Xbrane Biopharma (XBRANE) Q1 2025 earnings summary

Executive summary

• Divestment of XB003 program and part of R&D to Alvotech for SEK 275 million, reducing annual fixed costs and enabling a leaner structure with about 25 employees.

• Focus shifting to Ximluci (Lucentis biosimilar) and Xdivane (Opdivo biosimilar candidate) as core assets.

• Ximluci saw 36% sales growth quarter-over-quarter and was launched in all major European markets.

• The company is seeking additional funding to secure operations until the Alvotech transaction closes.

Financial highlights

• Q1 2025 revenue reached SEK 93.2 million, with gross profit of SEK 52.9 million and gross margin of 57%.

• Ximluci product sales contributed SEK 46.6 million; license revenue from Intas agreement also SEK 46.6 million.

• EBITDA was SEK 32.6 million, operating profit SEK 27.7 million, and profit after tax from continuing operations SEK 19.2 million.

• Cash position at quarter-end was SEK 25 million; operating cash flow was negative SEK 69 million.

• Loss for the period was SEK 8.2 million, including SEK 11.1 million loss from discontinued operations.

Outlook and guidance

• Alvotech transaction to close end of May, with proceeds received in June, enabling debt repayment and cost base reduction.

• Q3 2025 report will reflect the new cost structure post-divestment.

• Focus on FDA approval for Ximluci in the U.S. and initiation of Xdivane clinical trial.

• The company is exploring additional funding options, including licensing, capital raising, and loans.