Sobi publishes report for the second quarter 2020

Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the second quarter 2020. Total revenue for the second quarter 2020 was SEK 3,070 M and EBITA was SEK 1,018 M.
 

April—June

  • Total revenue of SEK 3,070 M (3,163), down 3 per cent (-4 per cent at constant exchange rates (CER))
  • Adjusted EBITA1,2  was SEK 1,018 M (1,193), with an EBITA margin1 of 33 per cent (33)
  • Earnings per share (EPS) of SEK 0.96 (1.70) and adjusted EPS1,2,3 of 0.96 SEK (2.12)
  • Net debt1 of SEK 11,802 M at 30 June 2020 (15,404 at 31 Dec 2019)
  • Sales for Elocta® were SEK 1,040 M (1,127) and sales for Alprolix® were SEK 363 M (382)
  • Continued strong performance for Kineret® with sales amounting to SEK 530 M (419), an increase of 24 per cent at CER
  • Sales of Gamifant® were SEK 132 M (205)
  • Cash flow from operations of SEK 1,911 M (1,275)
  • Strategic licensing agreement with Selecta Biosciences for the product candidate SEL-212 for the potential treatment of chronic refractory gout4
  • Outlook 2020 unchanged

January–June

  • Total revenue of SEK 7,709 M (6,427), 20 per cent revenue growth (17 per cent at CER)
  • Adjusted EBITA1,2 was SEK 3,191 M (2,665), an increase of 20 per cent, with an EBITA margin1
    of 41 per cent (41)
  • EPS of SEK 4.98 (4.82) and adjusted EPS1,2,3 of SEK 4.98 (5.14)
  • Net debt1 of SEK 11,802 M at 30 June 2020 (15,404 at 31 Dec 2019)
  • Elocta sales were SEK 2,399 M (2,118) and Alprolix sales were SEK 851 M (718)
  • Kineret sales amounted to SEK 1,030 M (765)
  • Gamifant sales amounted to SEK 236 M (294)
  • Cash flow from operations of SEK 3,912 M (1,663)

Guido Oelkers, CEO and President:
“During the quarter we continued to deliver on our strategy with the strategic licensing agreement with Selecta4 for the product candidate SEL-212 for the treatment of chronic refractory gout, an important milestone as it further strengthens our Immunology portfolio and our late-stage pipeline. The COVID-19 pandemic has continued to pose challenges for the whole world and has of course had implications for Sobi as well. However, we have made significant efforts and have made strategic progress in this difficult environment: 27 per cent QoQ growth for Gamifant, 52 per cent QoQ growth for Doptelet in the US market, close to 4 per cent patient growth for the Haemophilia portfolio and a strong Kineret performance, all despite the lack of face-to-face interactions with customers. The performance in the quarter was impacted by regional lockdowns but positive signs of a return to normality were seen in June.”
 

Financial Summary
 
Q2 Q2 H1 H1 Full-year
Amounts in SEK M 2020 2019 Change 2020 2019 Change 2019
Total revenue 3,070 3,163 -3% 7,709 6,427 20% 14,248
Gross profit 2,381 2,413 -1% 5,979 4,907 22% 10,913
Gross margin1 78% 76%   78% 76%   77%
EBITA1 1,018 1,037 -2% 3,191 2,546 25% 5,933
EBITA adjusted1,2 1,018 1,193 -15% 3,191 2,665 20% 6,145
EBITA margin1 33% 33% 41% 40%   42%
EBITA margin adjusted1,2 33% 38% 41% 41%   43%
Profit for the period 283 499 -43% 1,465 1,402 4% 3,304
Earnings per share, SEK 0.96 1.70 -43% 4.98 4.82 3% 11.29
Earnings per share, SEK adjusted1,2,3 0.96 2.12 -55% 4.98 5.14 -3% 11.89
1Alternative Performance Measures (APMs).
2EBITA Q2 and Full-year 2019 excluding non-recurring items; transaction costs related to the acquisition of Dova in Q4 of SEK 92 M, restructuring costs of SEK 157 M in Q2 2019 and gain from divestment of SOBI005 in Q1 2019 of SEK 37 M.
3EPS Q2 and Full-year 2019 excluding impairment of intangible assets of SEK 18 M related to restructuring in Q2 2019.
4The transaction is subject to clearance under the Hart-Scott Rodino Antitrust Improvements Act and other customary closing conditions.





















 

Financial outlook 20201,2 – unchanged

Revenue
for the full-year 2020 is expected to be in the range of SEK 15,000—16,000 M reflecting double-digit growth in each of the two core businesses, Haematology and Immunology.

 

EBITA is expected to be in the range of SEK 5,500—6,300 M, including the development and launch of Doptelet which will affect EBITA negatively by around SEK 500 M in 2020.

1At exchange rates as of 13 February 2020.
2Financial outlook excludes any impact from the potential acquisition of Selecta Biosciences, Inc. announced on 11 June 2020; in the event of completion of the transaction, R&D expenses are expected to increase by up to SEK 150 M in H2 2020  

Telephone conference:
Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the Q2 results, today at 13:00 am 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 8 505 583 54
UK: +44 333 300 9274
US: +1 646 722 4903

Click here to go to the live webcast.

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

About Sobi™

Sobi is a specialised international biopharmaceutical company transforming the lives of people with rare diseases. Sobi is providing sustainable access to innovative therapies in the areas of haematology, immunology and specialty indications. Today, Sobi employs approximately 1,400 people across Europe, North America, the Middle East, Russia and North Africa. In 2019, Sobi’s revenues amounted to SEK 14.2 billion. 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

Paula Treutiger, Head of Communication & Investor Relations
+ 46 733 666 599

paula.treutiger@sobi.com

Linda Holmström, Corporate Communication & Investor Relations
+ 46 708 734 095

linda.holmstrom@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, Corporate Communication and Investor Relations, at 08:00 CET on 16 July 2020.

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

The COVID-19 pandemic has continued to pose challenges for the whole world and has of course had implications for Sobi as well. However, we have made significant efforts and have made strategic progress in this difficult environment
Guido Oelkers, CEO and President