Quarter 2017 Financial Results
sales for the third quarter of 2017 were €37.2 million (US$43.9 million(1)), a 39% increase compared to
€26.7 million (US$31.5 million(1)) in the third quarter of 2016. The increase in sales was primarily driven
by the PET product category, which increased by 72% to €27.0 million (US$31.9 million(1)), compared to
€15.8 million (US$18.7 million(1)) in the prior year period. This includes €8.9 million (US$10.5
million(1)) in US sales of NETSPOT® in the third quarter. Therapeutic sales for the third quarter
were €5.4 million (US$6.4 million(1)), compared to €5.4 million (US$6.4 million(1)). SPECT
sales for the third quarter were €2.1 million (US$2.5 million(1)), compared to €2.3 million (US$2.7
million(1)) for the third quarter of 2016. Third quarter sales of other products were €2.7 million (US$3.2
million(1)), compared to €3.2 million (US$3.8 million(1)) for the same period in 2016.
loss for the third quarter was €3.7 million (US$4.4 million(1)), compared to a loss of €5.1 million (US$6.0
million(1)) for the prior year period. The Company experienced higher personnel costs and operating expenses during
the third quarter of 2017, primarily related to the launch of new products and ongoing pipeline development; although these increases
were partially offset by higher revenues.
for the quarter was €22.7 million (US$26.8 million(1)), compared to a net loss of €6.2 million (US$7.3 million(1))
for the third quarter of 2016. The increase in net loss was primarily the result of changes in fair value of contingent consideration
for prior owners of a AAA subsidiary.
EBITDA (see corresponding reconciliation exhibit below) for the quarter was a gain of €0.1 million (US$0.1 million(1))
compared to a loss of €1.7 million (US$2.0 million(1)) for the same period in 2016.
equivalents and short-term investments at September 30, 2017 were €192.7 million (US$227.6 million(1)).
(1) Translated solely for convenience
into US$ at the noon buying rate of €1.00 = $1.1813 at September 30, 2017.
30, the Company announced that it has entered into a Memorandum of Understanding with Novartis, pursuant to which Novartis proposes
to make a cash tender offer to acquire all the outstanding shares of AAA, including shares represented by American Depositary
Shares (the “ADSs”), for US$41 per ordinary share and US$82 per ADS (each representing 2 ordinary shares), in a transaction
that is valued at approximately US$3.9 billion. This represents a 47% premium to the 30 volume-weighted trading days prior to the
unaffected share price on NASDAQ on September 27, 2017. The Memorandum of Understanding has been filed with the U.S. Securities and Exchange Commission.
29, the Company announced that the European Commission has approved the marketing authorization of lutetium Lu 177 dotatate* (Lutathera®)
for “the treatment of unresectable or metastatic, progressive, well differentiated (G1 and G2), somatostatin receptor positive
GEP-NETs in adults”. This approval allows for the marketing of lutetium Lu 177 dotatate* (Lutathera®) in
all 28 European Union member states, as well as Iceland, Norway and Liechtenstein.