Presentation

Iconovo develops ready-to-use inhalation products – inhalers and dry powder formulation. The products are used to treat asthma and chronic obstructive pulmonary disease (COPD), but the company also has the competence to develop products for new types of inhaled drugs such as vaccines. Iconovo licenses its patented products to global generic and pharmaceutical companies, thereby offering them a faster way to the inhalation market with lower risk and at a lower cost. Iconovo was founded in 2013 and is based in Lund, Sweden.

Recent highlights
Net sales amounted to SEK 7,111k (3,496), corresponding to 103.4% increase y/y. EBIT losses increased during the quarter and reached SEK -12,233k compared to SEK -6,586k in Q2’21.
During the first half of 2022, Iconovo received two prior approvals (Notice of Allowance), one by the Japanese patent authority regarding the application for the inhaler platform ICOone (already patented in Sweden, Europe and China) and the second by the European patent office (EPO) for the inhaler platform ICOres. Moreover, have Iconovo’s business partner Immune System Regulation (ISR) received approval to initiate a clinical study phase I/II in Bangladesh.
In July, Iconovo was granted SEK 9m from the Bill & Melinda Gates Foundation to develop inhaled therapy in low- and middle-income countries with the ICOone Nasal platform, in the event of a new global pandemic.

Outlook
Iconovo have updated the long-term financial targets and is aiming toward sales of SEK 250m (1/3 from Iconovo Pharma) and an operating profit of SEK 125m, corresponding to an operating margin of 50% by 2027. Factset consensus, estimate sales and EBIT to be SEK 16.1m and SEK -38.4m as of December 2022.