Intervacc (IVACC) Q2 2024 earnings summary

Executive summary

• Net sales for Jan–June 2024 increased to SEK 5.1 million from SEK 3.4 million year-over-year, driven by a 50% increase in Strangvac® vials sold in Sweden during Q2.

• Operating loss for Jan–June 2024 was SEK -36.3 million, slightly higher than SEK -35.8 million in the same period last year, mainly due to ongoing production and regulatory costs.

• Cash flow from operating activities improved to SEK -25.3 million for Jan–June 2024 from SEK -21.7 million year-over-year.

• Equity at June 30, 2024, was SEK 202.6 million, down from SEK 237.9 million at year-end 2023, reflecting continued investment in commercialization and R&D.

• Strangvac® continues to gain market traction, with positive field data and expert endorsements supporting its safety and efficacy.

Financial highlights

• Net sales for Q2 2024 were SEK 2.7 million, up from SEK 1.9 million in Q2 2023.

• Operating loss for Q2 2024 was SEK -18.3 million, a marginal improvement from SEK -18.4 million in Q2 2023.

• Cash and cash equivalents at June 30, 2024, were SEK 62.7 million, down from SEK 88.3 million at year-end 2023.

• Earnings per share for Jan–June 2024 were SEK -0.47, compared to SEK -0.66 year-over-year.

Outlook and guidance

• Preparatory work for Strangvac® approval in the USA is progressing as planned.

• Focus remains on increasing Strangvac® sales and efficient production to improve profitability.

• The company aims to make Strangvac® a standard part of annual horse vaccinations.