When Egstrand took over as CEO in 2021, Enzymatica faced the challenge of scientifically proving ColdZyme’s clinical benefits in a highly competitive category. Four years later, the company has achieved exactly that. In early 2025, two independent studies were published in The Journal of Physiology showing that the product can significantly shorten the duration of a cold, reduce viral levels in the upper airways, and significantly alleviate six out of eight common cold symptoms.
The independent studies, conducted by researchers at the Universities of Kent and Vienna, showed that ColdZyme acts on the root cause of upper respiratory infections by protecting the mucosal lining from viral attacks, thereby reducing the inflammatory response. Clinical observations included a reduction in viral load in the upper airways by up to 94 percent.
According to the researchers behind the study, ColdZyme targets the cause of infection rather than merely relieving symptoms – setting it apart from traditional over-the-counter cold remedies.
Enzymatica has thereby consolidated its scientific credibility and strengthened its platform for continued growth – something already reflected in increasing sales in Sweden and growing international interest, Egstrand writes in his CEO statement.
Growth in Sweden and increased interest internationally
For the third quarter, Enzymatica reported net sales of SEK 15 million (12,6), corresponding to a 19 percent increase. The positive trend was primarily driven by strong growth in Sweden, where ColdZyme increased its market share to 6,9 percent (5,6).
Further down the income statement, operating profit amounted to -8,2 million SEK, compared to -6,4 million the previous year. This development was mainly driven by higher costs related to the company’s rights to its manufacturing partner’s packaging line, along with increased sales and administrative expenses.
These investments are important in laying the foundation for future international expansion, where partner discussions are still ongoing. Egstrand notes that these dialogues take time but emphasizes their importance in securing the right commercial terms.
New Initiatives and broader market presence
During the quarter, Enzymatica launched the new ColdZyme Eucalyptus flavour in the Swedish market. The company also entered partnerships with the Swedish Biathlon Federation and the UK’s GB Snowsport, making ColdZyme the official health partner ahead of the 2026 Winter Olympics and upcoming competition seasons.
Egstrand believes these collaborations reinforce the company’s ambition to strengthen ColdZyme’s position in the premium segment and establish it as a natural part of an active, health-conscious lifestyle. The premium positioning is justified, he argues, as ColdZyme has demonstrated not only a reduction in viral load but also fewer sick days and significantly fewer symptoms. The studies showed a reduction in six of eight common cold symptoms, including sore throat, cough, and nasal congestion.
– ColdZyme therefore deserves a premium positioning compared with existing, less effective products, Egstrand says.
This premium positioning also guides the company’s ongoing international partnership discussions. Any agreement must reflect the true value of the innovation being introduced to an otherwise conservative market. At the same time, some potential partners have expressed concerns that ColdZyme could compete with their existing product portfolios. Launching a new brand also requires substantial investment, meaning that any partner must be fully committed and convinced before taking the step.
– The process has proven to take longer than we expected, Egstrand adds.
Passing the baton to Sana Alajmovic
After four years, Egstrand will hand over the reins to Sana Alajmovic, who will assume the role of CEO in January 2026. She is expected to lead the next phase of Enzymatica’s growth journey, focusing on international commercialization and continued expansion of ColdZyme.
– Enzymatica stands on a solid scientific foundation and has a clear strategy for continued growth, supported by strong sales development in Sweden. I am confident that Sana, together with the entire Enzymatica team, will take the business forward and realize the significant potential that exists within the company and in ColdZyme, Egstrand concludes.
Comments from the CEO
BioStock reached out to Egstrand to get his perspective on what lies ahead for the company.
Looking back at your four years as CEO, what are you most proud of having achieved?
– Thanks to the support from our investors and the Board, we “survived” the impact that the COVID pandemic had on sales in Sweden and across our partner markets. At the same time, we took the opportunity to demonstrate in Gold Standard clinical studies, the protective effect ColdZyme has against viruses and its benefits to relieve symtoms and shorten the duration of upper respiratory tract infections caused by virus.
Which part of Enzymatica’s development do you think has changed the most during your time?
– The increased regulatory requirements that proceed the CE certification under the MDR, and the resulting effects on the Quality Management System. The hidden blessing is that strong Quality Management Systems are essential in any discussions or negotiations with future consumer healthcare partners.
ColdZyme now has strong scientific evidence – what do you think is needed to take the product to the next commercial level?
– A bit of luck – and the fresh wind and new approach that my successor will bring.
What lessons are you taking with you from your time at Enzymatica?
– That it’s never too late to learn something new. And that positivity breeds positivity.
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