Cosmo Has Received Approval of an Extension in Respect of the Publication and the Filing of Its Annual Report 2023
Cosmo Pharmaceuticals N.V. has been granted an extension until 31 May 2024 to publish its 2023 annual report and file it with SIX Exchange Regulation AG. The company is finalizing accounting treatment with auditors, impacting preliminary unaudited figures. Key figures include a potential €9.0m impact on 2023 operating profit, affecting 2024 guidance.
- None.
The delay in publishing the 2023 annual report could impact the company's financial results and guidance for 2024.
The potential €9.0m and €3.5m impacts on operating profit from accounting treatment of contingent liability and stock options could affect shareholder confidence.
The decrease in gross profit from 2022 to 2023 may raise concerns among investors about the company's financial performance.
Ad hoc announcement pursuant to Art. 53 LR
Dublin, Ireland--(Newsfile Corp. - April 29, 2024) - Cosmo Pharmaceuticals N.V. (SIX: COPN) (FSE: C43) (“Cosmo”) today announced that the company has been granted extension until 31 May 2024 to publish its 2023 annual report and to file such report with SIX Exchange Regulation AG.
Paragraph I. of the decision of SIX Exchange Regulation AG which was received on 25 April 2024 states the following:
The exemption request of COSMO (Issuer) dated 23 April 2024 regarding an extension of the deadline to publish its 2023 annual report and to file such report with SIX Exchange Regulation AG until 31 May 2024 at the latest is granted with the following reservation (lit. a) and under the following conditions (lit. b):
- SIX Exchange Regulation AG reserves the right to suspend trading of the registered shares of the Issuer in case its 2023 annual report is not published in accordance with the provisions on ad hoc publicity (Art. 53 of the Listing Rules [LR] in connection with the Directive on Ad hoc Publicity [DAH]) and not filed with SIX Exchange Regulation AG until Friday, 31 May 2024, 11.59 pm CET, at the latest.
- COSMO is required to publish a notice in accordance with the provisions on ad hoc publicity (Art. 53 LR in connection with the DAH) concerning this decision until Tuesday, 30 April 2024, 7.30 am CET, at the latest. The notice must contain:
- the unaltered reproduction of the wording of para. I. of this decision, placed in a prominent position;
- the reasons for the application of the Issuer requesting an extension of the deadline to publish its 2023 annual report and to file such report with SIX ExchangeRegulation AG;
- the unaudited key figures such as net revenues, EBITDA, EBIT, profit/loss, balancesheet total, equity etc. for the annual results 2023.
The reason for the delay in publishing the 2023 annual report is that Cosmo is still in the process of finalising the accounting treatment with its auditors of certain items for which it was not possible to conclude the appropriate treatment by the end of April. As described in our press release of 20 March 2024, the only items under discussion relate to the reassessment of a contingent liability associated with the acquisition of a
Key preliminary unaudited figures:
| EUR /000 | 2023 | 2022 |
| Income statement | ||
| Revenues | 96,723 | 102,089 |
| Cost of sales | (39,340) | (40,488) |
| Gross profit | 57,383 | 61,601 |
| Other income | 1,453 | 1,896 |
| R&D costs | (18,811) | (15,525) |
| SG&A costs | (27,799) | (19,915) |
| Net operating expenses | (45,157) | (33,544) |
| Operating profit | 12,226 | 28,057 |
| Net financial expenses | (4,615) | (3,584) |
| Profit before taxes | 7,611 | 24,473 |
| Profit after taxes for the period | 1,347 | 17,505 |
| Statement of financial position | ||
| Non-current assets | 451,754 | 453,495 |
| Cash and cash equivalents | 50,275 | 185,825 |
| Other current assets | 51,951 | 120,272 |
| Liabilities | 120,346 | 295,804 |
| Equity attributable to owners of the Company | 426,758 | 456,927 |
| Non-controlling interests | 6,876 | 6,861 |
| Equity ratio (%) | | |
| Shares | ||
| Weighted average number of shares | 16,105,126 | 16,425,395 |
| Earnings per share (in EUR) | 0.071 | 1.049 |
About Cosmo
Cosmo is a pharmaceutical company focused on developing and commercializing products to treat selected gastrointestinal disorders, to improve endoscopy quality measures through aiding the detection of colonic lesions, and to treat selected dermatological conditions. Cosmo develops and manufactures products which are distributed globally by selected partners including Lialda®/Mezavant®/Mesavancol®, Uceris®/Cortiment®, Aemcolo®/ Relafalk® and Winlevi®. Cosmo has also developed medical devices for endoscopy and has a partnership with Medtronic for the global distribution of GI Genius™ which uses artificial intelligence to help detect potential signs of colon cancer. The company also has a rich development pipeline. For additional information on Cosmo and its products please visit the Company’s website: www.cosmopharma.com
Contact
Hazel Winchester
Head of Investor Relations
Cosmo Pharmaceuticals N.V.
Tel: +353 1 817 03 70
Disclaimer
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cosmo does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cosmo and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
Attachments
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207286
FAQ
When has Cosmo Pharmaceuticals N.V. been granted an extension for its annual report publication?
What are some key unaudited figures for Cosmo Pharmaceuticals N.V. in 2023?
How could the potential impacts on operating profit affect Cosmo Pharmaceuticals N.V.'s 2024 guidance?
