Santhera Pharmaceuticals announces financial results for the first half of 2025, with total revenue increasing by 70% to CHF 24 million. Operating expenses were CHF 25 million, and the operating loss was CHF 35.4 million. The company’s cash and cash equivalents at the end of June 2025 were CHF 18.4 million. The full-year revenue for 2025 is expected to exceed the previous guidance range of CHF 65-70 million. The global rollout of AGAMREE continues with new distribution agreements in several countries. Dario Eklund, the CEO of Santhera, remains optimistic about the company’s growth and the increasing demand for AGAMREE globally.
In Europe, AGAMREE continues to see success with strong sales in Germany and Austria. Approximately 40% of corticosteroid-using DMD patients in Germany are now treated with AGAMREE. Pricing and reimbursement discussions are progressing in Spain, Italy, and the Nordic regions, with launches expected from Q4 2025 into Q1 2026. The UK has also seen positive results after AGAMREE became available nationwide in April following updated guidelines favoring daily regimens for DMD patients. Santhera is focused on expanding the rollout of AGAMREE across Europe, with ongoing submissions and negotiations for reimbursement and pricing in several countries.
The company’s US partner, Catalyst Pharmaceuticals, Inc., reported strong AGAMREE sales in the first half of 2025, on track to reach its sales guidance for the year. The Chinese partner, Sperogenix Therapeutics Ltd., has begun the commercial rollout of AGAMREE on a non-reimbursed basis, with increased forecasted demand for 2025 and 2026. Santhera Pharmaceuticals continues to focus on expanding the availability and access to AGAMREE for patients globally through distribution agreements and licensing partnerships. Santhera is making progress in expanding access to its drug AGAMREE in various regions, with plans for launches in the Benelux region, France, and Switzerland. Meanwhile, their US partner Catalyst is reporting strong sales, with projections of USD 100-110 million in 2025. In China, partner Sperogenix has started a non-reimbursed commercial rollout of AGAMREE. Santhera is also broadening access through distribution partnerships in Central and Eastern Europe, the Middle East, and India. Additionally, new data on AGAMREE’s effectiveness in DMD patients is expected in early Q4 2025.
In terms of leadership changes, Catherine Isted has joined as CFO, while Dr. Melanie Rolli has been elected to the Board. Santhera has also secured approximately CHF 20 million in additional growth capital to meet product demand and support global launches. Financially, the company saw a 70% increase in total revenue in H1 2025, with operating expenses remaining within the previously guided range. Despite the challenges faced, Santhera is optimistic about its revenue guidance for 2028 and 2030, aiming for continued growth in the coming years. Santhera reported revenue of CHF 24.0 million in the first half of 2025, driven by strong sales growth and royalties. Operating expenses remained consistent at CHF 27.3 million, with marketing and sales expenses increasing by 45%. The operating result was a loss of CHF -35.4 million. The net result for H1 2025 was a loss of CHF -38.8 million. Cash and cash equivalents decreased to CHF 18.4 million at the end of June 2025. Total assets decreased to CHF 130.8 million, while total liabilities increased to CHF 133.3 million. Shareholders’ equity was CHF -2.6 million. Santhera secured CHF 20 million in funding for growth capital. Additionally, a royalty monetization agreement with R-Bridge for USD 13 million was announced, and Highbridge extended a convertible bond for CHF 10 million. Santhera Pharmaceuticals announced a new convertible bond with a three-year maturity and a conversion price set at a 10% premium to the closing share price. The company will also issue Highbridge about 110,000 shares in exchange for increased loan flexibility. The Half Year Report for 2025 is available for download on the company’s website. An analyst briefing will be held on September 23 via webcast. Santhera focuses on developing medicines for rare neuromuscular diseases and has exclusive rights to AGAMREE, a dissociative steroid for Duchenne muscular dystrophy. AGAMREE has shown promising results in studies, providing an alternative to standard corticosteroids with fewer side effects. 1. The stock market reached record highs today, with the S&P 500 closing at 4,400 points and the Dow Jones Industrial Average surpassing 35,000 points for the first time. Investors are optimistic about the economic recovery and strong corporate earnings.
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