Cold markets are improving but sales will lag
The common cold, along with other communicable diseases, is moving towards a more normal season as societies open. This is also evident in sales of cold remedies, which are up y-o-y and starting to return to 2019 levels, according to the company. Sales of ColdZyme should follow, but due to inventory build-up during the pandemic, it could take up to six months until retailers and distributors start to place their orders. This was evident in Enzymatica’s Q3’21 sales of SEK 15.4m, which was below our expectations (ABGSCe SEK 22.2m). Versus Q3 last year, sales declined 45%, but we note that comps were boosted by early signs of ColdZyme efficacy and large initial orders in newly launched markets. Given the lower sales, we believe the gross margin at 64% held up well and the EBIT loss of SEK -6.0m was well below our expectations (ABGSCe -9.0m), driven by lower opex.
LÄS MER
