Sobi publishes report for the third quarter 2020
Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the third quarter 2020. Total revenue for the second quarter 2020 was SEK 2,970 M and EBITA was SEK 933 M.
July-September
- Total revenue of SEK 2,970 M (2,930), up 1 per cent (6 per cent at constant exchange rates (CER))
- EBITA1 was SEK 933 M (1,099), with an EBITA margin1 of 31 per cent (38)
- Earnings per share before dilution (EPS) of SEK 0.94 (1.84)
- Net debt1 of SEK 12,703 M at 30 September 2020 (15,404 at 31 Dec 2019)
- Sales for Elocta® were SEK 1,115 M (1,156) and sales for Alprolix® were SEK 435 M (341)
- Continued strong performance for Kineret® with sales of SEK 463 M (409), an increase of
20 per cent at CER - Sales of Gamifant® were SEK 110 M (67)
- Cash flow from operations of SEK 443 M (995)
- The strategic licensing agreement with Selecta Biosciences, Inc. for the product candidate
SEL-212, a potential treatment for chronic refractory gout, was completed - Topline data for the phase 2 COMPARE study comparing the efficacy of SEL-212 to pegloticase for the treatment of chronic refractory gout was announced
- Outlook 2020 updated
January–September
- Total revenue of SEK 10,680 M (9,358), 14 per cent revenue growth (14 per cent at CER)
- Adjusted EBITA1,2 was SEK 4,124 M (3,764), an increase of 10 per cent, with an EBITA margin1 of 39 per cent (40)
- EPS of SEK 5.92 (6.66) and adjusted EPS1,2,3 of SEK 5.92 (6.98), both before dilution
- Elocta sales were SEK 3,514 M (3,274) and Alprolix sales were SEK 1,286 M (1,059)
- Kineret sales amounted to SEK 1,493 M (1,175)
- Gamifant sales amounted to SEK 346 M (361)
- Cash flow from operations of SEK 4,356 M (2,658)
Significant events after the reporting period
- Topline results from the phase 3 study of avatrombopag, in solid tumour cancer patients with CIT were announced
Guido Oelkers, CEO and President:
“Q3 has been a productive period for us with the closing of the licensing agreement with Selecta for SEL-212, advancements in our pipeline, participation in virtual congresses and expansion of our footprint into Asia. Total revenue for the third quarter 2020 was SEK 2,970 M and EBITA was SEK 933 M. Despite the continuing COVID-19 challenge, our commercial teams have been able to make progress, generating patient growth even if sales numbers were still negatively impacted by the pandemic.”
Financial summary
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year | |||
| Amounts in SEK M | 2020 | 2019 | Change | 2020 | 2019 | Change | 2019 |
| Total revenue | 2,970 | 2,930 | 1% | 10,680 | 9,358 | 14% | 14,248 |
| Gross profit | 2,339 | 2,173 | 8% | 8,318 | 7,080 | 17% | 10,913 |
| Gross margin1 | 79% | 74% | 78% | 76% | 77% | ||
| EBITA1 | 933 | 1,099 | -15% | 4,124 | 3,645 | 13% | 5,933 |
| EBITA adjusted1,2 | 933 | 1,099 | -15% | 4,124 | 3,764 | 10% | 6,145 |
| EBITA margin1 | 31% | 38% | 39% | 39% | 42% | ||
| EBITA margin adjusted1,2 | 31% | 38% | 39% | 40% | 43% | ||
| Profit for the period | 278 | 542 | -49% | 1,743 | 1,944 | -10% | 3,304 |
| Earnings per share, SEK | 0.94 | 1.84 | -49% | 5.92 | 6.66 | -11% | 11.29 |
| Earnings per share, SEK adjusted1,2,3 | 0.94 | 1.84 | -49% | 5.92 | 6.98 | -15% | 11.89 |
| 1Alternative Performance Measures (APMs). | |||||||
| 2EBITA 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 and gain from divestment of SOBI005 in Q1 of SEK 37 M. | |||||||
| 3EPS Full-year 2019 excluding impairment of intangible assets of SEK 18 M related to restructuring in Q2 2019. | |||||||
Financial outlook 20204– updated
Revenue for the full-year 2020 is expected to be in the range of SEK 15,000—15,500 M
EBITA is expected to be in the range of SEK 5,700—6,200 M
4Assuming exchange rates as of 30 September remain stable during the fourth quarter of 2020.
Telephone conference:
Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the Q3 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 8 566 42 705
UK: +44 333 300 90 32
US: +1 646 722 49 02
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 1,500 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 22 October 2020.
Swedish Orphan Biovitrum AB (publ)
Postal address SE-112 76 Stockholm, Sweden
Phone: 46 8 697 20 00 www.sobi.com