Swedish Orphan Biovitrum AB (publ) (Sobi) today announced its results for the third quarter 2015. Revenues for the quarter totalled SEK 786 M (666), an increase of 18 per cent year-on year. The product revenue grew 21 per cent with Orfadin® and Kineret® delivering strong performance.
Business Summary Q3 2015
- Received positive opinion from CHMP for Elocta® for the treatment of Haemophilia A
- Exercised opt-in right for Alprolix®
- Received Australian regulatory approval for Kineret for use in Systemic Juvenile Idiopathic Arthritis
- FDA validated Orfadin oral suspension filing
Financial Summary Q3 2015 (Q3 2014)
- Total revenue was SEK 786 M (666), an increase of 18 per cent (8 per cent at constant exchange rates)
- Product revenue was SEK 645 M (532), an increase of 21 per cent (10 per cent at constant exchange rates)
- Gross margin was 62 per cent (59)
- EBITA was SEK 97 M (120)
- Ended the quarter with a cash position of SEK 914 M
"The third quarter results support the themes from the first half year with solid momentum across the commercial portfolio and achievement of significant additional milestones for our extended half-life Haemophilia franchise." said Geoffrey McDonough, CEO and President. "Total revenues in the third quarter were SEK 786 M, an increase of 18 per cent - 8 per cent at constant exchange rates - over the prior year. Gross margin was in line with our expectations, and cash flow increased significantly compared to the same period last year."
Outlook 2015 - EBITA range revised
Sobi expects total revenues for the full year to be in the range of SEK 3,000 to 3,200 M, and gross margin to be in the range of 59 to 61 per cent. Operating costs are projected to increase as the company continues to prepare for the planned launch of Elocta.
Based on the results for the first three quarters Sobi now expects EBITA for the full year to be in the range of SEK 350-400 M (previously SEK 325-400 M).
The outlook for 2015 excludes revenue from the potential European launch of Elocta.
| Financial Summary | ||||||||
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | ||||
| Amounts in SEK M | 2015 | 2014 | Change | 2015 | 2014 | Change | 2014 | |
| Total revenues | 786 | 666 | 18% | 2,414 | 1,902 | 27% | 2,607 | |
| Gross profit | 486 | 395 | 23% | 1,486 | 1,121 | 33% | 1,548 | |
| Gross margin | 62% | 59% | 62% | 59% | 59% | |||
| EBITA1 | 97 | 120 | -19% | 343 | -82 | >100% | -43 | |
| EBITA excluding write-offs | 97 | 120 | -19% | 343 | 243 | 41% | 307 | |
| EBIT (Operating profit/loss) | 25 | 50 | -50% | 129 | -292 | >100% | -325 | |
| Profit/loss for the period | 5 | 53 | -90% | 77 | -250 | >100% | -268 | |
| 1 Jan-Sep 2014 includes write-offs relating to Kiobrina® of SEK 325 M in Q1. | ||||||||
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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, Head of Communications | Jörgen Winroth, 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 |
| oskar.bosson@sobi.com | jorgen.winroth@sobi.com |
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