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2020-07-16

Swedish Orphan Biovitrum AB: Sobi publishes report for the second quarter 2020

Swedish Orphan Biovitrum AB (publ) (http://www.sobi.com/) (Sobi™) today announces its results for the second quarter 2020. Total revenue for the second quarter 2020 was SEK 3,070 M and EBITA was SEK 1,018 M.
 

April-June

  • Total revenue of SEK 3,070 M (3,163), down 3 per cent (-4 per cent at constant exchange rates (CER))
  • Adjusted EBITA[1,2]  was SEK 1,018 M (1,193), with an EBITA margin[1] of 33 per cent (33)
  • Earnings per share (EPS) of SEK 0.96 (1.70) and adjusted EPS[1,2,3] of 0.96 SEK (2.12)
  • Net debt[1] of SEK 11,802 M at 30 June 2020 (15,404 at 31 Dec 2019)
  • Sales for Elocta® were SEK 1,040 M (1,127) and sales for Alprolix® were SEK 363 M (382)
  • Continued strong performance for Kineret® with sales amounting to SEK 530 M (419), an increase of 24 per cent at CER
  • Sales of Gamifant® were SEK 132 M (205)
  • Cash flow from operations of SEK 1,911 M (1,275)
  • Strategic licensing agreement with Selecta Biosciences for the product candidate SEL-212 for the potential treatment of chronic refractory gout[4]
  • Outlook 2020 unchanged

January-June

  • Total revenue of SEK 7,709 M (6,427), 20 per cent revenue growth (17 per cent at CER)
  • Adjusted EBITA[1,2] was SEK 3,191 M (2,665), an increase of 20 per cent, with an EBITA margin[1]

of 41 per cent (41)

  • EPS of SEK 4.98 (4.82) and adjusted EPS[1,2,3] of SEK 4.98 (5.14)
  • Net debt[1] of SEK 11,802 M at 30 June 2020 (15,404 at 31 Dec 2019)
  • Elocta sales were SEK 2,399 M (2,118) and Alprolix sales were SEK 851 M (718)
  • Kineret sales amounted to SEK 1,030 M (765)
  • Gamifant sales amounted to SEK 236 M (294)
  • Cash flow from operations of SEK 3,912 M (1,663)

Guido Oelkers, CEO and President:
"During the quarter we continued to deliver on our strategy with the strategic licensing agreement with Selecta[4] for the product candidate SEL-212 for the treatment of chronic refractory gout, an important milestone as it further strengthens our Immunology portfolio and our late-stage pipeline. The COVID-19 pandemic has continued to pose challenges for the whole world and has of course had implications for Sobi as well. However, we have made significant efforts and have made strategic progress in this difficult environment: 27 per cent QoQ growth for Gamifant, 52 per cent QoQ growth for Doptelet in the US market, close to 4 per cent patient growth for the Haemophilia portfolio and a strong Kineret performance, all despite the lack of face-to-face interactions with customers. The performance in the quarter was impacted by regional lockdowns but positive signs of a return to normality were seen in June."
 

[][][][][][][][][][]
Financial Summary Q2 Q2 H1 H1 Full
  -year
Amounts in SEK M 2020 2019 Change 2020 2019 Change 2019
Total revenue 3,070 3,163 -3% 7,709 6,427 20% 14,248
Gross profit 2,381 2,413 -1% 5,979 4,907 22% 10,913
Gross margin[1] 78% 76%   78% 76%   77%
EBITA[1] 1,018 1,037 -2% 3,191 2,546 25% 5,933
EBITA adjusted[1,2] 1,018 1,193 -15% 3,191 2,665 20% 6,145
EBITA margin[1] 33% 33% 41% 40%   42%
EBITA margin 33% 38% 41% 41%   43%
adjusted[1,2]
Profit for the 283 499 -43% 1,465 1,402 4% 3,304
period
Earnings per share, 0.96 1.70 -43% 4.98 4.82 3% 11.29
SEK
Earnings per share, 0.96 2.12 -55% 4.98 5.14 -3% 11.89
SEK adjusted[1,2,3]

[1]Alternative
Performance
Measures (APMs).
[2]EBITA Q2 and
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
2019 and gain from
divestment of
SOBI005 in Q1 2019
of SEK 37 M.
[3]EPS Q2 and Full
-year 2019
excluding
impairment of
intangible assets
of SEK 18 M related
to restructuring in
Q2 2019.
[4]The transaction
is subject to
clearance under the
Hart-Scott Rodino
Antitrust
Improvements Act
and other customary
closing conditions.
 

Financial outlook 2020[1,2] - unchanged
Revenue for the full-year 2020 is expected to be in the range of SEK 15,000-16,000 M reflecting double-digit growth in each of the two core businesses, Haematology and Immunology.
 

EBITA is expected to be in the range of SEK 5,500-6,300 M, including the development and launch of Doptelet which will affect EBITA negatively by around SEK 500 M in 2020.

[1]At exchange rates as of 13 February 2020.
[2]Financial outlook excludes any impact from the potential acquisition of Selecta Biosciences, Inc. announced on 11 June 2020; in the event of completion of the transaction, R&D expenses are expected to increase by up to SEK 150 M in H2 2020  
Telephone conference:
Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the Q2 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 8 505 583 54
UK: +44 333 300 9274
US: +1 646 722 4903
Click here to go to the live webcast. (https://onlinexperiences.com/Launch/QReg/ShowUUID=FC0AA35D-4B85-4A24-A81A-893BDE93B0CF)

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 1,400 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 16 July 2020.

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