Sweden's Moberg appoints chief medical officer

Sweden's Moberg appoints chief medical officer
Moberg's North American OTC portfolio comprises a "synergistic portfolio of high-margin niche brands", says chief executive officer Peter Wolpert

14 August 2018 - Deborah Wilkes

Moberg Pharma has appointed Sobi's Shaw Sorooshian as vice president and chief medical officer.

He will replace Moberg's vice president of research and development, Kjell Rensfeldt, who is leaving the Swedish company in the fall (click here to read the News story).

Sorooshian, who will join Moberg in the fall, is currently senior director global medical affairs at Sobi, the Swedish specialty healthcare company specialising in rare diseases. He has also worked for Lundbeck, Organon Laboratories, and Shire.

Moberg's first-half sales

Moberg has just reported worldwide sales of SEK233 million (USD25.3 million) in the first half of 2018, representing a fall of 3% as reported compared to the same period a year earlier. Excluding the impact of divestments, sales were up by 16%.

Moberg's three major brands – Dermoplast, Kerasal Nail and New Skin – generated 87% of the company's total sales.

Sales of the largest product – Kerasal Nail fungal nail treatments – were up by 15% to SEK98.9 million. Dermoplast recorded sales up by 16% to SEK54.9 million, while sales of New Skin were up by 17% to SEK49.1 million.

Moberg has divested the Balmex, Fergon, Fiber Choice, JointFlex, PediaCare and Vanquish brands since the start of 2016. Chief executive officer Peter Wolpert said Moberg's two-plus year effort to streamline the company's North American OTC portfolio had resulted in a "synergistic portfolio of high-margin niche brands with leading positions in the footcare and first-aid categories".

The majority of Moberg's sales, 87%, were generated in North and South America. The company said its products were available in more than 40 countries.

Earnings Before Interest and Taxes (EBIT) were SEK28.8 million, compared with SEK6.9 million in the same period a year earlier. Excluding the gain on the sale of Balmex, EBIT was SEK23.8 million.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) amounted to SEK47.3 million, compared with SEK26.5 million in the same period a year earlier.

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