The fourth quarter completed an eventful year for Navamedic. Product launches, increased campaign activities and M&A agreements can summarise the past twelve months. The year started with acquiring Swedish-based Impolin AB, significantly strengthening the obesity product portfolio. Later in the year, they acquired the rights to sell and market a unique single-dose treatment for cold sores from our partner, Vectans Pharma. Finally, nearing the end of the year, they added a highly complementary and innovative ready-to-use antibiotic product to the antibiotics portfolio.
“As we enter 2023, we have a strong and scalable foundation in place to become a leading Nordic pharma company. Moving forward, we will continue utilizing our strengths by applying our strong local knowledge and competence across the regulatory, marketing, and sales landscapes. I look forward to keeping the market updated on our growth initiatives in the coming months,” commented Kathrine Gamborg Andreassen, CEO of Navamedic.
In the fourth quarter of 2022, Navamedic’s gross margin was 42.9 per cent, an increase from 41.9 per cent in 2021. For the full year, the company’s gross margin was 42.8 per cent compared to 40.1 per cent in 2021. Operating profit (EBIT) amounted to NOK 13.9 million compared to NOK 5.1 million in 2021. Correspondingly, EBIT for the full year reached NOK 44.4 million compared to NOK 11.5 million in 2021.
During the final quarter of 2022, Navamedic announced it had signed an agreement with InfoRLife SA to acquire an antibiotic product for hospital use. The agreement gives Navamedic the rights and Marketing Authorizations for ready-to-administer Clindamycin bags. This innovative product complements Navamedic’s antibiotics portfolio, which continues to secure long-term tenders. Navamedic also markets Clindamycin ampoules as part of its broader portfolio of antibiotics initially acquired from ACS Dobfar in 2020.
Navamedic also launched Modifast in Norway towards the end of the fourth quarter through Farmasiet.no. Modifast is a range of low-calorie diet meals providing 800-1200 calories per day if all regular food is replaced.
Navamedic has also experienced continued strong demand for its obesity product Mysimba, which drove growth in the Specialty Pharma segment in the fourth quarter of 2022 and the full year.
