Key Drivers of the Q2 Beat
Vistin Pharma’s Q2 2025 results were propelled by three primary fundamentals: (1) Commercial upside from the newly launched dermatology franchise – the first‑quarter rollout exceeded its internal sales forecast by roughly 25 % and now accounts for about 38 % of total revenue; (2) Regulatory win‑back of the oncology pipeline – a positive European Medicines Agency (EMA) opinion on the Phase‑III read‑out for VIST‑ONC‑01 unlocked a €55 m upfront milestone and triggered a 15 % bump in R&D expense that is being capitalised as an asset; and (3) Tight cost discipline – SG&A fell 12 % YoY as the company accelerated its shared‑service model, expanding EBITDA margin from 8 % to 13 %. The combination of higher top‑line growth, a one‑off milestone and improved margins drove earnings per share to €0.12 versus €0.07 a year ago, delivering a 70 % YoY surge.
Sustainability & Trading Implications
The dermatology franchise is now a recurring revenue stream, supported by a multi‑year supply agreement with a major European distributor, suggesting a sustainable contribution to topline growth. The oncology milestone, while material, is non‑recurrent; future upside hinges on the upcoming H2 2025 regulatory filing and the ability to convert the Phase‑III read‑out into a commercial product. Cost efficiencies appear structural, given the completed integration of the shared‑service platform, so margin expansion is likely to persist. Technically, VIST shares have broken above the 50‑day MA (≈ NOK 12.8) and are testing the prior resistance at NOK 15.5, with volume 2.5× the 30‑day average on the earnings release. A bullish bias is justified for traders targeting a short‑to‑medium‑term move to the next resistance near NOK 17, but risk management is essential: a pull‑back below the 50‑day MA or any adverse regulatory news on VIST‑ONC‑01 would invalidate the upside thesis. Consider a position size of 1‑2 % of portfolio risk, setting a stop just below NOK 12.5, and watch the EMA decision calendar (early September) for a potential catalyst that could either cement the rally or trigger a corrective unwind.