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Sobi publishes its Report for the Second Quarter 2015 – raises guidance

Press release   •   Jul 16, 2015 06:12 UTC

Swedish Orphan Biovitrum AB (publ) (Sobi) today announced its results for the second quarter 2015. Revenues for the quarter totalled SEK 764 M (663), an increase of 15 percent year-on year. The product portfolio grew 25 per cent with Orfadin® and Kineret® delivering strong performance.

Business Summary Q2 2015

  • European Commission approved Orfadin oral suspension and 20 mg capsule
  • Sobi's collaboration partner Biogen submitted the Marketing Authorisation Application for Alprolix® (rFIXFc) in Europe
  • New haemophilia data presented with 23 abstracts at the ISTH 2015 congress
  • The European Medicines Agency validated the Marketing Authorisation Application for Alprolix
  • Received orphan drug designation for Elocta™ (rFVIIIFc) in Switzerland

Financial Summary Q2 2015 (Q2 2014)

  • Total revenue was SEK 764 M (663), an increase of 15 per cent (4 percent at CER)
  • Product revenue was SEK 593 M (476), an increase of 25 per cent (12 percent at CER)
  • Gross margin was 63 per cent (61)
  • EBITA was SEK 74 M (86)
  • Ended the quarter with a cash position of SEK 763 M

"The second quarter marks the end of a strong first half year, highlighted by the strength and momentum of Sobi’s base business with solid growth across the portfolio, and by significant milestones for our long-acting Haemophilia franchise and for Orfadin” said Geoffrey McDonough, CEO and President. "Total revenues increased by 15 per cent to SEK 764 M, gross margin was in line with our expectations, and cash flow increased compared to the same period last year."

Outlook 2015 – raised guidance

Based on the results for the first two quarters 2015, Sobi now expects total revenues for the full year to be in the range of SEK 3,000 to 3,200 M, (previously 2,800 to 3,000) and gross margin to be in the range of 59 to 61 per cent (previously 58 to 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 325-400 M.[1] The outlook for 2015 excludes revenue from the potential European launch of Elocta.

Financial Summary
Q2 Q2 H1 H1 Full year
Amounts in SEK M 2015 2014 Change 2015 2014 Change 2014
Total revenues 764 663 15% 1,629 1,236 32% 2,607
Gross profit 482 406 19% 1,001 726 38% 1,548
Gross margin 63% 61% 61% 59% 59%
EBITA1 74 86 -14% 247 -202 >100% -43
EBITA excluding write-offs 74 86 -14% 247 123 100% 307
EBIT (Operating profit/loss) 3 16 -83% 105 -342 >100% -325
Profit/loss for the period 9 26 -66% 115 -303 >100% -268
1 H1 2014 includes write-offs relating to Kiobrina of SEK 325 M in Q1

[1] The original outlook presented on 19 February 2015 stated that “Sobi expects EBITA to be in line with the adjusted 2014 level”.

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 16 July 2015.

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 
Oskar Bosson, Head of Communications 
T: +46 70 410 71 80
oskar.bosson@sobi.com

 Investor relations
Jörgen Winroth, Vice President, Head of Investor Relations 
T: +1 347-224-0819, +1 212-579-0506, +46 8 697 2135  
jorgen.winroth@sobi.com