Sobi™ publishes the report for the third quarter 2018
Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces the results for the third quarter 2018. Total revenues grew 45 per cent compared with Q3 2017 (34 per cent at constant exchange rates (CER)) and amounted to SEK 2,315 M. EBITA was SEK 933 M, an increase of 74 per cent for the quarter, and gross margin amounted to 75 per cent.
Continued strong growth in Q3
- Total revenues of SEK 2,315 M (1,601) in Q3 and SEK 6,568 M (4,636) YTD(1)
- 45 per cent sales growth in the quarter compared with Q3 2017 (34 per cent at CER)
- EBITA increased 74 per cent to SEK 933 M (536) in Q3 and 85 per cent to SEK 2,655 M (1,434) YTD(1)
- Net cash position of SEK 2,483 M (1,472 as of 31 December 2017)
- Revenues for Elocta® and Alprolix® were SEK 873 M (417) and SEK 255 M (98) respectively for Q31
- Kineret® sales were SEK 347 M (272) in Q3, an increase of 28 per cent
- Orfadin® sales were up 8 per cent amounting to SEK 217 M (202) in Q3
- Sobi strengthened both the Specialty Care franchise and the US product portfolio by acquiring the global rights to emapalumab
- First patients dosed in the phase 1/2 study with SOBI003
(1)Revenues as well for EBITA were positively affected by SEK 56 M, in Q3 2018, related to adjusted pharmaceutical taxes in France from 2017, whereof SEK 52 M relates to Elocta.
Financial summary
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year | ||||
| Amounts in SEK M | 2018 | 2017 | Change | 2018 | 2017 | Change | 2017 | |
| Total revenues | 2,315 | 1,601 | 45% | 6,568 | 4,636 | 42% | 6,511 | |
| Gross profit | 1,741 | 1,129 | 54% | 4,830 | 3,320 | 45% | 4,657 | |
| Gross margin(1) | 75% | 70% | 74% | 72% | 72% | |||
| EBITA(1) | 933 | 536 | 74% | 2,655 | 1,434 | 85% | 2,053 | |
| EBITA margin(1) | 40% | 33% | 40% | 31% | 32% | |||
| EBIT (Operating profit/loss) | 820 | 426 | 92% | 2,320 | 1,092 | 113% | 1,600 | |
| Profit for the period | 623 | 324 | 93% | 1,823 | 791 | 130% | 1,149 | |
| Earnings per share, SEK | 2.31 | 1.20 | 92% | 6.77 | 2.94 | 130% | 4.27 | |
| (1)Alternative performance measures (APMs). | ||||||||
Guido Oelkers, CEO and President:
“The strong growth continued in Q3. Total revenues grew 45 per cent, totalling SEK 2,315 M for the quarter. Sales for Elocta and Alprolix continued to climb. Elocta and Alprolix are now recognised as the standard of care in many countries. This is based on the well-established safety and efficacy profile of both products, confirmed by several years of real-world experience from thousands of patients. Specialty Care showed solid growth, up 18 per cent year-on-year, driven by Kineret. During the quarter we embarked upon our external growth journey with the acquisition of the global rights to emapalumab, a potential treatment for the rare disease primary haemophagocytic lymphohistiocytosis (pHLH). The Prescription Drug User Fee Act (PDUFA) date by the FDA is expected on 20 November and our North American team is preparing for launch.”
Financial outlook 2018(1,2) - updated
Sobi expects total revenues for the full-year to be in the range of SEK 8,900 - 9,000 M (8,600 - 8,800).
The gross margin is expected to be in the range of 73 - 74 per cent (at least 70 per cent).
Sobi expects EBITA for the full year to be in the range of SEK 3,400 - 3,500 M, including development and commercialisation costs for emapalumab of around SEK 200 M, which was not included in the previous outlook for 2018 (3,400 - 3,600).
(1)At current exchange rates as of 31 October 2018.
(2)The latest outlook was published on 18 July 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 42 697
UK: +44 203 008 98 08
US: +1 855 753 22 36
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 third quarter 2018 can be found here.
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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 transform lives 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 31 October 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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