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Enzymatica - COVID-19 continues to subdue the cold

Sales 50% below as pandemic hits the common cold New CEO and expansion to Vietnam Rights issue completed & ‘23e EV/sales at 7x Early signs of recovery for struggling cold remedy market Cold markets continue to be impacted by the pandemic, with increased hand hygiene and social distancing subduing the spread of cold viruses. Consequently, Enzymatica’s Q2’21 net sales came in below our estimate (SEK 6m, -50% vs. ABGSCe) in what is a seasonally small quarter. Naturally, profitability was also impacted, with EBIT at SEK -20m (vs.

ABGSCe at -12m). While current market conditions are tough, there are positive data points coming out of Australia, which is entering its cold season and is seeing early signs of the season being closer to pre-pandemic levels. As COVID-19 vaccination programmes progress, management anticipates a recovery towards the more important Q4’21.

New sales agreement and CEO announced in the quarter Enzymatica announced another partnership in the quarter, when it agreed with STADA to market ColdZyme in Vietnam. In total, the company now has agreements in place for access to around 60 markets, about half of which are launched and the rest expected to launch in ’21-‘22. In addition, it also launched through a digital channel with Amazon (Sweden and UK) in the quarter.

It has now been decided that Claus Egstrand, currently COO, will take over as permanent CEO of Enzymatica, starting 1 January 2022 at the latest. Mr Egstrand has been with Enzymatica since 2017 and has previously held senior positions in consumer care divisions at companies such as Merck, Pfizer and Stryker. EV/sales of 20-7x in ‘21e-‘23e for a 25% sales CAGR ’20-‘23e On the back of the report we lower our estimates for H2’21e-H1’22e, reflecting the uncertainty surrounding a recovery in the market for cold remedies.

The company completed an equity issue in the quarter, raising SEK 59m. The current cash position is SEK 65m, which management believes will facilitate continued inte....

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