This article first appeared on GuruFocus .
Release Date: July 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Cosmo NV ( CMOPF ) reported a 38% year-over-year growth in net revenue, with expansion into 14 new markets, now operating in 23 countries.
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The company maintains a strong financial position with over EUR 200 million in cash and investments and zero debt.
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Cosmo NV ( CMOPF ) has diversified its business model with three engines: dermatology, MedTech AI, and pharma CDMO, all contributing to revenue growth.
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The company's acne franchise is scaling, and it is moving towards regulatory filing for a hair loss breakthrough, potentially entering a EUR 28 billion market with no mechanism-level competitor.
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Recurring revenue increased by 18%, demonstrating the strength of the core business and transition towards a more predictable revenue base.
Negative Points
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GI Genius revenue was lower in the first half due to the planned timing of production scale-up and customer shipments.
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Project-based revenues were limited in the first half and are expected to increase in the second half, indicating potential volatility in revenue streams.
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Other income was lower than the prior year, primarily due to lower dividend income and R&D tax credits.
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Selling, general, and administrative expenses increased year-over-year, reflecting non-cash amortization and investments to support growth.
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The company faces challenges in securing a commercial partner for Clascoterone, with ongoing discussions but no definitive timeline for a licensing deal.
Q & A Highlights
Q: How does Cosmo NV view the positioning of Clascoterone as a topical solution for hair loss, especially in light of recent results for extended-release oral minoxidil? A: Gio Di Napoli, CEO, explained that Clascoterone and oral minoxidil have different mechanisms of action. Clascoterone targets the root cause of hair loss, DHT, and has a favorable safety profile for chronic use. Dermatologists see the two products as complementary rather than competitive. Cosmo is exploring combination use with other molecules like generic minoxidil, but this requires further clinical evidence.
Q: What is Cosmo NV's strategy for finding a commercial partner for Clascoterone? A: The company is evaluating both global and regional partnership options to maximize value. Discussions are ongoing, and the decision will be based on what brings the most value to Cosmo and its shareholders.
Q: Can you elaborate on the publication strategy for Clascoterone's pivotal results? A: Publications are planned for high-impact journals, with submissions expected by the end of October. The goal is to provide comprehensive data, including subgroup analyses and the unique mechanism of action, which differentiates Clascoterone in treating androgenetic alopecia.
Q: How does Cosmo NV plan to allocate capital, and are there any plans for stock repurchases? A: Svetlana Sigalola, CFO, stated that the company regularly reviews capital allocation options, including business investments, strategic opportunities, and returning capital to shareholders. Currently, there are no announcements regarding stock repurchases, but all options are being evaluated.
Q: What are the expectations for the European launch of Winlevi and the growth of GI Genius in the second half? A: The European launch of Winlevi is progressing well, with 14 new markets opened in the first half and more expected. GI Genius is anticipated to see double-digit growth in the second half, driven by the rollout of the new GGM300 hardware and increased customer adoption.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
