Intervacc (IVACC) Q4 2024 earnings summary

Executive summary

• Net sales for 2024 increased to SEK 11.8 million from SEK 8.0 million year-over-year, driven by over 50% growth in StrangvacⓇ sales in Sweden.

• Operating loss improved to SEK -77.3 million from SEK -93.6 million year-over-year, reflecting reduced costs and higher sales.

• StrangvacⓇ out-of-stock issues in Q4 were resolved, and new orders from Dechra Pharmaceuticals for SEK 5.8 million were received in early 2025.

• A rights issue of up to SEK 225 million was approved to strengthen capital and support growth initiatives.

Financial highlights

• Q4 2024 net sales were SEK 4.1 million, up from SEK 1.6 million in Q4 2023.

• Full-year operating loss was SEK -77.3 million, improved from SEK -93.6 million in 2023; excluding non-recurring items, adjusted operating loss was SEK -71.2 million.

• Cash flow from operating activities for 2024 was SEK -53.2 million, a decrease of SEK 7.4 million year-over-year.

• Equity at year-end was SEK 162.3 million, down SEK 75.6 million from 2023; cash and cash equivalents were SEK 34.4 million.

• Earnings per share for 2024 were SEK -1.00, compared to SEK -1.59 in 2023.

Outlook and guidance

• Rights issue proceeds will fund accelerated StrangvacⓇ expansion, US regulatory approval, and S. suis vaccine development.

• Focus remains on making StrangvacⓇ a core equine vaccine and advancing the vaccine pipeline.

• Expected continued sales growth in 2025, supported by new Dechra orders and improved manufacturing processes.