Sobi™ publishes its report for the second quarter 2017

2017-07-19

Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the second quarter 2017. Total revenues amounted to SEK 1,639 M, an increase of 12 per cent. Total revenue growth was 51 per cent excluding one-time items. Product sales amounted to SEK 1,443 M, an increase of 12 per cent (60 per cent adjusted). Elocta® sales were SEK 351 M and Alprolix® sales were SEK 84 M.

Business highlights Q2 2017

  • Guido Oelkers was appointed CEO and President
  • Strong quarter on quarter growth
  • A new Specialty Care business unit was established
  • Elocta was approved in the Kingdom of Saudi Arabia for the treatment of haemophilia A
  • EMA approved the potential to dose every 14 days or longer in updated dosing regimen for Alprolix
  • Orfadin® was approved in the Kingdom of Saudi Arabia for the treatment of hereditary tyrosinemia
    (HT-1)
  • Kineret® was approved in Canada for the treatment of Neonatal-Onset Multisystem Inflammatory Disease (NOMID)
  • Xiapex® was recommended to be made available on National Health Service in England

Financial summary Q2 2017 (Q2 2016)

  • Total revenue was SEK 1,639 M (1,469), an increase of 12 per cent (5 per cent at CER)
  • Product revenue was SEK 1,443 M (1,288), an increase of 12 per cent (5 per cent at CER)
  • Gross margin was 71 per cent (72)
  • EBITA was SEK 492 M (550)
  • Cash position SEK 1,189 M (SEK 786 M as of 31 December 2016)
  • Earnings per share 0.91 SEK (1.16)

Financial summary H1 2017 (H1 2016)

  • Total revenue was SEK 3,035 M (2,742), an increase of 11 per cent (6 per cent at CER)
  • Product revenue was SEK 2,712 M (2,395), an increase of 13 per cent (8 per cent at CER)
  • Gross margin was 72 per cent (73)
  • EBITA was SEK 898 M (1,052)
  • Earnings per share 1.63 SEK (2.28)

Outlook 2017[1,2] - updated
Sobi now expects total revenues for the full year in the range of SEK 6,100 to 6,200 M (5,800-6,000).
Gross margin is now expected to be around 70 per cent (66-68).
Sobi now expects EBITA for the full year to be in the range of SEK 1,700 to 1,800 M (1,600-1,700).

[1]At constant exchange rates.

[2]The original outlook was first published on 16 February 2017.

Guido Oelkers, CEO:
“Dear shareholders, customers, partners and employees,
It’s an honour for me today to present my first quarter and Sobi’s second quarterly results for 2017. After my first seven weeks at Sobi, my impression is that we are well positioned to further expand our market position in haemophilia in the Sobi territory and to build a competitive specialty care franchise with improved profitability throughout Europe and North America.”

Financial summary
Q2 Q2 H1 H1 Full year
Amounts in SEK M 2017 2016 Change 2017 2016 Change 2016
Total revenues[1] 1,639 1,469 12% 3,035 2,742 11% 5,204
Gross profit[2] 1,163 1,065 9% 2,191 2,009 9% 3,651
Gross margin 71% 72% 72% 73% 70%
EBITA 492 550 -11% 898 1,052 -15% 1,543
EBIT (Operating profit/loss) 381 453 -16% 666 862 -23% 1,133
Profit for the period 246 310 -21% 438 611 -28% 854
[1]Q2 2016 revenues include a one time credit of SEK 386 M relating to the first commercial sales of Alprolix. H1 2016 also includes the one time credit received in Q1 of SEK 322 M relating to first commercial sales of Elocta.
[2]H1 2017 includes a one time inventory adjustment of SEK 59 M due to delayed release of Kineret drug substance manufactured in 2016.

Telephone conference
Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the results, today at 14:00 CET. The event will be hosted by Sobi’s CEO and President, Guido Oelkers, and the presentation will be held in English.

The presentation can be followed live, or afterwards on www.sobi.com. Slides used in the presentation will be made available on Sobi’s website prior to the telephone conference.

To participate in the telephone conference, please call:

UK: +44 203 008 9809
SE: +46 8 566 426 93
US: +1 855 831 5948

Live audience URL:
http://event.onlineseminarsolutions.com/r.htm?e=1449932&s=1&k=08853FEDB329F52899E7AAC355A480DE

(The recording will be made available via the audience URL within three hours after the live broadcast.)  

Sobi's report for the second quarter 2017 can be found on http://www.sobi.com/Investors--Media/Financial-Reports/


About Sobi™
Sobi™ is an international speciality healthcare company dedicated to rare diseases. Our mission is to develop and deliver innovative therapies and services to improve the lives of patients. The product portfolio is primarily focused on Haemophilia, Inflammation and Genetic diseases. We also market a portfolio of speciality and rare disease products across Europe, the Middle East, North Africa and Russia for partner companies. Sobi is a pioneer in biotechnology with world-class capabilities in protein biochemistry and biologics manufacturing. In 2016, Sobi had total revenues of SEK 5.2 billion (USD 608 M) and approximately 760 employees. The share (STO:SOBI) is listed on Nasdaq Stockholm. More information is available at www.sobi.com


For more information please contact
 

 Media relations Investor relations
 Linda Holmström, Senior Communications Manager Jörgen Winroth, Vice President, Head of Investor Relations
 +46 70 873 40 95 +1 347-224-0819, +1 212-579-0506, +46 8 697 2135
 linda.holmstrom@sobi.com  jorgen.winroth@sobi.com 

This information is information that Swedish Orphan Biovitrum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of Linda Holmström, Senior Communications Manager, at 08:00 am CET on 19 July 2017. 

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