Wed, 02/20/2019 - 08:00 Regulatory

Sobi publishes the report for the fourth quarter and full-year 2018

Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces the results for the fourth quarter and full-year 2018. Total revenues grew 37 per cent compared with Q4 2017 (29 per cent at constant exchange rates (CER)) and amounted to SEK 2,571 M. EBITA was SEK 916 M, an increase of 48 per cent for the quarter, and gross margin amounted to 74 per cent. 

Highlights

  • Total revenues of SEK 2,571 M (1,875) in Q4 and SEK 9,139 M (6,511) for the full year
  • 37 per cent sales growth in Q4 compared with Q4 2017 (29 per cent at (CER))
  • EBITA1increased 48 per cent to SEK 916 M (619) in Q4 and 74 per cent to SEK 3,571 M (2,053) for the full year
  • Earnings per share of SEK 2.20 (1.33) in Q4 and SEK 8.97 (4.27) for the full year
  • Net cash position of SEK 2,995 M at 31 December 2018 (1,472 at 31 December 2017)
  • Revenues for Elocta® were SEK 945 M (540) for Q4 and SEK 3,261 M (1,557) for the full year
  • Revenues for Alprolix® were and SEK 303 M (131) for Q4 and SEK 974 M (363) for the full year
  • SobiTMentered into agreements to acquire the perpetual rights to Synagis® in the US from AstraZeneca and to participate in 50 per cent of future earnings from the candidate drug MEDI8897 in the US. The closing of the acquisition was announced on 24 January 2019
  • The US Food and Drug Administration (FDA) approved Gamifant® for the treatment of primary HLH
  • Late-breaking abstract on emapalumab was presented—first approved treatment in primary HLH
  • Impressive data from the phase 1/2a study with BIVV001 were presented
  • Financial outlook 2019:
  • Sobi expects revenue for the full year to be in the range of SEK 12,500 - 13,000 M
  • EBITA for the full year is expected to be in the range of SEK 5,000 - 5,300 M

Financial summary

Q4 Q4 Full-year Full-year
Amounts in SEK M 2018 2017 Change 2018 2017 Change
Total revenues 2,571 1,875 37% 9,139 6,511 40%
Gross profit 1,894 1,337 42% 6,723 4,657 44%
Gross margin(1) 74% 71% 74% 72%
EBITA(1) 916 619 48% 3,571 2,053 74%
EBITA margin(1) 36% 33% 39% 32%
EBIT (operating profit) 802 509 58% 3,122 1,600 95%
Profit for the period 595 357 67% 2,418 1,149 110%
Earnings per share, SEK 2.20 1.33 66% 8.97 4.27 110%
(1)Alternative performance measures (APMs).

Guido Oelkers, CEO and President:

“2018 was a significant year for Sobi. Revenues grew 40 per cent, totalling SEK 9,139 M (6,511) for the full year. We generated operating leverage and grew earnings by 74 per cent, with EBITA of SEK 3,571 M (2,053). Gross margin rose to 74 per cent (72). We made transformational changes to our business building the company’s future with the help of substantial M&A activities. We also made significant progress in our pipeline.”

Financial outlook 2019(1)
Sobi expects revenue for the full year to be in the range of SEK 12,500 - 13,000 M.
Main drivers of revenue growth are: continued market share growth of our haemophilia franchise with Elocta and Alprolix, the acquisition of Synagis and growth of this franchise in the US and the launch of Gamifant in the US.

EBITA for the full year is expected to be in the range of SEK 5,000 - 5,300 M.
In 2019, we will increase market investments in the haemophilia franchise and in the commercial launch of Gamifant. Furthermore, we will expand clinical activities for emapalumab.

(1)At current exchange rates as of 20 February 2019. 

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:

SE: +46 8 505 583 53
UK: +44 33 330 092 73
US: +1 646 722 49 02

Click here to go to the live webcast.
After the live event the webcast will be available on-demand via the same URL.

---


About Sobi™
At Sobi, we are transforming the lives of people affected by rare diseases. As a specialised international biopharmaceutical company, we provide sustainable access to innovative therapies in the areas of haematology, immunology and specialty care. We bring something rare to rare diseases – a belief in the strength of focus, the power of agility and the potential of the people we are dedicated to serving. The hard work and dedication of our approximately 1050 employees around the globe has been instrumental in our success across Europe, North America, the Middle East, Russia and North Africa, leading to total revenues of SEK 9.1 billion in 2018. Sobi’s share (STO:SOBI) is listed on Nasdaq Stockholm. You can find more information about Sobi at www.sobi.com.

For more information please contact 

Media relations/Investor relations Investor relations
Linda Holmström, Senior Communications/IR Manager  Jörgen Winroth, Senior IR Advisor
+46 708 734 095  +1 347 224 0819, +1 212 579 0506
linda.holmstrom@sobi.com   jorgen.winroth@sobi.com 
Paula Treutiger, Head of Communications & Investor Relations
+46 733 666 599
paula.treutiger@sobi.com



Guido Oelkers, CEO and President 2018 was a significant year for Sobi. Revenues grew 40 per cent, totalling SEK 9,139 M (6,511) for the full year. We generated operating leverage and grew earnings by 74 per cent, with EBITA of SEK 3,571 M (2,053). Gross margin rose to 74 per cent (72).