Kvartalsrapport Q3 2023

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===== SIDA 1 =====

1 
 
Q3 2023 
 
 
 
BioGaia AB  (publ.) Interim Management Statement January –September 2023  
 
  
BioGaia AB 
 
Interim Management Statement 
January – September 2023

===== SIDA 2 =====

Q3 2023 
 
 
2 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
THIRD QUARTER 2023  
Figures in parentheses refer to the corresponding period last year, 
unless otherwise specified.  
Net sales amounted to SEK 317.7 million (257.7), an increase of SEK 
60.0 million, o r 23% (excluding foreign exchange effects, 17%). 
Net sales in the Paediatrics segment amounted to SEK 255.8 million 
(205.7), a change of 24% (excluding foreign exchange effects a n 
increase of 18%). 
Net sales in the Adult Health segment amounted to SEK 59.2 million 
(50.5), an increase  of 17% (excluding foreign exchange effects, an 
increase of 11%).  
Operating expenses amounted to SEK 116.3 million (92.0), an 
increase of SEK 24.3 million (26%). Operating expenses, excluding 
items affecting comparability, increased by 26% to SEK 116.3 million 
(92.0).  
 
Operating profit increased  by 28% to SEK 119.5  million (93.7), which 
corresponds to an operating margin of 38% (36%).  
Adjusted operating profit increased  by 28% to SEK 119.5 million  
(93.7), which corresponds to an adjusted operating margin of 38% 
(36%). 
Profit after tax amounted to SEK 101.5  million ( 79.5), an increase  of 
28%.  
Earnings per share amounted to SEK 1.01 (0.79) before and after 
dilution. 1) 
Cash flow amounted to SEK 88.4 million ( 37.3).  
Cash and cash equivalents at 30 September  2023 amounted to SEK 
1,452.5 million (1, 402.4  at 30 September  2022).  
Key events in the third quarter of 2023  
5 July . A clinical study with Protectis was shown to increase SARS -
CoV-2 antibody titres when 28 days or more had elapsed from 
vaccination.  
 
2 August . BioGaia´s Board of Directors announced that Theresa 
Agnew ha d been appointed as the new Chief Executive Officer  (CEO). 
 
7 August . A paper written by a team of researchers from the  
University of Gothenburg and BioGaia  published in the journal Nature  
report ed a novel method to overcome oxygen sensitivity to beneficial 
resident bacteria in the human gut, which are significantly reduced in 
metabolic conditions and cardiovascular disease.  
 
25 September. Theresa Agnew beg an as CEO.   
JANUARY - SEPTEMBER 2023  
Figures in parentheses refer to the corresponding period last year, 
unless otherwise specified.  
Net sales amounted to SEK 998.7 million ( 829.7 ), an increase of SEK 
169.1 million, or 20% (excluding foreign exchange effects, 1 3%). 
Net sales in the Paediatrics segment amounted to SEK 793.5  million 
(661.0 ), an increase  of 20% (excluding foreign exchange effects, 1 2%). 
Net sales in the Adult Health segment amounted to SEK 198.8 million 
(165.5), an increase  of 20% (excluding foreign exchange effects, an 
increase of 13%).  
Operating expenses amounted to SEK 362.2 million (303.6 ), an 
increase  of SEK 58.6 million (19%). Operating expenses, excluding 
items affecting comparability, increased  by 20% to SEK 361.1  million 
(300.3). 
 
 
Operating profit increased  by 25% to SEK 362.6 million (290.3 ), which 
corresponds to an operating margin of 36% (35%).  
Adjusted operating profit increased by 24% to SEK 363.7  million 
(293.6), which corresponds to an adjusted operating margin of 36% 
(35%).  
Profit after tax amounted to SEK 298.0  million (234.3 ), an increase of 
27%.  
Earnings per share amounted to SEK 2.95 (2.32) before and after 
dilution. 1) 
Cash flow amounted to SEK -33.6 million ( -101.8). Cash flow includes 
dividends of SEK 292.8 million (301.3).  
 
Key events after the end of the third quarter  
16 October. BioGaia announced that results  for the third quarter 
exceeded market expectations.  
 
 
  
 Jul–Sep 2023 Jul–Sep 2022 
Net sales, SEK 000s  317,694 257,733 
Growth in net sales  23% 48% 
Operating profit, SEK 000s  119,538 93,735 
Operating margin  38% 36% 
Profit after tax, SEK 000s  101,501 79,503 
Number of shares, thousands  100,982  100,982  
Earnings per share, before and after dilution, SEK 1) 1.01 0.79 
1) Key ratio defined according to IFRS. For definitions of other key ratios, see page 16.  
 
This information is information that BioGaia AB is obliged to make public pursuant to the EU Market Abuse Regulation.  The information was 
submitted for publication, through the agency of the CEO , at 08.00 a.m. CEST on 2 0 October  2023.   
 
 
 
 
Jul–Sep 
2023 
Operating 
margin  
38% 
Operating 
profit  
120 
SEK million   
Net sales  
318 
SEK million  
Change in 
sales  
23%  
17% excl.  
FX  
Jan–Sep 
2023 
Operating 
margin  
36% 
Change in 
sales  
20%  
13% excl. FX 
Operating 
profit  
363 
SEK million   
Net sales  
999 
SEK million

===== SIDA 3 =====

Q3 2023 
 
 
3 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
 
When this strong financial report is published, I will have held the 
role as BioGaia's CEO for a month. In this short time, I have gained a 
positive feeling for the professionalism and passionate corporate 
culture that characteri ses the company – which is ultimately 
confirmed by this financial report.  
During  the quarter, we increased net sales by 23% compared to t he 
corresponding quarter last year. Operating profit increased by 28% to 
SEK 120 million and the operating margin was 38%. Sales grew in all 
market regions. In EMEA , sales grew by 25% in the quarter, partly due 
to quarterly variations for individual orders . In APAC , sales grew by 
17% mainly due to strong demand in China, a recovery in Japan and 
the favourable performance of other markets , such as Korea and 
Vietnam. In the Americas , sales grew by 25% due to good 
performance in the US and Canada  (our direct markets ), but also due 
to strong  demand in South and Latin America. In the US and Canada , 
growth is driven by online sales, where Amazon continues to be an 
important sales channel. In general, w e see that direct sales through 
our subsidiaries have proven to be successful. In these markets , we 
can focus more intently  on our own products, launch a broader 
selection of our product portfolio and further strengthen the BioGaia 
brand. At the same time,  our partnerships with our distributors are 
extremely  valuable to us and during  the quarter, we expanded our 
partnership with our distributor Abbott to also include the Middle 
East. We have had positive experiences with Abbott as a 
collaborative partner in several other markets , and the Middle East is 
a growing and attractive  region for BioGaia.  
The Paediatric segment increased by 24% and the Adult segment 
increased by 17%. Despite the uncertain global outlook, high 
inflation, and we ak economic development, we see resilience for our 
Protectis drops and our other products. During the quarter, we 
launche d several products from our existing product portfolio  in 
order to expand our market . For example, we launched Prodentis 
Kids on the Sw edish market, a product that is already  available on the 
US market and where  we have seen growing demand for oral health 
products such as this.  
 
During  the quarter, we reached an important and exciting milestone 
in the develop ment of  next-generation probiotics. In an article 
published in the journal Nature , a team of researchers from BioGaia 
and the University of Gothenburg report ed a novel method to 
overcome oxygen sensitivity to beneficial resident bacteria in the 
human gut, which are significantly reduced in metabolic conditions 
and cardiovascular disease. We will continue to develop next -
generation probiotics to replace missing bacteria in individuals  with 
an increased risk of developing these diseases.  
BioGaia ’s continued double -digit growth demonstrates one of the 
company ’s strengths , and was one of the reasons why  I accepted the 
role as CEO. With my background of leading life science and 
consumer health brands, I hope that I can contribute to BioGaia ’s 
continued success based 
on the company ’s existing 
strategy and future 
opportunities. It is exciting 
to lead a comp any where 
the focus is on sustainable 
growth through high -
quality science, research 
and development. This will 
help us to achieve 
BioGaia ’s vision to be come 
the most trusted probiotic 
brand in the world.  
 
I look forward to 
continuing BioGaia ’s 
growth journ ey in the 
global context where more 
and more people are prioriti sing their own and their children ’s 
health.  
 
 
 
There sa Agnew  
CEO and President , BioGaia  
20 October  2023
 
  
BioGaia AB (publ.) Interim Management Statement  2023 
The Board of Directors and the CEO of BioGaia AB hereby present the interim management statement  for the period 1 January – 30 
September  2023.  
 
CEO’s comments  
 
Teleconference: Investors, analysts, and the media are invited to take part in a teleconference on the interim 
management statement  to be held today, 20 October 2023, at 09:30 a.m. CEST with CEO Theresa Agnew and CFO 
Alexander Kotsinas . More information about the teleconference is available here  
https://f inancialhearings.com/event/46022 .

===== SIDA 4 =====

Q3 2023 
 
 
4 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
 
Revenue 
 
SALES THIRD QUARTER 
Consolidated net sales amounted to SEK 317.7 million (257.7), which 
is an increase  of SEK 60.0 million, or 23% (excluding foreign exchange 
effects, 17%). 
Sales in EMEA amounted to SEK 128.9 million ( 103.1), an increase  of 
25%, which was due to higher  sales in the Paediatrics segment while 
the Adult Health segment decreased slightly . Sales increas ed mainly 
in Eastern Europe , Turkey , and Spain .  Sales were positively affected 
by quarterly variations for individual orders.  
 
Sales in APAC amounted to SEK 61.7 million (52.8), an increase  of 
17%, which was due to higher sales in both the Paediatrics and Adult 
Health segment s. Sales increased mainly in Japan , Korea , and 
Vietnam.  
Sales in Americas totalled SEK 12 7.1 million ( 101.8 ), up 2 5% due to 
increased sales in both the Paediatrics and Adult Health segments. 
Sales mainly increased in BioGaia USA , Brazil  and Canada.  
 
Net sales bridge third  quarter  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SALES JANUARY-SEPTEMBER 
Consolidated net sales amounted to SEK 998.7 million (829.7 ), which 
is an increase  of SEK 169.1 million, or 20% (excluding foreign 
exchange effects, 1 3%). Over the past 12 -month period, sales rose 
23%. 
Sales in EMEA amounted to SEK 400.1 million (383.1 ), an increase  of 
4%, which was due to higher  sales in the Paediatrics segment and the 
Adult Health segment. Sales in EMEA increased mainly in Eastern 
Europe  and Turkey  while sales declined mainly in Italy  and France .  
 
Sales in APAC totalled SEK 207.9 million (163.0), up 28% due to 
increased sales in both the Paediatrics and Adult Health segments. 
Sales increased primarily in China , Korea , and Hong Kong .  
Sales in Americas totalled SEK 390.7 million (283.6 ), up 38% due to 
increased sales in both the Paediatrics and Adult Health segments. 
Sales mainly increased in BioGaia USA, Canada and Brazil.  
 
 
Net sales bridge January -September  
 
 
 
  
SEKm Jul–Sep Jul–Sep Change   Jan–Sep Jan–Sep Change  
 2023 2022   2023 2022  
Paediatrics  255.8 205.7 24%  793.5 661.0  20% 
Adult Health  59.2 50.5 17%  198.8 165.5 20% 
Other 2.7 1.5 78%  6.5 3.3 99% 
Total  317.7 257.7 23%  998.7 829.7  20%   
  
 
     
SEKm Jul–Sep Jul–Sep Change   Jan–Sep Jan–Sep Change  
 2023 2022   2023 2022  
EMEA 128.9 103.1 25%  400.1 383.1 4% 
APAC 61.7 52.8 17%  207.9 163.0 28% 
Americas  127.1 101.8 25%  390.7 283.6  38% 
Total  317.7 257.7 23%  998.7 829.7  20% 
 
 
 
 
SEKm 
 
Change  
2022 257.7 
 
Foreign exchange  16.8 7% 
Organic growth  43.2 17% 
2023 317.7 23% 
 
 
 
 
 
SEKm 
 
Change  
2022 829.7  
 
Foreign exchange  63.9 8% 
Organic growth  105.1  13% 
2023 998.7 20%

===== SIDA 5 =====

Q3 2023 
 
 
5 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
 
Paediatrics  
 
The Paediatrics segment accounts for approximately 80% of BioGaia’s  total sales. BioGaia Protectis drops remain the most sold product and are sold in 
more than 100 countries. Other key products within the Paediatrics segment include Protectis tablets, oral rehydration soluti on as well as cultures to 
be used as ingredients  in licensee products.  
 
 
 
SALES THIRD QUARTER 
Sales in the Paediatrics segment amounted to SEK 255.8 million 
(205.7), an increase  of 24% (excluding foreign exchange effects 18%).  
Sales of BioGaia Protectis drops increased  compared to the 
corresponding period last year. Sales increased in all regions , mainly 
in BioGaia USA , Canada  and Turkey . 
 
Sales of BioGaia Protectis tablets within Paediatrics increased 
compared to the corresponding period last year. Sales increased in 
EMEA and Americas, mainly in Brazil  and Canada .   
 
 
 
SALES JANUARY-SEPTEMBER 
Sales in the Paediatrics segment amounted to SEK 793.5 million 
(661.0 ), an increase  of 20% (excluding foreign exchange effects, 12%). 
Over the past 12 -month period, sales rose 2 3%. 
 
Sales of BioGaia Protectis drops increased compared to the 
corresponding period last year. Sales increased in the Americas, 
primarily in the USA and Canada, and in APAC, mainly in China. Sales 
decreased slightly in EMEA, mainly in Italy.  
 
Sales of BioGaia  Protectis tablets within the Paediatrics segment 
increased compared to the corresponding period last year. Sales 
increased in all regions , mainly in Brazil and Canada.   
 
  
SEKm Jul–Sep 2023 Jul–Sep 2022  
2022 
Change  
Paediatrics  255.8 205.7 24% 
 
Jan–Sep 2023 Jan–Sep 2022  
2022 
Change  
793.5 661.0  20%

===== SIDA 6 =====

Q3 2023 
 
 
6 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Adult Health  
 
The Adult Health segment accounts for approximately 20% of BioGaia’s total sales. Sales mainly comprise BioGaia Protectis, Bi oGaia Gastrus, BioGaia 
Prodentis, BioGaia Osfortis, as well as cultures as an ingredient in a licensee’s dairy products and Nutrace utics’ own products.  
 
 
 
 
SALES THIRD QUARTER 
Sales in the Adult Health segment amounted to SEK 59.2 million (50.5), 
an increase of 17% (excluding foreign exchange effects, 11%).  
 
Sales of BioGaia Protectis tablets increased compared to the 
corresponding period last year . Sales increased in APAC and EMEA , 
mainly in Hong Kong. 
Sales of BioGaia Gastrus increased compared to the corresponding 
period last year. Sales increased  in EMEA and Americas , mainly in the 
USA. 
Sales of BioGaia Prodentis increased compared to the corresponding 
period last year. Sales increased in APAC and Americas, mainly in 
Japan and the USA.  
 
 
SALES JANUARY-SEPTEMBER 
Sales in the Adult Health segment amounted to SEK 198.8 million (165.5), 
an increase of 20% (excluding foreign exchange effects, 13%). Over the 
past 12-month period, sales rose 19%. 
 
Sales of BioGaia Protectis tablets increased compared to the 
corresponding period last year. Sales increased in EMEA and APAC, 
mainly in Hong Kong.  
Sales of BioGaia Gastrus increased compared to the corresponding 
period last year. Sales increased  in all regions, mainly in the USA.  
Sales of BioGaia Prodentis increased compared to the corresponding 
period last year. Sales increased in APAC and Americas, mainly in 
Japan and the USA.  
 
  
SEKm Jul–Sep 2023 Jul–Sep 2022  
2022 
Change  
Adult Health  59.2 50.5 17% 
 
 
Jan–Sep 2023 Jan–Sep 2022  
2022 
Change  
 
198.8 165.5 20%

===== SIDA 7 =====

Q3 2023 
 
 
7 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Earnings 
Third quarter 
 
Gross margin  
The total gross margin amounted to 74% (72%).  
The gross margin for the Paediatrics segment amounted to 75% (74%) 
and for the Adult Health segment to 68% (64%).  
Operating expenses and operating profit  
Operating expenses amounted to SEK 116.3 million (92.0), an 
increase  of SEK 24.3 million ( 26%). Operating expenses, excluding 
items affecting comparability, increased  by 26% to SEK 116.3 million 
(92.0).  
 
Selling expenses amounted to SEK 88.1 million (77.0), an increase  of 
14%, mainly due to higher costs for sales and marketing activities.  
R&D expenses amounted to SEK 20.6 million ( 22.6), a decrease  of 9%.  
Administrative expenses amounted to SEK 7.9 million (7.6), an 
increase  of 5%.  
Other operating expenses refers to exchange losses/gains on 
receivables and liabilities of an operating nature and  
amounted to SEK -0.3 million (-15.1).  
Operating profit amounted to SEK 119.5  million (93.7), an increase  of 
28%. The operating margin was 38% (36%). 
Adjusted operating profit amounted to SEK 119.5 million ( 93.7), an 
increase  of 28%. The adjusted operating margin was 38% (36%).  
Net financial items amounted to SEK 8.5 million (5.1). The increase 
was due to higher interest income.  
Profit after tax and earnings per share  
Profit after tax amounted to SEK 101.5 million (79.5), an increase of 
28%. The effective tax rate was 21% (2 0%).  
Earnings per share amounted to SEK 1.01 (0.79). There are no dilutive 
effects.  
 
 
 
January -September  
 
Gross margin  
The total gross margin amounted to 73% (72%).  
The gross margin for the Paediatrics segment amounted to 74% (73%) 
and for the Adult Health segment to 66% (64%).  
Operating expenses and operating profit  
Operating expenses amounted to SEK 362.2  million (303.6), an 
increase of SEK 58.6 million ( 19%). Operating expenses, excluding 
items affecting comparability, increased  by 20% to SEK 361.1 million 
(300.3). Items affecting comparability in the quarter primarily include 
restructuring costs for personnel and costs related to terminating 
rental premises in Lund.  
Selling expenses amounted to SEK 265.9  million ( 232.3), an increase 
of 14%, mainly due to higher costs for sales and marketing activities.  
R&D expenses amounted to SEK 78.1 million ( 75.4), an increase of 
4%. The increase in R&D expenses was mainly attributable to higher 
study expenses during the period.  
Administrative expense s amounted to SEK 2 9.1 million ( 26.4), an 
increase of 1 0%. The increase in administrative expenses was 
primarily due to costs related to terminating rental premises in Lund.  
Other operating expenses refers to exchange losses/gains on 
receivables and liabilities of an operating nature and amounted to 
SEK -10.8 million (-30.4).  
Operating profit amounted to SEK 362.6  million (290.3), an increase  
of 25%. The operating margin was 36% (35%). 
Adjusted operating profit amounted to SEK 363.7  million (293.6 ), an 
increase  of 24%. The adjusted operating margin was 36% (35%).   
Net financial items amounted to SEK 18.1 million (4.8). The increase 
was due to higher interest income.  
Profit after tax and earnings per share  
Profit after tax amounted to SEK 298.0 million (234.3), an increase of 
27%. The effective tax rate was 22% (21%).  
Earnings per share amounted to SEK 2.95 (2.32). There are no dilutive 
effects.

===== SIDA 8 =====

Q3 2023 
 
 
8 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Balance sheet and cash flow  
Balance sheet 30 September  2023 
Total assets amounted to SEK 2, 304.3 million (2, 161.4) at 30 
September  2023.  
Goodwill from the acquisition of Nutraceutics  was adjusted for 
currency translation . The financial liability for the additional purchase 
price was value adjusted. For more information, see Note 4. 
Compared with the preceding year, trade receivables, trade payables 
and inventories increased.  
During t he quarter the lease agreement for the Group headquarter s 
was renewed , thereby  increas ing right-of use assets and liabilities  by 
SEK 26.4 million respectively.  
Cash and cash equivalents at 30 September  2023 amounted to SEK 
1,452.5 million (SEK 1,488.4 million at 31 December 2022).  
Cash flow third quarter  
Cash flow amounted to SEK 88.4 million ( 37.3).  
Cash flow from operating activities amounted to SEK 99.0 million 
(47.3). The increase in cash flow in operations compared with the 
year-earlier period was mainly due to higher operating profit and 
interest recei ved despite  a negative  change in working capital.   
Investments in property, plant and equipment amounted to SEK 8.9 
million ( 4.5). The increase was primarily attributable to investments 
in production capacity in BioGaia Production.  
Cash flow January -September  
Cash flow amounted to SEK -33.6 million ( -101.8). The cash flow 
includes a dividend payment of SEK 292.8 million ( 301.3). 
Cash flow from operating activities amounted to SEK 304.2 million 
(227.6). The increase in cash flow in operations compared with the 
year-earlier period was mainly due to higher operating profit and 
interest received despite a negative change in working capital.   
Investments in property, plant and equipment amounted to SEK 34.7 
million (1 8.4).  
Other disclosures  
Employees  
The number of employees in the Group at 30 September  2023 
totalled  213 (195 at 30 September  2022).  
The company has an incentive programme for all employees based 
partly on the company’s sales and profit and partly on qualitative 
targets. The maximum bonus is equal to 12% of annual salary. In 
addition to this programme , BioGaia has also implemented a 
subscription warrants programme as resolved by the 2021 Annual 
General Meeting.  
 
 
 
 
 
Future outlook  
BioGaia’s goal is to create strong value growth and a good return for 
its shareholders. This will be achieved through a greater emphasis on 
the BioGaia brand, online sales, increased sales to both existing and 
new customers and a controlled cost level.  
The long-term financial target is an operating margin (operating 
profit in relation to sales) of at least 34% with continued strong 
growth and increased investments in research, product development, 
brand building and the sales organisation. BioGaia’s dividen d policy is 
to pay a shareholder dividend equal to 50% of profit after tax in the 
Group excluding non -recurring items.  
In view of the company’s strong portfolio consisting of an increased 
number of innovative products that are sold predominantly under the 
BioGaia brand, successful clinical trials and a strong distribution 
network that covers a large share of key markets for BioGaia, 
BioGaia’s future outlook remains bright.  
Significant risks and uncertainties – Group and 
Parent Company  
Significant risks and uncertainties are described in the administration 
report of the annual report for 2022 on pages 92 and 93 and in Notes 
27 and 28. No significant changes in these risks and uncertainties are 
assessed to have taken place at 30 September  2023.  
Related party transactions  
The Parent Company owns 100% of the shares in BioGaia Probiotics 
Canada Inc, BioGaia UK Ltd, BioGaia Finland Oy, BioGaia Invest AB, 
MetaboGen AB, BioGaia Biologics Inc. USA, BioGaia Japan Inc, BioGaia 
Production AB, CapAble AB and Tripac  AB. The Parent Company also 
owns 96% of the shares in BioGaia Pharma AB and 80% of the shares 
in Nutraceutics Inc.  
Annwall & Rothschild Investment AB owns 3,703,340 class A shares 
and 500,000 class B shares, corresponding to 4.2% of the share 
capital and  27.9% of the voting rights in BioGaia AB. Annwall & 
Rothschild Investment AB is owned by Peter Rothschild and Jan 
Annwall. Peter Rothschild is Chairman of the Board of BioGaia AB and 
receives a director’s fee of SEK 730,000 per year. During the quarter, 
Peter Rothschild received additional remuneration for significant 
working duties, in addition to his assignment on the Board, of SEK 
150,000 in accordance with the decision of the Annual General 
Meeting and the Board of Directors.

===== SIDA 9 =====

Q3 2023 
 
 
9 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Key events in the third  
quarter of 2023  
Launches in the third  quarter of 2023  
Distributor  Country  Product  
BioGaia  Sweden  BioGaia Prodentis Kids 
Nestl é Colombia , 
Peru 
NanCare Protectis minipack , NanCare 
B.lactis drops 5  ml 
Agefinsa  
 
 
Guatemala , 
El Salvador, 
Honduras  
BioGaia drops vitamin D 5  ml, BioGaia 
tablets vitamin D  
 Delta Medical  Kyrgy zstan 
 
BioGaia Protectis drops 5  ml  
 Ewopharma  Poland  BioGaia Protectis drops easydropper  
5ml 
BioGaia  
 
Canada  
 
BioGaia Prodentis mint and apple  
 BioGaia  
 
Ireland  
 
BioGaia Protectis tablets Strawberry , 
BioGaia Pharax 5  ml 
HealthExport  Tunisia  BioGaia Prodentis drops 5  ml 
Grace Korea  BioGaia Protectis minipack  
Abbott 
Singapore  
Singapore  
 
BioGaia Protectis easydropper 5  ml 
 Axero Sri Lanka  BioGaia Protectis minipack  
Lenus Med  Mongolia  BioGaia Prodentis drops 5  ml 
Biowelltech  Hong Kong  BioGaia Prodentis apple  
 
BioGaia’s  probiotic Protectis increases SARS -CoV-2 antibody 
response in adults.  On 5 July, BioGaia announced that a randomised, 
triple -blinded, placebo -controlled study with Protectis was shown to 
increase SARS -CoV-2 antibody titres in healthy volunteers when 28 
days or more had elapsed from vaccination. It suggests that probiotic 
supplementation may enhance the long -term protection against 
breakthrough infections.  
BioGaia appoints Theresa Agnew as new CEO . On 2 August , BioGaia´s 
Board of Directors announced that Theresa P. Agnew had been 
appointed as the new Chief Executive Officer  (CEO). Theresa Agnew is 
a global business leader with consumer healthcare, OTC, and medical 
device experience from leading companies such as GlaxoSmithKline 
(GSK), Essilo r and Johnson & Johnson.  
BioGaia and University of Gothenburg reach an important milestone 
towards next -generation probiotics.  On 7 August, BioGaia  
announced  that in a paper published in the journal Nature, a team of 
researchers from the University of Gothenburg and BioGaia report ed 
a novel method to overcome oxygen sensitivity to beneficial resident 
bacteria in the human gut, which are significantly reduced in 
metabolic conditions and cardiovascular disease.  
BioGaia announces that Theresa  Agnew begins her role as CEO. On 
September 25 , BioGaia announced that Theresa Agnew had begun 
her role as the CEO of BioGaia .  
 
Key events after the end of the third 
quarter of 2023  
 
BioGaia announced third quarter results. On October  16, BioGaia 
announced that results for the third quarter exceeded market 
expectations.  
Accounting policies  
This interim management statement was  prepared in all material 
respects  in accordance with Nasdaq OMX Stockholm’s guidance for 
preparing interim management statements.  Disclosures according to 
IAS 34 Interim Financial Reporting are provided both in notes and 
elsewhere in the interim management statement. The accounting 
policies applied in the consolidated income statement and balance 
sheet  are cons istent with the accounting policies applied in 
preparation of the most recent annual report. The financial accounts 
and segment information correspond to the statements used in 
interim financial reporting prepared in accordance with IAS 34 to 
provide compa rability in the presentation between quarters. The 
interim management statement includes a Message from the CEO, 
even if this is not a requirement of Nasdaq Stockholm’s guidance. The 
information is nevertheless deemed important in satisfying user 
needs.  
 
New accounting standards  
Management’s assessment is that new and amended standards and 
interpretations that came into force in 2023 have not had a material 
effect on the Group’s financial statements. Management’s 
assessment is that new and amended standards  and interpretations 
that have not yet come into effect will not have a material effect on 
the Group’s financial statements for the period of initial application

===== SIDA 10 =====

Q3 2023 
 
 
10 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
 
 
 
 
 
*) In view of the 5:1 share split, which took place in May 2022, historical key ratios based on the number of shares have bee n restated.  
  
   Summary consolidated statements of comprehensive income  
(Amounts in SEK 000s)  Jul–Sep 
2023 
Jul-Sep 
2022 
Jan–Sep 
2023 
Jan–Sep 
2022 
Jan–Dec 
2022 
Oct 2022–
Sep 2023 
Oct 2021– 
Sep 2022 
Net sales (Note 1)  317,694  257,733  998,732  829,674  1,103,957  1,273,015  1,035,837  
Cost of sales  -81,847  -71,952  -273,935  -235,737  -302,028  -340,226  -282,866  
Gross profit  235,847  185,781  724,797  593,937  801,929  932,789  752,971  
Selling expenses  -88,068  -77,003   -265,859  -232,260  -320,798  -354,397  -298,865  
Administrative expenses  -7,934 -7,575 -29,075  -26,395  -39,818  -42,498  -38,552  
Research and development expenses  -20,630  -22,557  -78,130  -75,374  -106,805  -109,561  -105,853  
Other operating income/expenses  323 15,089  10,840  30,425  26,951  7,366  33,723  
Operating profit  119,538  93,735  362,573  290,333  361,459  433,699  343,424  
Financial income  10,733  5,266  20,664  10,112  91,540  102,092  10,155  
Financial expenses  -2,249 -200 -2,594 -5,281 -5,386 -2,699 -5,780 
Profit before tax  128,022  98,801  380,643  295,164  447,613  533,092  347,799  
Tax  -26,521  -19,298  -82,650  -60,819  -73,840  -95,671  -75,178  
Profit for the period  101,501  79,503  297,993  234,345  373,773  437,421  272,621  
Gains/losses arising on translation of the statements of foreign 
operations  -35 22,709  12,526  41,568  25,722  -3,320 42,312  
Comprehensive income for the period  101,466  102,212  310,519  275,913  399,495  434,101  314,933  
Profit for the period attributable to: Owners of the Parent 
Company  101,501  79,503  297,993  234,345  373,773  437,421  272,621  
Non-controlling interests  – – – – – – – 
 101,501  79,503  297,993 234,345  373,773  437,421 272,621  
Comprehensive income for the period attributable to:  
Owners of the Parent Company  
101,466 102,212 310,519 275,913  399,495  434,101 314,933  
Non-controlling interests  – – – – – – – 
 101,466 102,212 310,519 275,913 399,495  434,101 314,933  
Earnings per share         
Earnings per share before dilution, (SEK) *)  1.01 0.79 2.95 2.32 3.70 4.33 2.70 
Earnings per share after dilution, (SEK) *)  1.01 0.79 2.95 2.32 3.70 4.33 2.70 
Number of shares (thousands)  100,982  100,982  100,982  100,982  100,982  100,982  100,982  
Average number of shares before dilution, (thousands) *)  100,982  100,982  100,982  100,982  100,982  100,982  100,982  
Average number of shares after dilution, (thousands) *)  100,982  100,982  100,982  100,982  100,982  100,982  100,982

===== SIDA 11 =====

11 
 
Q3 2023 
 
 
 
BioGaia AB  (publ.) Interim Management Statement January –September 2023  
 
 
 
 Consolidated balance sheets  
Summary (amounts in SEK 000s)  30 Sep  
2023 
30 Sep 
 2022 
31 Dec  
2022 
Assets    
 
R&D projects in progress  46,172  46,409  46,075  
Goodwill  177,906  182,343  171,517  
Right -of-use assets  40,479  14,174  13,557  
Property, plant and equipment  168,297  149,147  144,168  
Financial assets  28,013  25,793  25,793  
Deferred tax assets  8,804  15,154  15,325  
Deposits  52 52 50 
Total non -current assets  469,723  433,072  416,485  
Current assets excl. cash and cash equivalents  382,002  325,890  309,115  
Cash and cash equivalents  1,452,528  1,402,409  1,488,366  
Total current assets  1,834,530  1,728,299  1,797,481  
Total assets  2,304,253  2,161,371  2,213,966  
    
Equity and liabilities    
 
Equity attributable to owners of the Parent Company  1,985,271  1,848,841  1,972,416  
Non-controlling interests  2 2 2 
Total equity (Note 2)  1,985,273  1,848,843  1,972,418  
Deferred tax liability  13,274  14,166  12,552  
Non-current liabilities  88,218 124,995  64,005  
Current liabilities  217,488 173,367  164,991  
Total liabilities and equity  2,304,253  2,161,371  2,213,966

===== SIDA 12 =====

Q3 2023 
 
 
12 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Consolidated cash flow statements  
 
    
      
Summary (amounts in SEK 000s)  Jul–Sep 
2023 
Jul–Sep 
2022 
Jan–Sep 
2023 
Jan–Sep 
2022 
Jan–Dec 
2022 
Operating activities  
 
    
Operating profit  119,538 93,735  362,573  290,333  361,459  
Depreciation/amortisation  5,250  5,119  18,218  17,250  23,890  
Other non -cash items  3,568            582           -1,551 -12,048            -9,103 
Paid tax  -17,200  -20,727 -72,729  -56,670  -54,910  
Interest received and paid  10,653  2,179 20,238  -2,889 2,248  
      
Cash flow from operating activities before changes in working 
capital  121,809  80,888  326,749  235,976  323,584  
Changes in working capital  -22,831  -33,619  -22,565 -8,352 -4,641 
      
Cash flow from operating activities  98,978  47,269  304,184 227,624  318,943  
Purchase of property, plant and equipment  -8,899 -4,537 -34,706 -18,433  -17,916  
Purchase of intangible assets  -18 – -97 – -225 
Purchase of financial assets  - - -2,221 - - 
Cash flow from investing activities  -8,917 -4,537 -37,024 -18,433  -18,141  
Dividend  - - -292,8 49 -301,331  -301,331  
Repayment of lease liability  -1,695 -2,536 -7,529 -6,540 -9,143 
Provision to Foundation to Prevent Antibiotic Resistance  – -2,900 – -2,900 -2,900 
Repurchase of warrants  – – -417 -206 -214 
Cash flow from financing activities  -1,695 -5,436 -300,795  -310,977  -313,588  
Cash flow for the period  88,366  37,296  -33,635  -101,786  -12,786  
Cash and cash equivalents at the beginning of the period  1,369,566  1,356,344  1,488,366  1,484,680  1,484,680  
Exchange difference in cash and cash equivalents  -5,404 8,769  -2,203 19,515  16,472  
Cash and cash equivalents at the end of the period  1,452,528  1,402,409  1,452,528  1,402,409  1,488,366

===== SIDA 13 =====

Q3 2023 
 
 
13 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Note 1. Reporting by segment – Group 
Executive Management has analysed the Group’s internal reporting 
and determined that the Group’s operations are monitored and 
evaluated based on the following segments:  
- Paediatrics segment  (drops, gut health tablets, oral rehydration 
solution (ORS) and cultures to be used as ingredients in licensee 
products (such as infant formula).  
– Adult Health segment  (gut health tablets, oral health lozenges and 
cultures as an ingredient in a licensee’ s dairy products, Nutraceutics’ 
own products as well as royalty revenues for Adult Health products).  
 
– Other segment  (smaller segments such as royalty from packaging 
solutions).  
For the above segments BioGaia reports revenue and gross profit, 
which are monitored regularly by the CEO (who is regarded as the 
chief operating decision maker) together with the Executive 
Management. There is no monitoring of the company’s total assets 
and liabilities against the segments’ assets.  
 
 
 
 
 
  
(Amounts in SEK 000s)  
Revenue by segment  
Jul–Sep 
2023 
Jul–Sep 
2022 
Jan–Sep 
2023 
Jan–Sep 
2022 
Jan–Dec 
2022 
Oct 2022– 
 Sep 2023 
Oct 2021– 
 Sep 2022 
Paediatrics  255,805  205,730  793,486  660,965  868,355  1,000,876  811,073  
Adult Health  59,216  50,502  198,782  165,456  230,205  263,530  220,616  
Other 2,672  1,501  6,465  3,253  5,398  8,609  4,148  
Total  317,694  257,733  998,732  829,674  1,103,957  1,273,016  1,035,836  
             
Gross profit by segment              
Paediatrics  193,116  152,207  588,328  484,549  643,607  747,387  602,747  
Adult Health  40,059  32,183  130,832  106,385  153,298  177,745  146,380  
Other 2,672  1,391 5,637  3,003  5,025  7,659  3,843 
Total  235,847  185,781  724,797  593,937  801,929  932,7 89 752,970     
     
Selling, administrative, R&D expenses  -116,632 -107,135  -373,064  -
334,029  
-467,421  -506,456  -443,270  
Other operating expenses/income  323 15,089  10,840 30,425  26,951  7,366  33,723  
Operating profit  119,538  93,734  362,573  290,333  361,459  433,700  343,424  
Net financial items       8,484  5,066       18,070  4,831  86,154  99,393 4,375  
Profit before tax  128,022  98,800 380,643  295,164  447,613  533,093  347,799  
        
Sales by geographical market  
Sales by geographical market  
  
     
APAC 
  
     
Paediatrics  37,559  34,890  117,681  90,675  118,684  145,689  123,458  
Adult Health  21,773  16,806  85,853  69,742  100,226  116,336  109,708  
Other 2,356  1,118  4,412  2,572  4,074  5,914  3,123  
Total APAC  61,688  52,813  207,946  162,989  222,983  267,940  236,288   
              
EMEA               
Paediatrics  113,495  87,533  351,190  337,197  450,159  464,153  411,286  
Adult Health  15,105  15,314  47,702  45,346  60,190  62,546  55,963  
Other 311 301 1,191  517 1,126  1,799  786 
Total EMEA    128,910  103,149  400,083  383,060  511,475  528,498  468,035   
              
Americas                
Paediatrics  104,752  83,307  324,614  233,092  299,512  391,035  276,328  
Adult Health  22,338  18,382  65,227  50,368  69,788  84,648  54,945  
Other 6 82 862 165 198 896 239 
Total Americas     127,096  101,771  390,703  283,625  369,499  476,578  331,513   
             Total  317,694  257,733  998,732  829,674  1,103,957  
 
1,273,016  1,035,836

===== SIDA 14 =====

Q3 2023 
 
 
14 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
 
  
 
 
Note 2 . Summary consolidated statement of changes in equity  
 
 
(Amounts in SEK 000s)  
Jan–Sep  
2023 
Jan–Sep  
2022 
Jan–Dec  
2022 
Opening balance  1,972,418  1,877,367  1,877,367  
New issue and repurchase of warrants  -417 -206 -214 
Dividend  -292,849  -301,331  -301,331  
Provision to Foundation to Prevent Antibiotic Resistance       -4,400 -2,900 -2,900 
Comprehensive income for the period  310,519  275,913  399,495  
Closing balance     1,985,273  1,848,843  1,972,418  
 
Note 3 . Largest shareholders at 30 September  2023 (source: Vantage by Euroclear ) 
  A shares  B shares  Share capital  No. of votes  Capital  Votes 
1 Annwall  & Rothschild  Investments  AB 3,703,340  500,000  840,668  37,533,400  4.16% 27.94% 
2 EQT   11,164,630  2,232,926  11,164,630  11.06% 8.31% 
3 Fjärde  AP-fonden    7,750,182  1,550,036  7,750,182  7.67% 5.77% 
4 Premier Miton Investors    5,042,053  1,008,411  5,042,053  4.99%  3.75% 
5 Cargill  Inc   3,000,000  600,000  3,000,000  2.97%  2.23% 
6 TIN Fonder    3,000,000  600,000  3,000,000  2.97%  2.23% 
7 Handelsbanken Fonder  AB   2,663,261  532,652  2,663,261  2.64% 1.98%  
8 AMF Fonder & Pension    2,395,985  479,197  2,395,985  2.37% 1.78% 
9 Tredje  AP-fonden    2,037,716  407,543  2,037,716  2.02% 1.52% 
10 Juno Investment Partners    1,977,135  395,427  1,977,135  1.96%  1.47% 
 
Other shareholders    57,748,008  11,549,602  57,748,008  57.19% 43.00% 
 
Total  3,703,340  97,278,970  20,196,462  134,312,370  100%  100%  
  
Date of recognition  
Performance obligations met on specific date (Product 
sales)  
 
Jul–Sep 
2023 
Jul–Sep 
2022 
Jan–Sep 
2023 
Jan–Sep 
2022 
Jan–Dec 
2022 
      
Paediatrics  255,805  205,731  793,486  660,113  867,503  
Adult Health  56,462  48,658  191,731  150,908  213,360  
Other 2,377  1,247  5,437  2,858  4,488  
Total  314,645  255,636  990,653  813,879  1,085,352  
 
 
 
   
Performance obligations met over time (Royalty)   
 
   
Paediatrics   - – -  852 852 
Adult Health  2,754  1,844  7,051  14,548  16,844  
Other 295 253 1,028  395 909 
Total  3,049  2,097 8,079  15,795  18,606  
 
          
Total  317,694  257,733  998,732  829,674  1,103,957

===== SIDA 15 =====

15 
 
Q3 2023 
 
 
 
BioGaia AB  (publ.) Interim Management Statement January –September 2023  
 
Note 4 . Fair value  
Financial liabilities  
BioGaia has a financial liability relating to the additional purchase price in business acquisitions that is measured at fair  value through profit or loss. 
The additional purchase price is due to the acquisition of Nutraceutics and i s based on sales in Nutraceutics in 2026 or 2027. The amount, which will 
be settled in April 2027 or 2028, may also be adjusted if the agreed budget for marketing costs is exceeded.  
Revaluation took place during the third  quarter of 2023 and BioGaia’s best assessment of fair value of the financial liability related to the additional 
purchase price at 30 September  2023 was therefore adjusted to SEK 37. 1 million. Estimates of fair value are based on Level 3 of the hierarchy for fair 
value, which means fair value is determined using valuation models where significant inputs are based on unobservable data. T he measurement was 
based on anticipated future cash flows discounted with a market -based interest rate. The value adjustme nt is recognised as a financial expense of SEK 
2.2 million during  the nine-month period . The weighted average cost of capital (WACC) amounted to 11. 65% (11.21% at 31 December 2022).  
 
(Amounts in SEK 000s)  Jan–Sep  
2023 
Jan–Dec  
2022 
Opening balance  33,627  100,591  
Value adjustment  2,167  -80,013  
Exchange differences  1,344 13,049  
Closing balance  37,138  33,627  
 
Financial assets  
BioGaia owns shares in the companies Boneprox AB and Skinome  AB through BioGaia Invest. These financial assets are measured at fair value through 
profit or loss. Estimates of fair value are based on Level 3 of the hierarchy for fair value, which means fair value is deter mined using valuation models 
where significan t inputs are based on unobservable data.  
The fair values of other receivables, cash and cash equivalents, trade payables and other liabilities are estimated to be equ al to their carrying amounts 
(amortised cost) due to the short maturities.

===== SIDA 16 =====

Q3 2023 
 
 
16 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Consolidated key ratios  
 Jan–Sep 2023 Jan–Sep 2022 Jan–Dec 2022  
Net sales, SEK 000s  998,732  829,674  1,103,957  
Growth of net sales  20% 43% 41% 
Operating profit, SEK 000s  362,573  290,333  361,459  
Adjusted operating profit, SEK 000s  363,717  293,602  366,526  
Profit after tax, SEK 000s  297,993  234,345  373,773  
Return on equity  15% 13% 19% 
Return on capital employed  19% 16% 23% 
Capital employed, SEK 000s  1,998,547  1,863,009  1,984,779  
Number of shares, thousands  100,982  100,982  100,982  
Average number of shares before dilution, thousands 1) 100,982  100,982  100,982  
Average number of shares after dilution, thousands 1) 100,982  100,982  100,982  
Earnings per share before dilution, SEK 1) 2.95 2.32 3.70 
Earnings per share after dilution, SEK 1) 2.95 2.32 3.70 
Equity per share, SEK  19.66 18.31  19.53  
Equity/assets ratio  86% 86% 89% 
Operating margin  36% 35% 33% 
Adjusted operating margin  36%  35% 33% 
Profit margin  38% 36% 41% 
Average number of employees  214 193 203 
 
1) Key ratio defined according to IFRS.  
A list of definitions of key ratios reported in the consolidated 
financial statements is provided on page 121 of BioGaia’s annual 
report for 2022. In this report, BioGaia reports information used by 
Executive Management to assess the Group’s development. S ome of 
the key ratios presented are not defined according to IFRS. The 
company is of the opinion that these metrics provide valuable 
complementary information to stakeholders and the company’s 
management since they contribute to evaluation of relevant tren ds 
and the company’s performance. Since not all companies calculate 
key ratios in the same manner, these are not always comparable to 
metrics used by other companies. These key ratios should therefore 
not be seen as a replacement for metrics defined accord ing to IFRS. 
ESMA’s guidelines on alternative performance measures are applied, 
which means extended disclosure requirements regarding key ratios 
not defined according to IFRS. A reconciliation of key ratios that 
BioGaia considers relevant according to the se guidelines is provided 
below.

===== SIDA 17 =====

Q3 2023 
 
 
17 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Key ratio  Definition/calculation  Purpose  
Return on equity  Profit attributable to the owners of the Parent 
Company divided by average equity attributable to 
the owners of the Parent Company.  
Return on equity is used to measure profit generation, over 
time, given the resources attributable to the owners of the 
Parent Company.  
Return on capital 
employed  
Profit before net financial items plus financial 
income as a percentage of average capital employed.  
Return on capital employed is used to analyse profitability, 
based on the amount of capital used.  
Gross margin  Gross profit as a percentage of net sales.   The gross margin is used to measure profitability.  
Equity per share  Equity attributable  to the owners of the Parent 
Company divided by the average number of shares.  
Equity per share measures the company’s net value per share 
and indicates whether a company will increase the 
shareholders’ wealth over time.  
Average number of 
shares  
Time-weighted number of outstanding shares during 
the year taking bonus issue elements into account.  
Used to calculate equity and earnings per share.  
Adjusted operating 
margin  
Adjusted operating margin excluding items affecting 
comparability.  
The adjusted measure provides enhanced understanding of the 
performance of operations.  
Adjusted operating 
profit  
Operating profit (earnings before financial items and 
tax) excluding items affecting comparability.  
The adjusted measure provides enhanced understanding of the 
performance of operations.  
Items affecting 
comparability  
Expenses in conjunction with restructuring, 
impairment, changes in provisions for share -based 
long-term incentive programmes and other items of 
a nature that a ffect comparability.  
The separate recognition of items that affect comparability 
between different periods provides enhanced understanding of 
the company’s financial performance.  
 
Earnings per share  Profit for the period attributable to owners of the 
Parent Company divided by the average number of 
shares (definition according to IFRS).  
EPS measures how much of net profit is available for payment 
to the shareholders as dividends per share.  
Operating margin 
(EBIT margin)  
Operating profit expressed as a percentage of net 
sales.  
The operating margin is used to measure operational 
profitability.  
Equity/assets ratio  Shareholders’ equity at the end of the period as a 
percentage of total assets.  
A traditional metric to show financial risk expressed as the 
share of total assets financed by the shareholders. Shows the 
company’s stability and ability to withstand losses.  
Capital employed  Total assets less interest -free liabilities.  Capital employed measures the company’s ability, in addition to 
cash and liqu id assets, to meet the requirements of business 
operations.  
Growth  Sales for the period less sales for the year -earlier 
period divided by sales for the year -earlier period. 
Breakdown by foreign exchange, organic growth and 
acquisitions.  
Shows the company’s realised sales growth over time.  
Profit margin  Profit before tax as a percentage of net sales.  This key ratio makes it possible to compare profitability 
regardless of the corporate income tax.

===== SIDA 18 =====

Q3 2023 
 
 
18 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
Key ratio  
Return on equity, SEK 000s Jan–Sep 2023 Jan–Sep 2022 Jan–Dec 2022  
Profit attributable to owners of the Parent Company (A)  297,993  234,345  373,773  
Equity attributable to owners of the Parent Company  1,985,271  1,848,841  1,972,416  
Average equity attributable to owners of the Parent Company (B)  1,978,844  
 
1,863,103  1,924,891  
Return on equity (A/B)  15% 13% 19% 
Return on capital employed    
 
Operating profit  362,573  290,333  361,459  
Financial income  20,664  10,112  91,540  
Profit before net financial items + financial income (A)  383,237  300,445  452,999  
Total assets  2,304,253  2,161,371  2,213,966  
Interest -free liabilities  -305,70 6 -298,362  -229,187  
Capital employed  1,998,547 1,863,009  1,984,779  
Average capital employed (B)  1,991,663  1,877,308  1,938,193  
Return on capital employed (A/B)  19% 16% 23% 
 
Key ratio  
(Amounts in SEK 000s)  
 
30 Sep 30 Sep  
 
31 Dec  
Equity/assets ratio  2023 2022 2022 
Equity (A)  1,985,273  1,848,843  1,972, 418 
Total assets (B)  2,304,253  2,161,371  2,213,966  
Equity/assets ratio (A/B)  86% 86% 89%   
 
 
Operating margin  
 
 
 
Operating profit (A)  362,573  290,333  361,459  
Net sales (B)  998,732  829,674  1,103,957  
Operating margin (A/B)  36% 35% 33% 
    
Profit margin  
 
 
 
Profit before tax (A)  380,643  295,164  447,613  
Net sales (B)  998,732  829,674  1,103,957  
Profit margin (A/B)  38% 36% 41%   
 
 
Equity per share  
 
 
 
Equity attributable to owners of the Parent Company (A)  1,985,271  1,848,841  1,972,416  
Average number of shares (B)  100,982  100,982  100,982  
Equity per share (A/B)  19.66  18.31  19.53  
 
Change in sales by segment (including and excluding foreign exchange effects)  
 
  Paediatrics   Adult 
Health  
 Other  Total   
 
(Amounts in SEK 000s)  Jul–Sep 
2023 
Jan–Sep 
2023 
Jul–Sep 
2023 
Jan–Sep 
2023 
Jul–Sep 
2023 
Jan–Sep 
2023 
Jul–Sep 
2023 
Jan–Sep 
2023 
 
Description  
        
A Previous year’s net sales according to the average 
rate 
205,730  660,965 50,502  165,456  1,501 3,253 257,733  829,674  
B Net sales for the year according to the            
average rate  
255,805  793,486 59,216  198,782  2,672 6,465  317,694  998,732  
C Recognised change (B -A) 50,075  132,521  8,714  33,326  1,172 3,211  59,961  169,058  
 Percentage change (C/A)  24% 20% 17% 20% 78% 99% 23% 20% 
 Net sales for the year according to the previous 
year’s average rate  
242,129  742,159  56,083  186,189  2,673  6,465  300,885  934,813  
E Foreign exchange effects (B –D) 13,676  51,326  3,133  12,592  - - 16,809  63,919  
 Percentage change (E/A)  7% 8% 6% 8% 0% 0% 7% 8% 
F Organic change (C –E) 36,399  81,194  5,581  20,733  1,172 3,211  43,152  105,139  
 Organic change, % (F/A)  18% 12% 11% 13% 78% 99% 17% 13%

===== SIDA 19 =====

Q3 2023 
 
 
19 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
 
Average key exchange rates  Jul–Sep Jul–Sep Jan–Sep Jan–Sep Jan–Dec 
 
2023 2022 2023 2022 2022 
EUR 11.77 10.58 11.42 10.46 10.58  
USD 10.76 10.43 10.54 9.82 10.03  
JPY  0.0747 0.0758 0.0767 0.0775 0.0771  
 
 
 
 
 
Closing date key exchange rates  30 Sep 30 Sep 31 Dec   
 
2023 2022 2022  
EUR 11.49 10.92 11.13   
USD 10.84 11.12 10.44   
JPY  0.0729 0.0771 0.0792   
 
 
 
 
 
Pledged assets and contingent liabilities   Group  
(Amounts in SEK 000s)  30 Sep 
2023 
 
2022 
30 Sep 
2022 
31 Dec  
2022 
2021 
Floating charges  0 0 0 
Contingent liabilities  None None None 
 
 
 
 
 
Adjusted operating profit   Group    
(Amounts in SEK 000s)  Jul –Sep 
2023 
Jul –Sep 2022 Jan–Sep 
2023 
Jan–Sep 2022 Jan–Dec 
2022 
Operating profit  119,538 93,735  362,573 290,333  361,459  
Adjustments  - - 1,144  3,269  5,067  
Adjusted operating profit  119,538  93,735  363,717 293,602 366,526

===== SIDA 20 =====

Q3 2023 
 
 
20 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
 
Financial calendar  
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholm, 19 October 2023 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This interim management statement has not been audited. 
 
 
 
  
Peter Rothschild  
Board Chairman  
David Dangoor  
Board Vice Chairman  
Outi Armstrong  
Member of the Board  
Bénédicte Flambard  
Member of the Board  
Barbro Fridén  
Member of the Board  
Anthon Jahreskog  
Member of the Board  
Vesa Koskinen  
Member of the Board  
Vanessa Rothschild  
Member of the Board  
Theresa Agnew  
CEO 
 
Year-end Report  2023 
 
7 FEB 
2024 
Annual Report 2023  
 
MARCH  
2024 
Annual General Meeting 2024 
 
7 MAY 
2024 
8:00 a.m. CE T Interim management statement  
1 January – 31 March  2024 
7 MAY 
2024 
8:00 a.m. CET Interim report   
1 January – 30 June 2024 
1 January – 30 June 2024 
23 JUL 
2024 
8:00 a.m. CEST Interim management statement  
1 January – 30 September 202 4 
22 OCT 
2024

===== SIDA 21 =====

Q3 2023 
 
 
21 
 
BioGaia AB  (publ.) Interim Management Statement  January –September  2023 
 
BioGaia AB  
 
 
The company 
BioGaia is a Swedish world-leading probiotic company that has been at 
the forefront of microbiome research for more than 30 years with a 
vision of becoming the world’s most trusted probiotic brand. BioGaia 
develops, markets, and sells probiotic products for gut, oral and bone 
health with documented health effects. The products are primarily based 
on different strains of the lactic acid bacterium Limosilactobacillus 
reuteri (formerly Lactobacillus). 
The class B shares of the Parent Company BioGaia AB are quoted on the 
Mid Cap List of Nasdaq Stockholm.  
 
Business model 
BioGaia stands on two strategic legs – sales through distribution partners 
and direct distribution to end consumers. The business model is based 
on long-term collaboration with international networks within research, 
production, and distribution. 
BioGaia’s revenue comes mainly from the sale to distributors of 
drops, tablets and capsules for gut health, oral rehydration solution 
(ORS), lozenges for oral health and c apsules for bone health. Revenue 
is also earned from the sale of bacterial cultures to be used in 
licensee products (such as infant formula and dairy products), as well 
as royalties for the use of L. reuteri  in licensee products.  
The products are sold in m ore than 100 countries through 
distribution partnerships with nutrition and pharmaceutical 
companies and through direct distribution. BioGaia’s direct 
distribution extends across six countries (Sweden, Finland, the UK, 
USA, Canada,  and Japan).  
BioGaia holds patents for the use of certain strains of L. reuteri  and 
certain packaging solutions in all major markets. At the end of 2022, 
BioGaia held more than 600 approved patents for various bacteria 
strains.  
The BioGaia brand 
BioGaia launched its own consumer brand in 2006. Today, a number of 
BioGaia’s distribution partners sell finished products under the BioGaia 
brand in a number of markets. One important element of BioGaia’s 
brand strategy is to increase the percentage of sales under the BioGaia 
brand. Of products (drops, tablets for gut and oral health, oral 
rehydration, etc.) sold in 2022, 86% (81%) were sold under the BioGaia 
brand including co-branding.  
Some of BioGaia’s distributors sell finished consumer products under 
their own brand names.  On these products, the BioGaia brand is 
shown on the consumer package since BioGaia is both the 
manufacturer and licensor.  
BioGaia’s licensees add L. reuteri  culture to their products and sell 
these under their own brand names. On these products, the BioGaia 
brand is most often shown on the package as the licensor/patent 
holder.   
Research and clinical studies 
BioGaia’s strains of L. reuteri are among the most studied in the world, in 
particular studies in young children, with strong pre-clinical and clinical 
evidence. As of December 2022, over 250 clinical studies with BioGaia’s 
various strains of L. reuteri have been performed. These studies involved 
more than 21,000 individuals of all ages in total. 
During the year, BioGaia has performed studies in the following areas: 
• Colic and constipation in infants 
• Preventing infections in infants and adults 
• Functional abdominal pain in children 
• Antibiotic-associated diarrhoea (AAD) 
• Acute diarrhoea 
• Gingivitis (inflammation of the gums) 
• Periodontal disease 
• General health 
• Helicobacter pylori  
• Osteopenia 
• Autism spectrum condition 
• Depression 
• Bone health 
• Urinary tract infections 
• Immune modulation in adults 
 
 
 
BioGaia AB Box 3242 SE-103 64 STOCKHOLM 
Street address: Kungsbroplan 3, Stockholm 
Telephone: +46 8 555 293 00, Corporate identity no. 556380-8723, www.biogaia.com