ANNUAL REPORT
2024
1 BOARD OF DIRECTORS | 2 |
2 MILESTONES IN THE YEAR AND 2024 | |
IN FIGURES | 4 |
3 PRODUCT PIPELINE | 12 |
4 CHAIRMAN'S LETTER | 16 |
5 DIRECTORS' REPORT | 20 |
6 NOTES TO THE CONSOLIDATED | |
FINANCIAL STATEMENTS AND | |
AUDITORS' REPORT | 56 |
BOARD
OF DIRECTORS
PHARMA MAR Annual Report 2024 3
COMMITTEES
APPOINTMENTS, | LEAD INDEPENDENT | |||||
CATEGORY | EXECUTIVE | AUDIT | REMUNERATION AND | |||
SUSTAINABILITY | DIRECTOR | |||||
JOSÉ Mª FERNÁNDEZ SOUSA-FARO | Executive | |||||
Chairman | ||||||
PEDRO FERNÁNDEZ PUENTES | Executive | |||||
Vice-Chairman | ||||||
MONTSERRAT ANDRADE DETRELL | Proprietary | |||||
Director | ||||||
FERNANDO MARTÍN-DELGADO | ||||||
SANTOS | Other external | |||||
Director | ||||||
EDUARDO SERRA REXACH | Other external | |||||
Director | ||||||
CARLOS SOLCHAGA CATALÁN | Other external | |||||
Director | ||||||
SOLEDAD CUENCA MIRANDA | Independent | |||||
Director | ||||||
ROSA MARÍA SÁNCHEZ-YEBRA | ||||||
ALONSO | Independent | |||||
Director | ||||||
SANDRA ORTEGA MERA | Proprietary | |||||
Director | ||||||
BLANCA HERNÁNDEZ RODRÍGUEZ | Independent | |||||
Director | ||||||
MARIANO ESTEBAN RODRÍGUEZ | Independent | |||||
Director | ||||||
EMILIANO CALVO ALLER | Independent | |||||
Director | ||||||
Committee Chair | Committee Member |
MILESTONES
IN THE YEAR AND 2024 IN FIGURES
PHARMA MAR Annual Report 2024 5
MILESTONES 2024
O N C O L O G Y
Clinical development milestones:
- Pharma Mar SA and its partner Jazz Pharmaceuticals plc announced in October 2024 positive and statistically significant overall survival and progression-free survival results for Zepzelca® (lurbinectedin) in combination with atezolizumab for first-line maintenance treatment of small cell lung cancer.
- The Phase III LAGOON clinical trial evaluating Zepzelca® (lurbinectedin) for the second line treatment of small cell lung cancer has completed patient recruitment.
- In 2024, the results from the trial of Zepzelca® (lurbinectedin) in combination with irinotecan were presented at the ASCO Meeting (American Society of Clinical Oncology), showing that 52.7% of patients with relapsed small cell
lung cancer and a chemotherapy-free interval greater than 30 days achieved an objective response to treatment (tumor shrinkage ≥30%). - Several Phase I trials are being conducted with PM54 and PM534, and their development plan is already being established.
Regulatory milestones:
- In 2024, Pharma Mar's partner in China, Luye Pharma Group Ltd., received conditional marketing approval for Zepzelca® (lurbinectedin) FROM THE China National Medical Products Administration (NMPA) for the treatment of adult patients with metastasic small-cell lung cancer with disease progression during or after platinum-based chemotherapy. Zepzelca® (lurbinectedin) is currently available for marketing in 17 territories.
R N A i
- The construction of the first phase of an oligonucleotide production plant was completed in 2024.
Milestones in the year and 2024 in figures | 6 |
2024 IN FIGURES
Total Revenues (€ '000)
174,855
158,153 +11 %
46,966
34,102
124,051127,889
2023 | 2024 | ||
Recurring Revenues | Non-recurring revenues | ||
Breakdown of recurring revenues (€ '000)
124,051 | 127,889 |
+3 % | |
52,178 | 61,347 |
1,192
70,681 | 66,542 |
2023 | 2024 |
Oncology sales | Other sales | Oncology royalties | |||
PHARMA MAR Annual Report 2024 7
Breakdown of total revenues by product
1% | |
31% | 30% |
2024 | 2023 |
69% |
69%
Zepzelca Yondelis Zepzelca Yondelis Other
Detail of revenue sources by product 2024
Million euro
28.6 | 28.5 | 17.9 | |||||||
18.0 | |||||||||
6.7 | Zepzelca | Yondelis | |||||||
56.2 | 5.2 | ||||||||
13.3 | |||||||||
Sales in Europe | Royalties | Sales in Europe | Royalties | ||||||
API sales | License | API sales | License | ||||||
Milestones in the year and 2024 in figures | 8 |
OTHER FINANCIAL DATA
2024
Total revenues
174.9 million
+11%
R&D expenditure
103.5 million
+4%
EBITDA:
13.0 million vs.
2.1 million
Pharma Mar group closes 2024 with net income
of 26.1 million euro.
Zepzelca's royalties
increase 15%
(Zepzelca)
Royalties from Yondelis
sales in the U.S. and Japan increased 37%
(Yondelis)
Revenues from
licensing agreements
increased by 38%
(All)
Zepzelca remains the main source of revenues, amounting to
119.9 million euros
The net cash position is
109.2 million, after
investing 15.0 million in the
oligonucleotide plant
and allocating 11.4 million
to dividend
payments
Financial debt amounted to 47.8 million following the contracting of a loan of 15.0 million and the repayment of bank loans and loans from official bodies for
5.7 million
Total cash and cash equivalents amounted to
156.9 million euros
PHARMA MAR Annual Report 2024 9
NON-FINANCIAL INFORMATION
2024
Average workforce by gender and profesional category
167
118
45 52 | 59 | ||||||||||
3 | 0 | 4 | 4 | 10 15 | 6 | 11 6 | |||||
Executive | Senior | Management | Middle | Technicians | Administrative | Others | |||||
Directors | management | management | and similar | ||||||||
Men | Women | ||||||||||
Milestones in the year and 2024 in figures | 10 |
Social
500 | 60.6% | 57.6% | 100% | 96.8% | 3.3% |
average | women in the | women on senior | permanent | workforce | weighted |
workforce in | workforce. | management and | contract. | covered by | gender pay |
2024. | management. | collective | gap. | ||
bargaining | |||||
agreement. |
Governance
41.7% | in the Chairman's | Human Rights | 96% |
women in | ESG targets | ||
remuneration. | and Biodiversity | suppliers located in | |
the Board of | policies | OECD countries. | |
Directors. | |||
approved by the board | |||
in 2024. |
Environment
-19.6% | 100% | 45.4% | ISO 14001 | 418 kWp |
scope 1&2 | non-hazardous | energy | installed capacity of | certification of the |
emisions | waste valorized. | solar photovoltaic | Colmenar Viejo | |
consumption | ||||
compared to | panels. | laboratory for more | ||
from renewable | ||||
2023. | sources. | than 15 years. |