We are a young and still relatively small company, but I can assure you that our ambitions are nothing but high!
Since the foundation of Immedica in 2018, our journey towards becoming a leading rare disease and specialty care partner company in Europe has been fantastic. In the beginning we had seven employees, the portfolio included mainly smaller distribution agreements with a focus on the Nordics, and our turnover was approximately SEK 70 M. Today, we have more than 90 employees and we have developed a pan-European company with affiliates in all major European markets as well as in key markets in the Middle East and North Africa. The portfolio mainly includes rare disease and specialty pharma products, and the partnerships span from distribution to multiregional licence agreements and asset acquisitions. We have on-market products as well as new innovative late-stage projects ready to be registered and launched within the next two years. Our revenue for 2022 was SEK 610 M, with an EBITDA of SEK 185 M. This is remarkable growth and proof that we are doing the right things.
A fit-for-purpose platform
We have built a modern and fit-for-purpose commercial platform with pragmatic and compliant processes, while not losing our focus on what is really important – providing people living with rare diseases in our territory with new innovative treatments. Our capabilities include a well-built supply network and modern digital pharmacovigilance and quality assurance systems. We have also gained regulatory competence and processes to support a modern international pharma company for 2023 and beyond. One result of this is that we are supplying and making more innovative and life-changing medicines available to rare and niche disease patients than ever before, fully on track with our long-term objectives of becoming the leading commercial partner for innovative rare disease and niche pharma products in Europe, the Middle East and North Africa.
On our way to become a leading rare disease company
2022 was a successful year for Immedica. Some highlights were the signing of the strategic license and supply agreement for Iomab-B, an antibody radioisotope conjugate for targeted conditioning prior to hematopoietic stem cell transplantation. Immedica has the commercial rights to Iomab-B in Europe, the Middle East and North Africa. We believe that this product, if approved, may have the potential to fundamentally change the way recurrent and refractory AML patients aged 55 years and above will be treated in the future. In October 2022, top line results from the pivotal phase 3 study was announced, revealing a positive primary endpoint. Together with our partner, Actinium Pharmaceuticals, we are now working to prepare the marketing authorization application for our territories. In October we were very pleased to move into our new larger office at Stockholm Life City, close to Karolinska Institutet, in central Stockholm. Stockholm Life City has quickly become a center point in Scandinavia for large and small pharma, as well as upcoming biotech companies. During the year we submitted the European marketing authorization application (MAA) for pegzilarginase. This constitutes an important milestone and we foresee several more applications for other innovative treatments, being submitted going forward. Hopefully as early as 2023.
Another important agreement – the long-term exclusive licensing and distribution agreement with the Swiss pharmaceutical company Helsinn Healthcare for the commercialization of Akynzeo and Aloxi in some core European markets – was signed in late December and announced in the beginning of January 2023. These products will be great additions to our Hematology & Oncology therapeutic area.
Improving health in society – a fundamental part of our ESG commitment
At Immedica, we believe we have an important role to fill in society in bringing new innovative treatments to patients with rare diseases for whom there are currently no viable treatment options. Hence, our social responsibility to improve health in society is a fundamental part of our Environmental, Social and Governance (ESG) commitment. During the year we have taken great strides in making our ESG commitment more tangible and concrete. Making medicines available for patients is not enough if we don’t do it in a sustainable way. For us, a sustainable organization and business operations means entering sustainable partnerships, running our business in a compliant way, caring for the environment and the society, and last but by no means least, taking good care of our employees. For the past four years we have conducted an annual employee satisfaction survey. The result has been high over the years and the 2022 survey result was no exception. Overall employee satisfaction was 4.65 out of a maximum of 5. I am very proud that we have managed to sustain a solid work place philosophy where our core values, open & honest, effective and empowered, allow employees to thrive.
Looking ahead to 2023
We have now left an exciting 2022 and are looking ahead to 2023 which will be yet another exciting year for Immedica. We will hopefully get pegzilarginase approved and made available for patients with arginase 1 deficiency across Europe and MENA. If approved, this will be the first disease-modifying treatment available for these patients. We will also prepare a European MAA for Iomab-B, a treatment option with the potential to change the lives of these severely ill AML patients. In parallel with this we will continue to build our capabilities and European presence to be ready for commercialization, and in partnership with key European bone marrow transplantation centers we will ensure that the treatment will be made available for these patients after approval. These treatments both have the potential to transform the company, financially and in terms of size. During 2023 we will also continue our very deliberate ambition to add new and innovative products to our portfolio for subsequent filing and launch. Our ambition is to continue providing new treatment options to rare disease patients in our markets. Finally, I would like to express my sincere gratitude to our partners. Your long-term commitment to make new innovative products available for patients with rare diseases is a fundamental part of our eco system. I would also like to thank all Immedica employees for their hard, dedicated and high-quality work, not only during 2022 but from the very beginning of our journey. By consistently pushing the boundaries, we have together been able to build one of Europe’s most interesting rare disease and niche pharma companies, perfectly set up to take on a truly exciting future!
