By Robb M. Stewart
HLS Therapeutics has the go ahead from the Toronto Stock Exchange to buy back up to 6.9% of its public float of shares over the next 12 months.
The Canadian pharmaceutical company said Thursday it plans a normal course issuer bid that would allow it to buy up to 1.1 million of its shares through March 16, 2026.
HLS unveiled plans for the share buyback program alongside guidance for the coming year, including 2025 sales of prescription cardiovascular treatment Vascepa of between 26.5 million Canadian dollars ($18.4 million) and C$28.5 million, which would represent growth of 18% to 26%. HLS also forecast relatively sales in Canada this year for schizophrenia treatment Clozaril of between C$35.5 million and C$36 million,.
Sales for the U.S. Clozaril business are expected to be between $12 million and $12.3 million, representing a 2% to 4% decline from 2024, the company said.
HLS's overall revenue fell to $15.5 million in the last quarter from $15.9 million a year earlier, and to $56.6 million from the year against $63.1 million in 2023.
The company on Thursday said it bolstered its board with the appointment as a director of Christine Elliott, who served as Ontario's deputy premier and minister of health from 2018 to 2022. Elliott from 2015 to 2018 was Ontario's first patient ombudsman, a role advocating for patient rights and healthcare transparency.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 13, 2025 08:18 ET (12:18 GMT)
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