Swedish Orphan Biovitrum AB (publ) (Sobi) announced today its results for the
second quarter 2014. Revenues totalled SEK 662.5 M (520.2), an increase of 27
per cent with contribution from all areas of the portfolio. The 2014 outlook is
unchanged.
Business Highlights Q 2014
* Initiated direct sales of Orfadin® in North America
* Filed for EU approval of Xiapex® for Peyronie's Disease
* Entered partnership with Tigenix for the commercialisation of ChondroCelect®
* Released positive topline phase-3 paediatric data regarding Eloctate(TM)
from Kids A-LONG
* Eloctate approved by FDA
Financial Highlights Q2 2014 (Q2 2013)
* Total revenues were SEK 662.5 M (520.2)
* Product revenues were SEK 475.5 M (371.7)
* Gross margin was 61 per cent (61)
* EBITA was SEK 86.3 M (37.8)
* Ended the quarter with a cash position of SEK 503.2 M
"The second quarter marks a solid mid-year position for the company with
balanced growth across the commercial portfolio", said Geoffrey McDonough, CEO
and President. "From a development perspective, our long-acting factors for
haemophilia received several regulatory approvals in collaborator Biogen Idec's
territories, helping move these programmes into a pre-launch phase for the
company, pending Sobi's opt-in later this year."
Financial
Summary
Amounts in SEK M Q2 2014 Q2 2013 Change H1 2014 H1 2013 Change Full Year
2013
Total revenues 662.5 520.2 27% 1 235.8 1 048.7 18% 2,176.7
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Gross profit 406.2 316.7 28% 725.9 619.6 17% 1,284.0
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Gross margin 61% 61% 59% 59% 59%
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EBITA 86.3 37.8 >100% -201.5 99.0 <-100% 211.0
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EBITA excluding 86.3 37.8 >100% 123.4 99.0 25% 211.0
Kiobrina write-off
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EBIT (Operating 16.0 -31.9 >100% -342.0 -35.3 <-100% -66.6
profit/loss)
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Profit/loss for the 25.6 -10.9 >100% -303.1 -23.1 <-100% -93.0
period
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Outlook 2014 unchanged
For 2014, Sobi continues to expect the company's total revenues for the full
year to be in the range of SEK 2,300 to 2,500 million. The gross margin is
expected to be in the range of 58-60 per cent. In addition, the operating costs
are expected to increase as the company continues to prepare for the planned
launch of the haemophilia programmes.
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Sobi's report for the second 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 information was released for public distribution on 18 July 2014 at 08:00
CET.
[HUG#1829993]
