J. Molner AS submits the Group's unaudited consolidated interim report for H1 2025. In the first half of 2025, J. Molner strengthened its position in the U.S. generic pharmaceutical market. In February 2025, the Company successfully launched Desoximetasone Ointment USP, 0.05% in the United States.
In addition, J. Molner continued to execute the strategic development agreement signed in December 2024, which expands the U.S. portfolio with two new formulations and eliminates future royalties on several key products. In March 2025, the Company further broadened its development portfolio through a new agreement with a U.S.-based pharmaceutical partner, under which J. Molner will lead the development of a new generic medicine for the U.S. market. Given the structure of the agreement, which provides for a preferential royalty rate until the partner recoups its initial funding together with an 8% annual return, the Company conservatively records the related receipts as a prepayment rather than revenue. For comparability purposes, adjusted financial figures are also presented.
The Group’s revenue in the first half of 2025 amounted to EUR 551,129 (H1 2024: EUR 1,305,327). The decline was mainly attributable to the Company’s strategic focus on the development of its own products, which reduced the volume of external service revenues, as well as the accounting treatment of the development agreement signed in March 2025. EBITDA was EUR (1,381,634) (H1 2024: EUR (724,972)). Profitability was mainly affected by higher personnel expenses, driven by the strategic expansion of the team (average number of employees grew from 29 to 34) and increased costs related to the option program.
| Group unaudited key figures | |||
| H1 2025 | H1 2024 | Change % | |
| Revenue | 551,129 | 1,305,327 | (58%) |
| EBITDA | (1,381,634) | (724,972) | 91% |
| Net Profit (Loss) | (1,411,802) | (982,119) | 44% |
| Adjusted Group unaudited key figures | |||
| H1 2025 | H1 2024 | Change % | |
| Revenue | 1,091,816 | 1,305,327 | -16% |
| EBITDA | (840,947) | (724,972) | 16% |
| Net Profit (Loss) | (871,115) | (982,119) | -11% |
CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS FOR 6 MONTHS OF 2025
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||
| 30.06.2025 | 30.06.2024 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 207,292 | 611,512 |
| Receivables and prepayments | 300,960 | 528,196 |
| Inventories | 362,378 | 87,611 |
| Total current assets | 861,215 | 1,217,724 |
| Non-current assets | ||
| Investments in subsidiaries and associates | 262 | 262 |
| Receivables and prepayments | 300,960 | 528,196 |
| Property, plant and equipment | 267,878 | 291,511 |
| Intangible assets | 3,639,527 | 2,787,253 |
| Total non-current assets | 3,917,082 | 3,088,621 |
| Total assets | 4,778,297 | 4,306,345 |
| Liabilities and equity | ||
| Liabilities | ||
| Current liabilities | ||
| Loan liabilities | 1,998,652 | 2,686,917 |
| Payables and prepayments | 1,597,478 | 773,308 |
| Total current liabilities | 1,050,686 | 1,053,042 |
| Non-current liabilities | ||
| Loan liabilities | 1,998,652 | 2,686,917 |
| Payables and prepayments | 1,597,478 | 773,308 |
| Total non-current liabilities | 2,545,444 | 2,407,183 |
| Total liabilities | 3,596,130 | 3,460,225 |
| Equity | ||
| Equity held by shareholders and partners in parent company | ||
| Issued capital | 1,686,001 | 1,686,001 |
| Share premium | 612,327 | 612,327 |
| Other reserves | 6,606,132 | 3,401,781 |
| Retained earnings (loss) | -6,310,491 | -3,871,870 |
| Period profit (loss) | -1,411,802 | -982,119 |
| Total equity held by shareholders and partners in parent company | 1,182,167 | 846,120 |
| Total equity | 1,182,167 | 846,120 |
| Total liabilities and equity | 4,778,297 | 4,306,345 |
| CONSOLIDATED STATEMENT OF PROFIT OR LOSS | ||
| H1 2025 | H1 2024 | |
| Revenue | 551,129 | 1,305,327 |
| Other income | 0 | 7,198 |
| Work performed by entity and capitalized | 301,579 | 275,301 |
| Raw materials and consumables used | (358,985) | (1,000,208) |
| Other operating expense | (604,353) | (581,975) |
| Employee expense | (1,131,356) | (721,973) |
| Depreciation and impairment loss (reversal) | (126,012) | (42,628) |
| Other expense | (139,648) | (8,642) |
| Operating profit (loss) | (1,507,646) | (767,600) |
| Interest expenses | (242,039) | (137,120) |
| Other financial income and expense | 337,883 | (77,399) |
| Profit (loss) before tax | (1,411,802) | (982,119) |
| Period profit (loss) | (1,411,802) | (982,119) |
| Profit (loss) from shareholders and partners in parent company | (1,411,802) | (982,119) |
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||
| H1 2025 | H1 2024 | |
| Cash flows from operating activities | ||
| Receipts of sales of goods and rendering of services | 1,169,627 | 843,854 |
| Payments to suppliers for goods and services | (1,235,661) | (1,205,401) |
| Payments to employees | (332,826) | (410,201) |
| Other cash flows from operating activities | (404,858) | (45,380) |
| Total cash flows from operating activities | (803,718) | (817,128) |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment and intangible assets | (585,764) | (511,638) |
| Other cash payments to acquire other financial investments | 0 | 0 |
| Interest received | 366 | 51 |
| Total cash flows from investing activities | (585,398) | (511,587) |
| Cash flows from financing activities | 0 | 0 |
| Loans received | 1,392,774 | 1,847,705 |
| Prepayment of Loans received | (5,871) | 0 |
| Other cash inflows from financing activities | (6,045) | 0 |
| Total cash flows from financing activities | 1,380,858 | 1,847,705 |
| Total cash flows | (8,258) | 518,990 |
| Cash and cash equivalents at beginning of period | 215,550 | 92,522 |
| Change in cash and cash equivalents | (8,258) | 518,990 |
| Cash and cash equivalents at end of period | 207,292 | 611,512 |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||
| Issued capital | Share premium | Other reserves | Retained earnings (loss) | Total | |
| 31.12.2023 | 1,686,001 | 612,327 | 1,836,711 | (3,871,870) | 263,169 |
| Period profit (loss) | 0 | 0 | 0 | (982,119) | (982,119) |
| Changes in reserves | 0 | 0 | 1,565,070 | 0 | 1,565,070 |
| 30.06.2024 | 1,686,001 | 612,327 | 3,401,781 | (4,853,989) | 846,120 |
| Period profit (loss) | 0 | 0 | 0 | (1,456,502) | (1,456,502) |
| Changes in reserves | 0 | 0 | 1,535,219 | 0 | 1,535,219 |
| 31.12.2024 | 1,686,001 | 612,327 | 4,937,000 | (6,310,491) | 924,837 |
| Period profit (loss) | 0 | 0 | 0 | (1,411,802) | (1,411,802) |
| Changes in reserves | 0 | 0 | 1,669,132 | 0 | 1,669,132 |
| 30.06.2025 | 1,686,001 | 612,327 | 6,606,132 | (7,722,293) | 1,182,167 |