Sobi™ publishes its report for the fourth quarter and full-year 2017

Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the fourth quarter and full-year 2017. Total revenues for the full-year amounted to SEK 6,511 M, an increase of 25 per cent. Revenues for the quarter were SEK 1,875 M, an increase of 45 per cent. Product sales for the full-year amounted to SEK 5,917 M, an increase of 30 per cent, and for the quarter SEK 1,746 M, an increase of 53 per cent.

Business highlights Q4 2017

  • Continued strong growth driven by successful launches of Elocta® and Alprolix®
  • Alprolix approved in Saudi Arabia
  • First patients enrolled in the ReITIrate study to evaluate immune tolerance induction with Elocta
  • Initiated phase 1/2 trial for rFVIIIFc-VWF-XTEN (BIVV001) in haemophilia A
  • Double-digit growth for Kineret® and Orfadin®
  • Orfadin oral suspension formulation approved in Canada
  • First patient randomised in the anaSTILLs study to evaluate Kineret as potential treatment for Still’s disease

Financial summary Q4 2017 (Q4 2016)

  • Total revenues were SEK 1,875 M (1,292), an increase of 45 per cent (50 per cent at CER)
  • Product revenues were SEK 1,746 M (1,144), an increase of 53 per cent (58 per cent at CER)
  • Gross margin was 71 per cent (67)
  • EBITA rose 195 per cent to SEK 619 M (210)
  • Earnings per share of SEK 1.33 (0.27)

Financial summary FY 2017 (FY 2016)

  • Total revenues were SEK 6,511 M (5,204), an increase of 25 per cent (24 per cent at CER). Adjusted for one-time credits in 2016, the increase was 45 per cent
  • Product revenues were SEK 5,917 M (4,548), an increase of 30 per cent (29 per cent at CER)
  • Gross margin was 72 per cent (70)
  • EBITA of SEK 2,053 M (1,543)
  • Cash position of SEK 1,478 M (786) at year-end
  • Repaid bank loan of SEK 500 M
  • Earnings per share of SEK 4.27 (2.99)
  • The Board of Directors proposes that no dividend be paid for the 2017 financial year.

Outlook 2018(1)
Sobi expects total revenues for the full-year to be in the range of SEK 7,500 – 7,700 M.
The gross margin is expected to be at least 70 per cent.
Sobi expects EBITA for the full-year to be in the range of SEK 2,500 – 2,700 M.

(1)At current exchange rates (CER).

Guido Oelkers, CEO:
“2017 was an outstanding year for Sobi. We delivered and exceeded expectations. Our Haemophilia franchise continues to grow rapidly. During the year, we established our new business area Specialty Care which we expect to be a strong contributor to future growth. We also made advancements in our pipeline portfolio, initiating several clinical studies.”

Financial summary
Q4 Q4 Full-year Full-year
Amounts in SEK M 2017 2016 Change 2017 2016 Change
Total revenues(1) 1,875 1,292 45% 6,511 5,204 25%
Gross profit(2) 1,337 860 56% 4,657 3,651 28%
Gross margin 71% 67% 72% 70%
EBITA 619 210 195% 2,053 1,543 33%
EBIT (Operating profit/loss) 509 100 410% 1,600 1,133 41%
Profit for the period 357 73 387% 1,149 802 43%
(1)Full-year 2016 revenues include a one-time credit of SEK 322 M received in Q1 relating to the first commercial sales of Elocta, and a one-time credit of SEK 386 M received in Q2 relating to the first commercial sales of Alprolix.
(2)Full-year 2017 includes a one-time inventory adjustment of SEK 59 M in Q1 due to delayed release of Kineret drug substance manufactured in 2016.

Telephone conference

Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the results, today at 14:00 CET. The event will be hosted by Sobi’s CEO and President, Guido Oelkers, and the presentation will be held in English.

The presentation can be followed live, or afterwards on www.sobi.com. Slides used in the presentation will be made available on Sobi’s website prior to the telephone conference.

To participate in the telephone conference, please call:
SE: +46 8 566 426 94
UK: +44 203 008 9809
US: +1 855 831 5948

Click here to go to the live event.
(The recording will be made available via the audience URL within three hours after the live broadcast.)  

Sobi's report for the fourth quarter and full year 2017 can be found here.

About Sobi™
Sobi™ is an international speciality healthcare company dedicated to rare diseases. Our vision is to be recognised as a global leader in providing access to innovative treatments that make a significant difference for individuals with rare diseases.The product portfolio is primarily focused on treatments in Haemophilia and Specialty Care. Partnering in the development and commercialisation of products in specialty care is a key element of our strategy. Sobi has pioneered in biotechnology with world-class capabilities in protein biochemistry and biologics manufacturing. In 2017, Sobi had total revenues of SEK 6.5 billion and approximately 850 employees. The share (STO:SOBI) is listed on Nasdaq Stockholm. More information is available at www.sobi.com.

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For more information please contact
 

Media relations Investor relations
Linda Holmström, Senior Communications Manager Jörgen Winroth, Vice President, Head of Investor Relations
+46 70 873 40 95 +1 347 224 0819, +1 212 579 0506
linda.holmstrom@sobi.com  jorgen.winroth@sobi.com 

This information is information that Swedish Orphan Biovitrum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of Linda Holmström, Senior Communications Manager, at 08:00 CET on 22 February 2018. 

Swedish Orphan Biovitrum AB
Postal address SE-112 76 Stockholm, Sweden
Phone: 46 8 697 20 00     www.sobi.com

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“2017 was an outstanding year for Sobi. We delivered and exceeded expectations. Our Haemophilia franchise continues to grow rapidly. During the year, we established our new business area Specialty Care which we expect to be a strong contributor to future growth. We also made advancements in our pipeline portfolio, initiating several clinical studies.”
Guido Oelkers, CEO