Vistin Pharma ASA reported a 15.3% year-over-year decline in second-quarter revenue to NOK 100 million, missing expectations as a stronger Norwegian krone and lower metformin prices weighed on performance. The Oslo-listed company’s shares fell 3.96% to NOK 19.40 following the release of its earnings call transcript on Thursday.
Net profit declined 23.8% to NOK 14.1 million from NOK 18.5 million in the same period last year, while EBITDA dropped 26.7% to NOK 22 million. Gross margin remained robust at 66%, but the EBITDA margin contracted to 22% from 25.4% a year earlier. Sales volume rose 8% to 1,580 metric tons, offsetting some of the revenue decline driven by currency effects and pricing pressure.
For the first half of 2026, revenue fell 9% to NOK 212 million, with EBITDA down 18.3% to NOK 49 million and net profit decreasing 11.4% to NOK 35.6 million. Earnings per share dropped 12.1% to NOK 0.80. The company paid an ordinary cash dividend of NOK 1.0 per share, totaling approximately NOK 44 million.
Management attributed the weaker financial performance to a stronger NOK versus the euro, lower spot market prices for metformin, and shifts in customer and product mix. Approximately 70% to 80% of the average selling price decline stemmed from lower market prices, with the remainder linked to mix effects. Despite these challenges, Vistin maintained its long-term growth strategy, including preparations for commercial sales of Metformin DC 95%, expected by the end of 2026 or early 2027.
The company’s balance sheet showed total assets of NOK 434.7 million at the end of June, with net debt near NOK 8 million. Total equity increased to approximately NOK 320 million, supported by retained earnings and a current ratio of 2.96. Vistin also highlighted its energy efficiency initiatives, including an 80% water recycling rate and a long-term renewable energy supply agreement with Statkraft running through 2032.
Vistin reiterated its outlook for global diabetes prevalence to rise by 45% to 850 million people by 2050, with metformin demand growing at a 4%-6% annual rate. The company holds roughly a 10% share of the global metformin market.
