Swedish Orphan Biovitrum AB (publ) (Sobi) today announced its results for the first quarter 2015. Revenues for the quarter totalled SEK 865 M (573). All parts of the business contributed to the result with ReFacto®, Orfadin® and Kineret® delivering strong performance.
Business Highlights Q1 2015
- Extended and restructured distribution agreement with Exelixis for Cometriq
- Xiapex approved by the EU Commission for the treatment of Peyronie's disease
- Announced positive top-line efficacy and safety results from phase 3 Alprolix paediatric study (Kids B-LONG)
Financial Highlights Q1 2015 (Q1 2014)
- Total revenue was SEK 865 M (573), an increase of 39 per cent at constant exchange rates
- Product revenue was SEK 633 M (406), an increase of 40 per cent at constant exchange rates
- Gross margin was 60 per cent (56)
- EBITA was SEK 172 M (-288)
- Ended the quarter with a cash position of SEK 682 M
"2015 is off to a solid beginning with excellent commercial performance across the portfolio as well as some successes in our development programmes. Total revenues were SEK 865 M, an increase of 39 per cent over the prior year in constant exchange rates, cash flow increased compared to the same period last year and gross margin was in line with our expectations," said Geoffrey McDonough, CEO and President. "The positive results of the Kids B-LONG study in the quarter pave the way for an European filing of Alprolix later this year and makes an EU approval possible before the end of 2016. During the quarter we have continued to focus on building a world class haemophilia organisation to support the launch for the haemophilia products."
| Financial Summary | ||||||||
| Q1 | Q1 | Full year | ||||||
| Amounts in SEK M | 2015 | 2014 | Change | 2014 | ||||
| Total revenues | 865 | 573 | 51% | 2,607 | ||||
| Gross profit | 519 | 320 | 62% | 1,548 | ||||
| Gross margin | 60% | 56% | 59% | |||||
| EBITA1 | 172 | -288 | >100% | -43 | ||||
| EBITA excluding write-offs | 172 | 37 | >100% | 307 | ||||
| EBIT (Operating profit/loss) | 102 | -358 | >100% | -325 | ||||
| Profit/loss for the period | 106 | -329 | >100% | -268 | ||||
* FY 2014 includes write-offs relating to Kiobrina® of SEK 325 M in Q1 and to Multiferon® of SEK 25 M in 2014.
Outlook 2015 - EBITA expectations clarified
For 2015, Sobi continues to expect total revenues for the full year to be in the range of SEK 2,800 to 3,000 M, and gross margin to be in the range of 58-60 per cent. Operating costs are projected to increase as the company continues to prepare for the planned launch of Elocta. Sobi expects EBITA to be in the range of SEK 300-400 M.[1] The outlook for 2015 is based on constant exchange rates as of 19 February 2015, and excludes revenue from the potential European launch of Elocta.
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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 Haemophilia, Inflammation and Genetic diseases. We also market a portfolio of specialty and rare disease products for partner companies across Europe, the Middle East, North Africa and Russia. Sobi is a pioneer in biotechnology with world-class capabilities in protein biochemistry and biologics manufacturing. In 2014, Sobi had total revenues of SEK 2.6 billion (USD 380 M) and about 600 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 Communications | Jörgen Winroth, Vice President, Head of Investor 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 |
Sobi announces the information set out in this press release pursuant to the Swedish Securities Market Act. The information was submitted for publication at 08:00 CET on 6 May 2015.
[1] The original outlook presented on 19 February 2015 stated that "Sobi expects EBITA to be in line with the adjusted 2014 level."
Sobi_Q1_Report_2015_ENG http://hugin.info/134557/R/1919070/687019.pdf
HUG#1919070
