Mr Venkat

annual rep o r t

2011

moberg de r m a

CONTENTS

KE Y BUSINE SS E VENTS IN 2011

BUSINE SS DE SCRIP TION

FEBRUARY

Introduction

CEO commentary

Operations and business model

Market overview and trends

Marketing and sales

– Sales 2011

– Products on market

Product development

– Intellectual property rights

– MOB-015

– Limtop

3

4

8

12

14

14

18

20

22

24

26

FINANCIAL INFORMATION

Board of Directors’ report

– Financial overview 2007–2011

– Risk factors

– Moberg Derma share

– Organization and employees

Financial statements

– Consolidated financial statements

– Parent company financial statements

Notes

Board assurance

Audit report

Corporate governance report

History

Management and Board of Directors

Shareholder information

Glossary

31

31

36

38

42

44

44

48

52

66

67

69

77

78

80

81

GOAL S ACHIE VED IN 2011

•

•

•

•

•

•

Strong increase in revenue and significantly improved

earnings.

Nalox™ strengthened its market leading position in the

Nordic region and the product was launched in the U.S.,

Australia, Switzerland and Portugal.

License agreement with Meda covering 22 countries (large

parts of Europe, Russia and Turkey) with a total of 550 million inhabitants.

Distribution agreement with Menarini for Italy.

Distribution agreement with Alterna for the U.S.

Raising of capital and listing on the NASDAQ OMX

Stockholm, main list.

The company’s key objectives in 2012 are to:

• secure continued revenue growth by supporting the

company’s distributors and facilitating continued successful launches of Nalox™ in additional markets.

• conduct clinical trials on MOB-015 and Limtop.

• expand the company’s product and project portfolio.

2011 IN FIGURE S

2

– A fully subscribed rights issue generated MSEK 12.0

for the company.

MARCH

APRIL – Annual General Meeting (AGM) 2011. Peter Rothschild

was elected to the Board of Directors.

MAY – Listed on NASDAQ...