FINANCIAL
? Revenues increased to €21.2 million (2013: €6.8 million).
? Mainly as a result of higher license fees, including the receipt of a US$20.0 million (€16.0 million) milestone
from US partner Salix, while 2013 included a US$5.0 million (€3.8 million) milestone from Santarus (now
Salix Pharmaceuticals, Inc.).
? Product sales increased to €3.0 million (2013: €0.9 million) as a result of increased sales in the EU and initial
sales orders in the US of €0.3 million.
? Operating result improved to an operating profit of €2.9 million in 2014 from a loss of €6.9 million in 2013.
? Net loss decreased from €15.1 million to €5.8 million in 2014.
? The equity position increased to €29.8 million at year-end 2014 (2013: €5.0 million), mainly as a result of the
receipt of the US$20.0 million milestone, a private equity placement of net €14.0 million and the exercise of
warrants.
? In preparation of further commercialisation of Ruconest, the inventories of Ruconest, including work in progress
and skimmed milk, increased to €13.4 million at year-end 2014 (2013: €4.8 million).
? The cash position, including restricted cash, improved to €34.4 million at year-end 2014 (2013: €19.2 million),
mainly as a result of the receipt of the milestone payment from Salix, the private equity placement of net €14.0
million and the exercise of warrants of €4.6 million.