Vistin Pharma ASA: Third quarter and YTD 2022 financial results

October 26, 2022

Oslo, Norway, 26th of October 2022

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

Strong revenue growth in the quarter compared to last year. Revenue in the third quarter ended at MNOK 92 compared to MNOK 63 in Q3 2021, a 46% increase. Sales volume in the quarter was up by 19% compared to same quarter last year. The demand in the market for metformin from Vistin is high. However, there were still limitations on volume available for sale, due to MEP ramp-up activities.

Third quarter EBITDA ended at negative MNOK 2.9 (Q3’21: MNOK 3.8). Volatility with Ukraine situation and European energy prices continues to put pressure on profitability with record high electricity prices and increasing raw material cost (both inflation and USDNOK FX rate). In addition there were a one-time negative cost effect of MNOK 5 in quarter in relation to non-sellable validation batches from the new production line and inventory adjustment.

The net profit ended at negative MNOK 6.7 (Q3’21: MNOK 0.9) for the third quarter of 2022.

Continued process optimizations resulted in close to 1100MT production volume which is a new quarterly record. Installed capacity at end Q3 is close to 5000MT and is expected to continue to improve gradually during Q4 to reach an annual capacity of >5 500MT by end 2022. Annual capacity of close to 7000MT expected to be reached by 2023

Vistin Pharma had net debt of MNOK 38 (Q3’21 net cash MNOK: 52) as of 30 September 2022. Driven by volume-ramp up, increased raw material stocks and time from production start of line #2 to payment from customers, the working capital requirements in Q3 has been high. The operational cash flow is expected to improve from Q4. A revolving credit facility has been established to handle planned liquidity effects from ongoing expansion and investments.

Approx. 85% of the Metformin Expansion Project (MEP) has been paid as of end September and project cost is according to budget.

The third quarter conference call, which will be held today, 26th of October, 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 Q3 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.