Good volume growth and a 10% increase in revenues despite negative currency
effects and full impact of earlier price reductions
Kennet Rooth, CEO: "We had a good volume growth for ReFacto® during the quarter
as well as for most of our other important products, particularly Kineret® in
the US and in several European markets, and Orfadin® in North America. Both
revenues and profits were negatively affected by currency effects, and the
mandatory price reductions in 2010 have now had full impact. This year we have
not seen the same delays in reimbursements as in 2010 and there have been no new
price reduction requirements.
We are continuing to work on strengthening our company long-term. At the end of
March we announced a number of cost reduction measures. At the same time we are
increasing our focus on business development. The ongoing clinical development
projects are continuing according to plan. Recruitment of patients for phase III
studies for both of the hemophilia programs is under way. We expect the first
patients for the phase III study of Kiobrina® to be recruited in the second
* Net revenues increased by 10% to SEK 537.4 M (488.1). After adjustment for
currency effects, the increase was 17%.
* Gross margin was negatively affected by a lower production margin for
ReFacto®, costs for transfer of Kineret® production, currency effects and by
the 2010 price reductions having full impact.
* Administrative and R&D expenses declined by 23% from the previous year.
* Operating income (EBITA) before non-recurring items improved by 8% to SEK
59.7 M (55.1). Non-recurring items amounted to SEK 70 M (47) and refer to
previously announced cost-reduction measures.
* The Board has resolved, subject to approval by the AGM, on a rights issue of
approximately SEK 600 M with preferential rights for the company's
For further information, please contact:
Kennet Rooth, CEO phone +46 8 697 38 82
Lars Sandström, CFO phone +46 8 697 26 33
About Swedish Orphan Biovitrum (Sobi)
Sobi is a Swedish based niche specialty pharmaceutical company with an
international market presence. The company is focused on providing and
developing specialist pharmaceuticals for rare disease patients with high
medical needs. The portfolio consists of about 60 marketed products and an
emerging late stage clinical development pipe-line. Our focus areas are:
hemophilia, inflammation/autoimmune diseases, fat malabsorption, cancer
supportive care and inherited metabolic disorders. In 2010 Sobi had revenues of
about SEK 1.9 B and approximately 500 employees. The share (STO: SOBI) is listed
on NASDAQ OMX Stockholm. For more information please visit www.sobi.com.
Swedish Orphan Biovitrum may be required to disclose the information provided
herein pursuant to the Swedish Securities Markets Act. The information was
provided for public release on April 20, 2011 at 8:30 a.m. CET.