Sobi™ publishes its report for the third quarter 2016, raises guidance
Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the third quarter 2016. Revenue for the quarter totalled SEK 1,171 M (786), an increase of 49 per cent compared to previous year. Based on strong performance across the portfolio and an earlier launch for Alprolix, the company has raised guidance for the full year.
Business highlights Q3 2016
- Elocta® reimbursed in the UK, Italy, France and Spain
- Alprolix® reimbursed in the UK
- Long term Elocta and Alprolix data presented at WHF 2016 World Congress
- Orfadin® capsule filing validated by Health Canada
- Milan Zdravkovic appointed as SVP, Head of R&D
Financial highlights Q3 2016 (Q3 2015)
- Total revenue of SEK 1,171 M (786), an increase of 49 per cent
- Product revenue of SEK 1,009 M (645), an increase of 56 per cent (57 per cent at CER)
- Gross margin of 67 per cent (62)
- EBITA of SEK 282 M (97)
- Ended the quarter with a cash position of SEK 824 M
- Earnings per share 0.53 SEK (0.02)
“Results in the third quarter had a positive contribution from the ongoing launch of Elocta, from an earlier than anticipated launch for Alprolix and from Kineret®. We continue to lay the foundation for a sustainable haemophilia business in Europe with both Elocta and Alprolix gaining several important reimbursement approvals in major markets”, said Geoffrey McDonough, CEO and President at Sobi.
“A significant milestone after the quarter was the orphan designation approval by the European Commission for our development candidate SOBI003 – a chemically modified human recombinant sulfamidase for the treatment of mucopolysaccharidosis type IIIA (Sanfilippo A syndrome). MPS IIIA is a severe and debilitating disease with devastating consequences for patients, and there is presently no treatment available.”
| Financial Summary | |||||||||
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | |||||
| Amounts in SEK M | 2016 | 2015 | Change | 2016 | 2015 | Change | 2015 | ||
| Total revenues1 | 1 171 | 786 | 49% | 3 913 | 2 414 | 62% | 3 228 | ||
| Gross profit | 782 | 486 | 61% | 2 791 | 1 486 | 88% | 2 007 | ||
| Gross margin | 67% | 62% | 71% | 62% | 62% | ||||
| EBITA | 282 | 97 | >100% | 1 334 | 343 | >100% | 433 | ||
| EBIT (Operating profit/loss) | 171 | 25 | >100% | 1 034 | 129 | >100% | 146 | ||
| Profit/loss for the period | 143 | 5 | >100% | 710 | 77 | >100% | 68 | ||
| 1Jan-Sep 2016 revenues include a one-time credit in Q1 of SEK 322 M relating to the first commercial sales of Elocta, and a one-time credit in Q2 of SEK 386 M relating to first commercial sales of Alprolix. | |||||||||
Outlook 2016 – guidance raised
For the full-year 2016, Sobi now expects revenues of SEK 5,125—5,200 M (4,800-5,000). Revenues include one-time credits for Elocta of SEK 322 M and for Alprolix of SEK 386 M which do not impact cash. Gross margin is now expected to be 70 per cent (68-70) and EBITA for the full-year in the range of SEK 1,475–1,525 M (1,200-1,300).
The original outlook was published 29 February 2016.
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Sobi's report for the third quarter 2016 can be found on http://www.sobi.com/Investors--Media/Financial-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 |
| 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, +46 8 697 2135 |
| linda.holmstrom@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 27 October 2016.
Swedish Orphan Biovitrum AB
Postal address SE-112 76 Stockholm, Sweden
Phone: +46 8 697 20 00 www.sobi.com
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