Swedish Orphan Biovitrum AB (publ) (Sobi™) today announced its results for the fourth quarter and full year 2015. Revenues for the full year totalled SEK 3,228 M (2,607), an increase of 24 per cent compared to previous year. Revenues for the fourth quarter were 15 per cent higher year-on-year and the product revenues grew 21 per cent, with Orfadin® (nitisinone) and Kineret® (anakinra) delivering strong performance.
Business Summary Q4 2015
- Elocta® (efmoroctocog alfa) approved in Europe for the treatment of haemophilia A
- New data showed that Elocta and Alprolix® (rFIXFc) may reduce target joint bleeds in people with haemophilia A and B
- Sobi and Biogen initiated deliveries of largest ever donation of haemophilia therapy to World Federation of Hemophilia for patients in the developing world
- Xiapex® (collagenase clostridium histolyticum) approved in EU for the treatment of two Dupuytren’s contracture cords concurrently
Financial Summary Q4 2015 (Q4 2014)
- Total revenue was SEK 814 M (705), an increase of 15 per cent (9 per cent at constant currencies)
- Product revenue was SEK 698 M (575), an increase of 21 per cent (13 per cent at constant currencies)
- Gross margin was 64 per cent (60)
- EBITA was SEK 90 M (38)
Financial Summary FY 2015 (2014)
- Total revenue was SEK 3,228 M (2,607), an increase of 24 per cent (14 per cent at constant currencies)
- Product revenue was SEK 2,568 M (1,989), an increase of 29 per cent (18 per cent at constant currencies)
- Gross margin was 62 per cent (59)
- EBITA was SEK 433 M (-43)
- Ended the year with a cash position of SEK 904 M (519)
“2015 was a pivotal year for Sobi. We delivered strong financial results, welcomed many new colleagues, expanded our geographic footprint and received important regulatory approvals for our products,” said Sobi’s CEO and President Geoffrey McDonough. “The approval of Elocta in particular — our extended half-life haemophilia A treatment — has the potential to create a true paradigm shift in the treatment of and protection against bleeding and joint damage for people with haemophilia A. We are focused on expanding our reach on the foundation of these achievements going forward.”
|Q4||Q4||Full year||Full year|
|Amounts in SEK M||2015||2014||Change||2015||2014||Change|
|Total revenues||814||705||15%||3 228||2 607||24%|
|Gross profit||520||427||22%||2 007||1 548||30%|
|EBITA excluding write-offs||90||63||41%||433||307||41%|
|EBIT (Operating profit/loss)||17||-33||>100%||146||-325||>100%|
|Profit/loss for the period||-9||-17||48%||68||-268||>100%|
|12014 FY includes write-offs relating to Kiobrina® of SEK 325 M (Q1) and Multiferon of SEK 25M (Q4).|
For 2016, Sobi expects total revenues for the full year to be in the range of SEK 4,300 to 4,500 M, and gross margin is expected be in the range of 66 to 68 per cent. EBITA for the full year is expected to be in the range of SEK 700 to 800 M.
Sobi's report for the fourth quarter and full year 2015 can be found on http://www.sobi.com/Investors--Media/Reports/.
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 26 February 2016.
 2016 will be impacted by a one-time credit for Elocta estimated to be SEK 300 to 325 M. This one-time credit will be reported in the Profit and Loss statement but will not impact cash. Operating expenses includes Sobi share of ongoing costs for Elocta, estimated to be SEK 200 to 250 M. The outlook excludes the impact of an anticipated Alprolix approval and launch in 2016.
Sobi is an international speciality 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 primary focused on Haemophilia, Inflammation and Genetic diseases. We also market a portfolio of speciality 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 2015, Sobi had total revenues of SEK 3.2 billion (USD 385 M) and approximately 700 employees. The share (STO:SOBI) is listed on NASDAQ OMX Stockholm. More information is available at www.sobi.com.
For more information please contact
Oskar Bosson, Head of Communications
T: +46 70 410 71 80
Jörgen Winroth, Vice President, Head of Investor Relations
T: +1 347-224-0819, +1 212-579-0506, +46 8 697 2135