Sobi publishes report for first quarter 2019

Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the first quarter 2019. Total revenues were SEK 3,265 M (1,964), with 66 per cent revenue growth in the quarter compared with Q1 2018 (54 per cent at constant exchange rates (CER)). EBITA1 increased by 96 per cent to SEK 1,509 M (771) and adjusted EBITA2 was SEK 1,471 M, an increase of 91 per cent.

Highlights

  • Total revenues of SEK 3,265 M (1,964). 66 per cent revenue growth in the quarter compared with Q1 2018 (54 per cent at constant exchange rates (CER))
  • EBITA1increased by 96 per cent to SEK 1,509 M (771) and adjusted EBITA2was SEK 1,471 M, an increase of 91 per cent
  • Earnings per share (EPS) of SEK 3.14 (1.91) and adjusted EPS2of 3.03 SEK
  • Net debt of SEK 5,552 M at 31 March 2019 (-2,999 at 31 Dec 2018)
  • Revenues for Elocta® were SEK 991 M (649)
  • Revenues for Alprolix® were SEK 337 M (153)
  • Early experience from the Gamifant® launch has been positive with revenues amounting to SEK 89 M
  • The acquisition of Synagis® was completed and sales were consolidated from 23 January, towards the end of the RSV season. Revenues for Synagis for the period 23 January–31 March were SEK 665 M
  • SOBI003 moved into the second cohort of the phase 1/2 study
  • Analysis from the A-LONG/Kids A-LONG/ASPIRE and B-LONG/Kids B-LONG/B-YOND studies confirms the long-term efficacy and safety of rFVIIIFc and rFVIXFc prophylaxis for all types of bleeds in people of all age groups with severe haemophilia A and B respectively
  • Financial outlook 2019 – unchanged compared to the previously published outlook on 20 February.

Financial Summary  

Q1 Q1 Full-year
Amounts in SEK M 2019 2018 Change 2018
Total revenues 3,265 1,964 66% 9,139
Gross profit 2,494 1,412 77% 6,723
Gross margin(1) 76% 72% 74%
EBITA(1) 1,509 771 96% 3,571
EBITA adjusted(1,2) 1,471 771 91% 3,571
EBITA margin(1) 46% 39% 39%
EBITA margin adjusted(1,2) 45% 39%  39%
EBIT (operating profit) 1,227 660 86% 3,122
Profit for the period 903 515 75% 2,418
Earnings per share, SEK 3.14 1.91 64% 8.97
Earnings per share, SEK adjusted(2) 3.03 1.91 59% 8.97
(1)Alternative Performance Measures (APMs). (2)EBITA and EPS excluding impact from divestment of SOBI005 in Q1 2019.

Guido Oelkers, CEO and President:

“We started 2019 with a strong first quarter, with revenues of SEK 3,265 M and EBITA of SEK 1,509 M, corresponding to an EBITA margin of 46 per cent. We completed the acquisition of Synagis in late January and are in the process of integrating Synagis operations and employees into the organisation. The Haemophilia franchise continued to grow strongly, we have seen positive effects from the Gamifant launch in the US even though it is still in early launch phase, and we see an increasing demand for Synagis.”

Telephone conference:

Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the results, today at 10:00 am CEST. 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 8 505 583 69

UK: +44 33 330 090 35

US: +1 646 722 49 57

Click here to go to the live webcast.

After the live event the webcast will be available on-demand via the same URL.

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About Sobi™

At Sobi, we are transforming the lives of people affected by rare diseases. As a specialised international biopharmaceutical company, we provide sustainable access to innovative therapies in the areas of haematology, immunology and specialty care. We bring something rare to rare diseases – a belief in the strength of focus, the power of agility and the potential of the people we are dedicated to serving. The hard work and dedication of our approximately 1050 employees around the globe has been instrumental in our success across Europe, North America, the Middle East, Russia and North Africa, leading to total revenues of SEK 9.1 billion in 2018. Sobi’s share (STO:SOBI) is listed on Nasdaq Stockholm. You can find more information about Sobi at www.sobi.com.

For more information please contact

Media relations/Investor relations Investor relations
Linda Holmström, Senior Communications/IR Manager  Jörgen Winroth, Senior IR Advisor
+46 708 734 095  +1 347 224 0819, +1 212 579 0506
linda.holmstrom@sobi.com   jorgen.winroth@sobi.com 
Paula Treutiger, Head of Communications & IR
+46 733 666 599
paula.treutiger@sobi.com

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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Quotes

“We started 2019 with a strong first quarter, with revenues of SEK 3,265 M and EBITA of SEK 1,509 M, corresponding to an EBITA margin of 46 per cent. We completed the acquisition of Synagis in late January and are in the process of integrating Synagis operations and employees into the organisation. The Haemophilia franchise continued to grow strongly, we have seen positive effects from the Gamifant launch in the US even though it is still in early launch phase, and we see an increasing demand for Synagis.”
Guido Oelkers