Swedish Orphan Biovitrum AB (publ) (Sobi) today announced its results for the
first quarter 2014. Revenues totalled SEK 573.3 M (528.5), an increase of 8 per
cent. The Partner Products portfolio was a highlight, with 70 per cent growth
compared to the first quarter last year.
Business Highlights Q1 2014
* US FDA approved Alprolix(TM)
* Kiobrina® pivotal phase 3 study did not meet primary endpoint
* Cometriq(TM) approved in Europe for the treatment of Medullary Thyroid
Carcinoma
* Health Canada approved Alprolix
* Sobi received EURORDIS Company Award 2014
Financial Highlights Q1 2014 (Q1 2013)
* Total revenues were SEK 573.3 M (528.5)
* Gross margin was 56 per cent (57)
* EBITA was SEK -287.8 M (61.2)
* EBITA excluding Kiobrina write-off was SEK 37.1 M
* Ended the quarter with a cash position of SEK 573.7 M
"Sobi delivered a solid start to the year, with revenues growing 8 per cent
year-on-year to reach the second highest quarterly level in the company's
history. Our Partner Products portfolio was a highlight with 70 per cent growth
compared to the first quarter last year. Our pipeline also reached several
important milestones albeit with mixed results in the period. Our pivotal phase
3 study of the enzyme therapy Kiobrina did not meet its primary endpoint, and
our report reflects the full financial impact of this outcome for the company",
said Geoffrey McDonough, CEO and President. "Shortly after the quarter closed,
we released positive top-line results of the Kids A-LONG phase 3 clinical study
for Eloctate(TM) together with our partner Biogen Idec. This important step
brings this potential new treatment option closer to adults and children with
haemophilia A, and it enables a regulatory submission in Europe later this year.
We were also pleased to initiate direct sales for Orfadin in North America on 1
April, and expect Orfadin to return to normal revenues with higher margins as a
result."
Financial Summary
Amounts in SEK M Q1 2014 Q1 2013 Full Year 2013
Total revenues 573.3 528.5 2 176.7
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Gross profit 319.7 302.9 1 284.0
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Gross margin 56% 57% 59%
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EBITA -287.8 61.2 211.0
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EBITA excluding Kiobrina write-off 37.1 61.2 211.0
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EBIT (Operating profit/loss) -358.0 -3.4 -66.6
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Profit/loss for the period -328.7 -12.2 -93.0
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Sobi's report for the first quarter 2014 can be found on
http://www.sobi.com/Investors--Media/Reports/
About Sobi
Sobi is an international specialty 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 Inflammation and Genetic diseases, with two late stage biological
development projects within Haemophilia. We also market a portfolio of specialty
and rare disease products for partner companies. Sobi is a pioneer in
biotechnology with world-class capabilities in protein biochemistry and
biologics manufacturing. In 2013, Sobi had total revenues of SEK 2.2 billion
($334 M) and about 550 employees. The share (STO: SOBI) is listed on NASDAQ OMX
Stockholm. More information is available at www.sobi.com.
For more information
please contact
Media relations Investor relations
Oskar Bosson, Head of Jörgen Winroth, Vice President, Head of Investor
Communications Relations
T: +46 70 410 71 80 T: +1 347-224-0819, +1 212-579-0506, +46 8 697 2135
oskar.bosson@sobi.com jorgen.winroth@sobi.com
The above information has been made public in accordance with the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was released for public distribution on 8 May 2014.
[HUG#1783785]
