Executive summary

• Completed transformation into a biologics-focused CDMO, achieving all strategic objectives for 2023–2024, including business model change, asset upgrades, and financial self-sufficiency.

• Generated PLN 221 million in income and PLN 64 million in EBITDA from CDMO contracts over 2023–2024, repaid all financial liabilities, and invested over PLN 50 million in business development.

• 2024 marked the first year of ESG Strategy implementation, with 89% of planned tasks completed.

• Updated Strategy for 2025–2030 focuses on commercialisation, industry partnerships, phased expansion of Mabion II facility, and improved profitability.

Financial highlights

• Net sales income for 2024: PLN 69.0 million, down from PLN 151.7 million in 2023.

• Operating loss: PLN -7.2 million (2023: PLN 55.1 million profit); net loss: PLN -6.3 million (2023: PLN 41.3 million profit).

• EBITDA for 2024: PLN 1.5 million (2023: PLN 62.3 million).

• Cash and cash equivalents at year-end: PLN 38.4 million.

• Equity: PLN 111.4 million; total assets: PLN 159.5 million.

• 94.6% of sales income in 2024 came from Novavax contracts.

Outlook and guidance

• Strategy for 2025–2030 targets maximising current facility capacity (PLN 150–350 million/year by 2026–2028) and launching Mabion II (PLN 400–500 million/year from 2029).

• Plans to secure PLN 50–70 million in external financing for 2025–2026 via debt, investor, or share issue.

• Focus on acquiring new contracts, expanding industry partnerships, and entering the US market post-2029.