Yesterday Medigene revealed in its preliminary FY18 figures that the company’s core business revenues related to immunotherapies increased from €4.9m to €6.0m. Total sales stood at €7.8m (FY17: €8.9m) and EBITDA reached negative €16.3m (negative €14.6m), in line with the company’s guidance of €16-18m loss.
Medigene missed its total sales guidance set at €9.5-10.5m. According to the company, it results from the German Financial Reporting Enforcement Panel’s decision related to the royalty sale of Eligard® (a cancer drug) in 2012.
Consequently, Medigene had to decrease its non-core business FY18 revenues by €2.5m (as the Eligard-related income will now be realized in full in the 2016 financial statements). However, this amount was not cash-effective in 2018.
The company recently released promising data on its phase I/II trial testing its DC vaccine for patients with acute myeloid leukaemia (AML) in January.
After a 12 month treatment period overall survival sat at 89% and progression free survival rate at 60%. That said relapses are common with AML and long term data is still needed to determine the vaccines sustainability.
The company’s FY18 R&D expenses of €17.1m were lower than the forecasted €19-21m. Medigene underlines that the company will incur the remaining R&D costs in FY19.
Cash consumption (excluding cash inflows from a capital increase) stood at €10.3m vs. a forecast of €12-14m. Medigene intends to publish its final FY18 results on 27 March 2019.