Swedish Orphan Biovitrum AB (publ) (Sobi) today announced its results for the
fourth quarter and full year 2014. Revenues for the year totalled SEK 2,607 M
(2,177), an increase of 20 per cent. Revenues in the fourth quarter were 15 per
cent higher compared to the previous year. All parts of the business contributed
to the result with Orfadin® and the Partner Products portfolio delivering strong
performance.
Business Highlights Q4 2014
* Received positive opinion by the CHMP regarding Xiapex for the treatment of
Peyronie's disease
* Exercised opt-in right for Elocta(TM)
* Marketing Authorisation Application for Elocta filed and validated for
review by EMA
* Orfadin approved in Japan
Financial Highlights Q4 2014 (Q4 2013)
* Total revenues were SEK 705.3 M (610.8)
* Product revenues were SEK 575.3 M (448.0)
* Gross margin was 60 per cent (59)
* EBITA was SEK 38.2 M (65.2)
* EBITA excluding write-downs (Multiferon) was SEK 63.4 M (65.2)
Financial Highlights FY 2014 (FY 2013)
* Total revenues were SEK 2,607.0 M (2,176.7)
* Product revenues were SEK 1,988.8 M (1,557.7)
* Gross margin was 59 per cent (59)
* EBITA was SEK -43.4 M (211.0)
* EBITA excluding write-downs (Kiobrina/Multiferon) was SEK 306.7 M (211.0)
* Ended the year with a cash position of SEK 519.1 M (445.1)([1])
"2014 was a pivotal year for Sobi marked by excellent commercial performance
across the portfolio. Total revenues were SEK 2,607 million, an increase of 20
per cent over the prior year and above our estimates. Cash flow increased year
over year and gross margin was stable," said Geoffrey McDonough, CEO and
President.
"Looking at our development portfolio, the positive results of the Kids A-LONG
study paved the way for the European filing of Elocta in October 2014, making EU
approval possible before the end of 2015. As a result we formally exercised our
opt-in right to take over final development and commercialisation in our
territories. During 2014 we have been focused on building a world class
haemophilia organisation to support launch and commercialisation and this will
be expanded in 2015."
Financial
Summary
Q4 Q4 Full year Full year
Amounts in SEK M 2014 2013 Change 2014 2013 Change
Total revenues 705.3 610.8 15% 2,607.0 2,176.7 20%
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Gross profit 426.6 358.3 19% 1,547.8 1,284.0 21%
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Gross margin 60% 59% 59% 59%
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EBITA(2) 38.2 65.2 -41% -43.4 211.0 <-100%
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EBITA excluding 63.4 65.2 -3% 306.7 211.0 45%
write-downs
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EBIT (Operating -32.7 -4.9 <-100% -325.0 -66.6 <-100%
profit/loss)
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Profit/loss for -17.4 -13.4 -30% -267.8 -93.0 <-100%
the period
(2) 2014 FY includes write-downs relating to Kiobrina of SEK
324.9 M and Multiferon of SEK 25.2 M. Multiferon is also
included in the quarter.
Outlook 2015
For 2015, Sobi expects total revenues for the full year to be in the range of
SEK 2,800 to 3,000 M, and gross margin to be in the range of 58-60 percent.
Operating costs are projected to increase as the company continues to prepare
for the planned launch of Elocta. Sobi expects EBITA to be in line with the
adjusted 2014 level. The outlook for 2015 is based on current exchange rates,
and excludes revenue from the European launch of Elocta.
- - -
Sobi's report for the fourth quarter and full year 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 Haemophilia, Inflammation and Genetic diseases. We also market a
portfolio of specialty and rare disease products for partner companies across
Europe, the Middle East, North Africa and Russia. Sobi is a pioneer in
biotechnology with world-class capabilities in protein biochemistry and
biologics manufacturing. In 2014, Sobi had total revenues of SEK 2.6 billion
(USD 380 M) and about 600 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 VP, Head of Investor 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 19 February 2015 at
08:00 CET.
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[1] The decisions to add XTEN to the company's collaboration with Biogen Idec
and to exercise the opt-in right for Elocta impacted the cash flow with SEK
-124.7 M
[HUG#1895617]
Sobi publishes its Report for the Fourth Quarter and Full Year 2014
| Source: Swedish Orphan Biovitrum AB
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