Sobi™ publishes the report for the first quarter 2018
Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces the results for the first quarter 2018. Total revenues grew 41 per cent compared to Q1 2017 and amounted to SEK 1,964 M. EBITA was SEK 771 M, an increase of 90 per cent and gross margin amounted to 72 per cent (74).
2018 off to a strong start
- Total revenues of SEK 1,964 M (1,396)
- 41 per cent sales growth in the quarter compared to Q1 2017
(43 per cent at constant exchange rates, CER) - EBITA increased with 90 per cent to SEK 771 M (406)
- Net cash position of SEK 1,744 M (1,472 as of 31 December 2017)
- New contract signed for Elocta® with Health Services Executive in the Republic of Ireland
- Kineret® received a positive CHMP opinion for the treatment of Still’s disease in the EU, followed by the European Commission approval after the reporting period
- Continued solid growth for Orfadin®
- Ravicti® launched in major European markets
- FDA accepted Investigational New Drug application and granted Fast Track status for SOBI003
- Outlook revised
| Q1 | Q1 | Q1 | Full-year | ||
| Amounts in SEK M | 2018 | 2017 | Change | 2017 | |
| Total revenues | 1,964 | 1,396 | 41% | 6,511 | |
| Gross profit(1) | 1,412 | 1,028 | 37% | 4,657 | |
| Gross margin(2) | 72% | 74% | 72% | ||
| EBITA(2) | 771 | 406 | 90% | 2,053 | |
| EBITA(2) margin | 39% | 29% | 32% | ||
| EBIT (Operating profit/loss) | 660 | 284 | 132% | 1,600 | |
| Profit for the period(3) | 515 | 202 | 155% | 1,149 | |
| Earnings per share, SEK | 1.91 | 0.75 | 154% | 4.27 | |
| (1)2017 included a one-time inventory adjustment of SEK 59 M in Q1 due to delayed release of Kineret drug substance manufactured in 2016. | |||||
| (2) Alternative performance measure (APM). | |||||
| (3)Deferred tax has been adjusted during 2017, affecting profit for the period Q1 2017 with SEK 6 M. | |||||
Guido Oelkers, CEO:
“2017 was a great year and 2018 is off to a strong start, with total revenue growth of 41 per cent, leading to revenues of SEK 1,964 M for the quarter. Elocta and Alprolix® continued to deliver impressive results in Haemophilia, and both Kineret and Orfadin® showed solid growth in Specialty Care. The FDA accepted an Investigational New Drug (IND) application for SOBI003 and granted Fast Track status. Kineret received a positive opinion for the treatment of Still’s disease in the EU, followed by the European Commission (EC) approval after the end of the quarter.”
Outlook 2018(1,2) - revised
Sobi now expects total revenues for the full-year to be in the range of SEK 7,900-8,100 M (7,500-7,700).
The gross margin is expected to be at least 70 per cent (unchanged).
Sobi now expects EBITA for the full-year to be in the range of SEK 2,800-3,000 M (2,500-2,700).
(1)At current exchange rates as of 26 April 2018.
(2)The original outlook was published on 22 February 2018.
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 42 662
UK: +44 203 008 98 01
US: +1 855 831 5945
Click here to go to the live webcast.
After the live event the webcast will be available on-demand via the same URL.
Sobi's report for the first quarter 2018 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.
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 26 April 2018.
Swedish Orphan Biovitrum AB (publ)
Postal address SE-112 76 Stockholm, Sweden
Phone: 46 8 697 20 00 www.sobi.com
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