Pronova sees 11M kroner 3rd-qtr profit

Norway's Pronova Biopharma, a developer of omega-3 derived drug products, swung into a 30.2 million Norwegian kroner ($5.6 million) third-quarter profit, from the 11.2 million kroner loss in the comparable period last year. The firm attributed the improvement to an increase in revenues, up 71.4% to 257.6 million kroner, highlighting its performance in the US market as a key factor.

Pronova said that this trend had been ever present this year, citing increased US demand for its lead product Lovaza (omega-3 polyunsaturated fatty acids), which increased sales 69.7% to $357.6 million for the nine months ended September 30, as an example. The firm also said that expansion of production capacity at its Sandefjord plant, as well as the new facility as Kalundborg, Denmark, would enable it to keep pace with growing demand.

Tomas Settvik, Pronova's chief executive, said that, in addition to the strong sales, the initial public offering completed in the period would help sustain the firm's growth.