Swedish Orphan Biovitrum AB (publ) (http://www.sobi.com/) (Sobi™) today
announced its results for the second quarter 2016. Revenue for the quarter
totalled SEK 1,469 M (764), an increase of 92 per cent compared to previous
year. All parts of the business contributed to the result with Haemophilia,
Inflammation and Partner Products delivering strong performance.
Business Summary Q2 2016
· Alprolix® approved in the EU with first sales reported in Germany in early
June
· Elocta® approved in Switzerland
· European patent granted on new formulation of Kineret®
· Signed licensing agreement with Affibody for IL-1
· Signed two manufacturing agreements with Pfizer
· Orfadin® Oral Suspension and 20 mg capsule approved in the US
· Entered into new credit facility and redeemed SEK 800 M bond loan 2012/2017
prior to final maturity
Financial Summary Q2 2016 (Q2 2015)
· Total revenue was SEK 1,469 M (764), an increase of 92 per cent (95 per cent
at CER)
· Product revenue was SEK 1,288 M (593), an increase of >100 per cent (>100
per cent at CER)
· Revenues include a SEK 386 M one-time credit from Biogen triggered by first
commercial sales of Alprolix
· Gross margin was 72 per cent (63)
· EBITA was SEK 550 M (74)
· Earning per share 0.99 SEK (-0.01)
”The highlight of the first half of 2016 has been the launch of our long-acting
Haemophilia franchise in Europe, with supporting achievements seen in the solid
growth across the commercial portfolio, and in several milestones including two
significant new manufacturing agreements with Pfizer, two Orfadin approvals and
the granting of a European patent for a new citrate free formulation of
Kineret”, said Geoffrey McDonough, CEO and Pesident at Sobi.
“During the quarter, we have continued to build momentum for the launch of
Elocta and we now have patients using the product in Germany, UK, Ireland,
Sweden and in the Middle East. It has also been an exciting quarter for Alprolix
with the approval by the European Commission in May. We are very pleased that
Alprolix is now commercially available in Germany, and continue to work to make
this innovative treatment available as quickly as possible in more countries in
Europe in a similar launch sequence as for Elocta.”
Financial
Summary
Q2 Q2 H1 H1 Full year
Amounts in SEK 2016 2015 Change 2016 2015 Change 2015
M
Total 1,469 764 92% 2,742 1,629 68% 3,228
revenues1
Gross profit 1,065 482 >100% 2,009 1,001 >100% 2,007
Gross margin 72% 63% 73% 61% 62%
EBITA 550 74 >100% 1,052 247 >100% 433
EBIT 453 3 >100% 862 105 >100% 146
(Operating
profit/loss)
Profit/loss 265 -2 >100% 567 73 >100% 68
for the
period
1 Q2 2016
revenues
include a one
time credit of
SEK 386 M
relating to
first
commercial
sales of
Alprolix. H1
2016 revenues
also include
the one time
credit
received in
Q1 of SEK 322
M relating to
first
commercial
sales of
Elocta.
Outlook 2016 – unchanged
Sobi continues to expect total revenue for the full year to be in the range of
SEK 4,800 to 5,000 M. Revenues include one time credits for Elocta of SEK 322 M
and for Alprolix SEK 386 M, which do not impact cash. Gross margin is expected
be in the range of 68 to 70 per cent.
Sobi will continue to invest in the launches of Elocta and Alprolix, and will
also take on incremental costs of SEK 250 – 300 M reflecting its 50 per cent
share of Biogen’s ongoing development costs for the products. Sobi will assume
these costs when it becomes marketing authorisation holder for Elocta, which
occurred 24 March 2016; and for Alprolix expected in the second half of the
year. These incremental costs are included in this outlook.
Sobi expects EBITA for the full year to be in the range of SEK 1,200 to 1,300 M.
---
Sobi's report for the second quarter 2016 can be found on
http://www.sobi.com/Investors--Media/Reports/.
About Sobi™
Sobi™ is an international speciality 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 speciality and rare disease products across Europe, the Middle
East, North Africa and Russia for partner companies. Sobi is a pioneer in
biotechnology with world-class capabilities in protein biochemistry and
biologics manufacturing. In 2015, Sobi had total revenues of SEK 3.2 billion
(USD 385 M) and approximately 700 employees. The share (STO:SOBI) is listed on
Nasdaq 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
Communications President, Head of Investor
Relations
+46 70 410 71 80 +1 347-224-0819, +1 212-579
-0506, +46 8 697 2135
oskar.bosson@sobi.com jorgen.winroth@sobi.com
Sobi announces the information set out in this press release pursuant to the
Swedish Securities Market Act. The information was submitted for publication at
08:00 CET on 15 July 2016.
Swedish Orphan Biovitrum AB
Postal address SE-112 76 Stockholm, Sweden
Phone: +46 8 697 20 00 www.sobi.com
