Vistin Pharma ASA: Second quarter and first half 2022 financial results

August 19, 2022

Oslo, Norway, 19th of August 2022

Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) today announces the financial results for the second quarter 2022

Revenue in second quarter ended at MNOK 69 compared to MNOK 67 in Q2 2021, a 3% increase. Sales volume in quarter down by approx. 11% compared to Q2’21, due to limited sales volume available.

Second quarter EBITDA ended at MNOK 4.7 (Q2’21: MNOK 13.4). EBITDA unfavorably affected by limited sales volume available, start-up costs for new line, FX and record high electricity prices in quarter. Financial result expected to continue to improve in coming quarters, with more volumes available for sale.

The net profit ended at MNOK 0.2 (Q2’21: MNOK 8.1) for the second quarter of 2022.

Production line #1 has been producing according to plan in quarter, however at slightly reduced capacity due to a 5-day planned maintenance stop and optimization of production with two lines. New line #2 has been producing at reduced capacity as part of volume ramp-up phase. Capacity is expected to ramp-up gradually during Q3 and Q4 and reach an annual capacity rate of >5 500MT by end 2022. Annual capacity of approx. 7 000MT expected to be reached during 2023.

Vistin Pharma had net debt of MNOK 35 (Q2’21 net cash MNOK: 60) as of 30 June 2022. Driven by volume-ramp up there has been a significant increase in working capital requirements in 1H’22 driven by raw material stock and time from production start of line #2 to payment from customers. Cash flow expected to improve from Q4. A revolving credit facility has been established to handle planned liquidity effects from ongoing expansion and investments.

Approx. 80% of the Metformin Expansion Project (MEP) has been paid as of end June and project cost is according to budget. The company has a strong balance sheet with an equity ratio of 70%.

The second quarter conference call, which will be held today, 19th of August, at 8.30am (CET), will be available via webcast and audio through the following access points:


Telephone conference (online registration):

The conference call will be held in English.    

Please find the Q2 report and presentation enclosed. The report will also be made available on


For further information, please contact:

Alexander Karlsen
+47 97 05 36 21

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.