pharmaceuticals Archives - Green Market Report

Adam JacksonAugust 29, 2022


Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) posted results that showed healthy margins despite revenues slightly slumping over the quarter amid the company’s international bid. The pharmaceutical cannabis company announced today its financial results for the second quarter ending June 30, 2022.

Khiron’s second-quarter revenues totaled $4.47 million, down 3% versus $4.6 million in the same period last year; and $2.8 million sequentially, according to the SEDAR filings. The company recorded a net loss of $2.2 million versus $4.8 million in the same quarter last year; and $4.5 million sequentially. Earnings went from a loss of one cent per share versus a loss of 3 cents per share in the same period last year.

“The results of the first half of the year and Q2 2022 demonstrate that we are a disciplined company building sustainable growth, reducing costs and optimizing cashflow, able to reach profitability in the near term,” said CEO Alvaro Torres. “During Q2 2022, we made key decisions to continue to build our global platform with the strategic acquisition of Pharmadrug in Germany, the opening of our new flagship clinic in Rio de Janeiro in Brazil, as well as our new mid-sized clinic and pharmacy in Bogota in one of the city’s busiest shopping centres.”

Gross profit before fair value adjustments for the second quarter was $2.2 million, up 5% quarter-over-quarter and 114% year-over-year, despite the lack of sales in Germany. The medical cannabis segment represented 89% of Khiron’s total gross profits, versus 70% a year ago.

Total gross margin before fair value adjustments for the second quarter increased to 50%, driven by growth in the highly profitable medical cannabis segment. The gross margin in the medical cannabis segment increased to 76%. The total gross margin for Khiron’s Health Services segment for the second quarter was 13%, up from 8% in the previous quarter due to improvements in margins in Colombia’s Zerenia operations; offset by the losses incurred in the early stages of Zerenia Clinics UK.

The company also recorded its lowest ever Adjusted EBITDA loss of $2.3 million, down 30% quarter-over-quarter and 39% year-over-year.

Khiron continued its cost-cutting initiatives to streamline its operations. Expenses in the second quarter fell by 16% to $5.5 million from the same period last year. The company said the expense reduction was driven by cost savings efforts mainly in corporate governance, salaries, and investor relations; offset by an increase in selling and marketing expenses in the growing U.K. cannabis market.

Khiron had $40 million in total assets, with $13.7 million in property, plant, and equipment, a high-quality medical cannabis inventory of $8.2 million, as well as healthy bookkeeping with credit-worthy clients in Colombia and Europe of $4.4 million, and $600,000 in financial debt.

The company also ended the quarter with net cash of $5.8 million, having spent $2.0 million on operating activities during the quarter and a total of $4.8 million in the first half of the year, versus $10.4 million in the first half of last year. The company attributed the savings as a result of actively managing the working capital cycle, improving collection times for the company’s accounts receivable, and extending payment terms on its accounts payables.

“These steps, coupled with the growing patient loyalty we experience across our bigger markets, will continue to drive Khiron’s leadership in Latin America and Europe,” said Torres. “This is possible because of an incredible team across many countries and continents who are committed to improving the quality of life of patients, and who continue to work very diligently to ensure we become indispensable to our patients in every market.”

Adam JacksonAugust 2, 2022


Zelira Therapeutics Ltd (ASX: ZLD,OTC-QB: ZLDAF), recieved formal approval from German regulatory authority BfArM to launch in the German medical cannabis market for its new insomnia medication Zenivol.

Zenivol is the first clinically validated, pharmaceutical-grade, cannabis-based sleep medication. Zenivol’s clinical research achieved the highest level of scientific review when it was peer reviewed in the Journal of Sleep — available by prescription in Australia under the country’s legal cannabis regulations.

“The formal approval of Zenivol by BfArM in Germany marks a major milestone for Zelira,” said Zelira CEO Dr. Oludare Odumosu. “Germany is one of the largest global markets for cannabinoid-based medicines, and also one of the highest quality global regulatory markets for pharmaceuticals. We look forward to working with our partner, Adjupharm, in launching Zenivol in Germany and supporting patients and physicians in treating chronic insomnia in a safe and effective manner. With formal regulatory approval for Zenivol now received in Germany, we continue to progress activities to license Zenivol into other global markets.”

Zelira is a leading global therapeutic medical cannabinoid company with access to the world’s largest and fastest-growing cannabinoid medicine markets. The company owns a portfolio of proprietary revenue-generating products and a pipeline of candidates undergoing clinical development that are positioned to enter global markets.

The company is focused on developing branded cannabinoid-based medicines for the treatment of a variety of medical conditions in its Rx business, including insomnia, autism and chronic non-cancer pain.

The company has two proprietary formulations under the HOPE brand that are generating revenues in Australia, and Pennsylvania and have been licensed in Louisiana and Washington D.C. — with other states in the U.S. expected to follow. Zelira is also generating revenue in Australia from its proprietary and patented Zenivol, which had successfully completed the world’s first Phase 1b clinical trial for chronic insomnia where it was found to be a safe and effective treatment.

The company conducts its work in partnership with world-leading researchers and organizations including Curtin University in PerthWestern Australia; the Telethon Kids Institute in Perth; the University of Western Australia, in Perth; St. Vincent’s Hospital in Melbourne, Australia; and the Children’s Hospital of Philadelphia (CHOP) in the United States.

Adam JacksonJuly 29, 2022


AbbVie’s (NYSE:ABBV) stock slid 3% in early trading Friday despite posting positive second-quarter results — with news of an opioid settlement upward of $2 billion biting the biopharmaceutical giant this week. The company announced its financial results for the second quarter ending June 30, 2022.

AbbVie posted $924 million in net earnings, with diluted EPS at 51 cents per share on a GAAP basis. Adjusted diluted EPS was $3.37.

The company also posted $14.6 billion in global net revenues, an increase of 4.5% on a reported basis from the same quarter last year, or 6.1% on an operational basis. AbbVie also said it continues to expect adjusted diluted earnings between $13.78 and $13.98 per share for the full fiscal year.

“We delivered another strong quarter with substantial progress for our new products and indications,” said AbbVie CEO Richard A. Gonzalez. “The momentum of our business, combined with advances across our pipeline continue to support AbbVie’s promising long-term outlook.”

AbbVie Inc. researches and develops biopharmaceutical products. The company owns 59 medical marijuana patents and created the cannabis-based Marinol before selling the rights to Alken Labs for $10 million in 2019. Since then, AbbVie has shifted its focus toward technology and hardware, inking a deal in last year to acquire its Allergan Aesthetics division, which deals with botox.

AbbVie’s Allergan division this week agreed to pay more than $2 billion to resolve its opioid liability with state and local governments, Bloomberg reported on Wednesday — a day after Teva Pharmaceutical Industries (TEVA) agreed to pay $4.4 billion to settle its opioid lawsuits. The agreement is part of consolidated litigation in a Cleveland federal court that has produced several other national settlements, implicating other pharmaceutical giants such as Johnson & Johnson.

In its second-quarter earnings release, AbbVie reported spending $2.2 billion on “litigation matters”, which it said “primarily includes a charge related to a potential settlement of litigation involving Allergan’s past sales of opioid products.”

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