Swedish Orphan Biovitrum AB (publ) (Sobi) announced today its results for the
third quarter 2014. Revenue totalled SEK 666 M (517), an increase of 29 per cent
with contribution from all areas of the portfolio. Product revenues excluding
income from Manufacturing and Royalty from ReFacto grew 35 per cent to SEK 532
M.
Business Highlights Q3 20114
* Expanded haemophilia development portfolio by electing to include a
potentially longer-acting Haemophilia A candidate in collaboration agreement
with Biogen Idec
* Opened North American headquarters office in Waltham, Massachusetts
Financial Highlights Q3 2014 (Q3 2013)
* Total revenues were SEK 665.9 M (517.3)
* Product revenues were SEK 532.3 M (393.5)
* Gross margin was 59 per cent (59)
* EBITA was SEK 119.9 M (46.9)
* Ended the quarter with a cash position of SEK 611.3 M
Significant events after the quarter
* Announced that Biogen Idec submitted a Marketing Authorisation Application
for Elocta(TM) (rFVIIIFc) to the European Medicines Agency
* Decided to cease manufacturing of Multiferon® and close the company's
production site in Umeå
* Placed the phase 1 study of SOBI002 on clinical hold
* Decided not to pursue an additional indication for Kepivance®
"The third quarter results come at an exciting time for Sobi, marked by
excellent operating momentum across the portfolio, and by a key transition in
our pipeline as the launches of Eloctate(TM) and Alprolix® continue", said
Geoffrey McDonough, CEO and President. "Elocta, as Eloctate will be known in
Europe, now enters its potential approval year following the submission of the
Marketing Authorization Application to the European Medicines Agency by our
partner Biogen Idec. We are focusing the company on bringing this new generation
of therapy to people with Haemophilia across Europe."
Financial
Summary
Q3 Q3 Jan-Sep Jan-Sep Full year
Amounts in SEK M 2014 2013 Change 2014 2013 Change 2013
Total revenues 665.9 517.3 29% 1,901.7 1,566.0 21% 2,176.7
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Gross profit 395.3 306.2 29% 1,121.2 925.8 21% 1,284.0
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Gross margin 59% 59% 59% 59% 59%
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EBITA 119.9 46.9 >100% -81.6 145.9 <-100% 211.0
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EBITA excluding
Kiobrina write- 119.9 46.9 >100% 243.3 145.9 67% 211.0
off(1)
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EBIT (Operating 49.7 -26.3 >100% -292.3 -61.6 <-100% -66.6
profit/loss)
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Profit/loss for the 52.7 -56.4 >100% -250.4 -79.5 <-100% -93.0
period
(1 )2014 YTD includes write-off
relating to Kiobrina of SEK 324.9 M.
Outlook 2014 unchanged
Sobi expects 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 third 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 Jörgen Winroth
Head of Communications Vice President, Head of Investor Relations
T: +46 70 410 71 80 T: +1 347-224-0819, +1 212-579-0506, +46 8 697 2135
E: oskar.bosson@sobi.com E: jorgen.winroth@sobi.com
The information was released for public distribution on 30 October 2014 at
08:00 CET.
[HUG#1866979]
