BioInvent swings back into profit in 2nd qtr
Swedish pharmaceutical company BioInvent International returned to profit from loss during the second quarter of this year due to upfront payments from development agreements.
The firm posted revenue of 195.6 million kronor ($32.8 million) for the three months ending June 30, versus just 12.3 million kronor for the same period of last year. Net income was 133.7 million kronor, or 2.40 kronor per share, vs a loss of 32.3 million kronor, or 0.68 kronor per share, the year before.
The company also reported its financial results for the first six months of the year. Revenue was up 63% to 211.8 million kronor. Net income more than doubled to reach 93.8 million kronor, or 1.68 kronor per share, vs 40.4 million kronor, or 0.86 kronor per share.
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