Press release -
Sobi publishes its Report for the Fourth Quarter and Full Year 2013
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 M |
2013 |
2012 |
% |
at CER1) |
2013 |
2012 |
% |
at CER1) |
|
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.
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Sobi’s report for the fourth quarter and full year 2013 can be found on http://www.sobi.com/Investors--Media/Reports/
Related links
Topics
- Health, Health Care, Pharmaceuticals
Categories
- full year 2013 results
- q4 results 2013
- sobi
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 Inflamma-tion 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 infor-mation is available at www.sobi.com.
