English

Sobi publishes its Report for the Fourth Quarter and Full Year 2013

Report this content 

                        
Swedish Orphan Biovitrum AB (publ) (Sobi) today announced its results for the
fourth quarter and full year 2013. Revenues for the year totalled SEK 2,177 M
(1,923), an increase of 13 per cent. Revenues in the fourth quarter were 29 per
cent higher compared to the previous year. All parts of the business contributed
to the result with Kineret® and Partner Products delivering strong performance.

Business Highlights Q4 2013
  * Received approval for Kineret for treatment of CAPS in the EU
  * Announced decision to take direct responsibility for Orfadin® in the
    Americas
  * Announced novel complement C5 inhibitor program to enter phase 1
  * Gained rights to distribute Ravicti® in Middle East from Hyperion
    Therapeutics, Inc.

Financial Highlights Q4 2013 (Q4 2012)
  * Total revenues were SEK 611 M (472); +29%
  * Product revenues were SEK 448 M (356); +26%
  * Gross margin was 59 per cent (57)
  * Ended the quarter with a cash position of SEK 445 M
  * Earnings per share: SEK -0.05 (-0.54)

Financial Highlights FY 2013 (FY 2012)
  * Total revenues were SEK 2,177 M (1,923); +13%
  * Product revenues were SEK 1,558 M (1,344); +16%
  * Gross margin was 59 per cent (54)
  * EBITA was SEK 211 M (367)
  * Earnings per share: SEK -0.35 (-0.38)

"Sobi had an eventful year in 2013 with strong operating performance and
significant pipeline progress. Revenues in the fourth quarter rose by 29 per
cent and by 13 per cent in the year, and we expanded our business in both new
and existing markets. Our gross margin increased substantially and we
strengthened our company financially through positive cash flow and improved
operating profit," said Geoffrey McDonough, CEO and President. "We also
presented new data from our adult and paediatric haemophilia programmes with
Biogen Idec, completed enrolment for our pivotal Kiobrina® phase 3 trial, and
announced new initiatives for Kepivance® in Head and Neck Cancer and for
SOBI002, our novel biologic inhibitor of complement factor C5."


Revenues by
Business Line

                   Q4    Q4 Change  Change % Full year Full year Change Change %

Amounts in SEK   2013  2012      %        at      2013      2012      %       at
M                                    CER(1))                             CER(1))



Key Therapeutic
Areas
--------------------------------------------------------------------------------
Inflammation:
Kineret         163.6 130.7    25%       27%     561.7     484.7    16%      19%

Genetics:
Orfadin          91.2  91.3     0%        0%     365.9     356.7     3%       5%

Genetics: Other  20.0  20.9    -4%       -6%      84.4      79.6     6%       7%
--------------------------------------------------------------------------------
Total           274.8 242.9    13%       14%   1,012.0     921.0    10%      13%



Partner
Products
--------------------------------------------------------------------------------
Current
portfolio       173.2 113.1    53%       54%     545.7     411.3    33%      35%

Co-promotion
revenues          0.0   0.0    n/a       n/a       0.0      12.0  -100%    -100%
--------------------------------------------------------------------------------
Total           173.2 113.1    53%       54%     545.7     423.3    29%      31%



ReFacto
--------------------------------------------------------------------------------
Manufacturing
revenues        146.4  92.7    58%       58%     491.9     436.0    13%      13%

Royalty
revenues         16.4  23.2   -29%      -30%     127.1     129.8    -2%      -2%
--------------------------------------------------------------------------------
Total           162.8 115.9    40%       40%     619.0     565.8     9%       9%

Other revenues      -     -    n/a       n/a         -      13.1    n/a    -100%



Total revenues  610.8 471.9    29%       30%   2,176.7   1,923.2    13%      15%

(1) )Constant
Exchange Rate.



Outlook 2014
For 2014, Sobi expects total revenues for the full year to be in the range of
SEK 2,300 to 2,500 M and the gross margin to be in the range of 58-60 per cent.
Operating costs are expected to increase as the company continues to prepare for
the planned launch of the three phase 3 pipeline programmes.

---

Sobi's report for the fourth quarter and full year 2013 can be found on
http://www.sobi.com/Investors--Media/Reports/

About Sobi
Sobi is an international specialty 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 Inflammation and Genetic diseases, with three late stage biological
development projects within Haemophilia and Neonatology. We also market a
portfolio of specialty and rare disease products for partner companies. Sobi is
a pioneer in biotechnology with world-class capabilities in protein biochemistry
and biologics manufacturing. In 2013, Sobi had total revenues of SEK 2.2 billion
(€253 M) and about 550 employees. The share (STO: SOBI) is listed on NASDAQ OMX
Stockholm. More information is available at www.sobi.com.

For more information please contact
Media relations            Investor relations

Oskar Bosson, Head of      Jörgen Winroth, Vice President, Head of Investor
Communications             Relations

T: +46 70 410 71 80        T: +1 347-224-0819, +1 212-579-0506, +46 8 697 2135

oskar.bosson@sobi.com      jorgen.winroth@sobi.com


The above information has been made public in accordance with the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was released for public distribution on 20 February 2014, at 8:00
CET






                                            

                

            

        

    

    



    

        
 Subscribe

        

            

        

    


        

            
        

        

            
        

        



    

        
 Documents & Links