Enzymatica announced another partnership in the quarter, when it agreed with STADA to market ColdZyme in Vietnam. In total, the company now has agreements in place for access to around 60 markets, about half of which are launched and the rest expected to launch in ’21-‘22. In addition, it also launched through a digital channel with Amazon (Sweden and UK) in the quarter. It has now been decided that Claus Egstrand, currently COO, will take over as permanent CEO of Enzymatica, starting 1 January 2022 at the latest. Mr Egstrand has been with Enzymatica since 2017 and has previously held senior positions in consumer care divisions at companies such as Merck, Pfizer and Stryker.
EV/sales of 20-7x in ‘21e-‘23e for a 25% sales CAGR ’20-‘23e
On the back of the report we lower our estimates for H2’21e-H1’22e, reflecting the uncertainty surrounding a recovery in the market for cold remedies. The company completed an equity issue in the quarter, raising SEK 59m. The current cash position is SEK 65m, which management believes will facilitate continued international expansion and cover working capital needs for the coming 12 months.
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