Sobi Publishes Report For Second Quarter 2019

Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the second quarter 2019. Total revenue was SEK 3,163 M (2,289), with 38 per cent revenue growth in the quarter compared with Q2 2018 (32 per cent at constant exchange rates (CER)). Organic growth(1) amounted to 25 per cent compared with Q2 2018. Adjusted EBITA(1,2) was SEK 1,193 M, an increase of 25 per cent, excluding restructuring costs of SEK 157 M related to the reorganisation of R&D.

Highlights (April – June)

•  Total revenue of SEK 3,163 M (2,289). 38 per cent revenue growth in the quarter compared with Q2 2018 (32 per cent at constant exchange rates (CER))

•  Adjusted EBITA(1,2) was SEK 1,193 M (951), an increase of 25 per cent

•  Earnings per share (EPS) of SEK 1.70 (2.54) and adjusted EPS(1,2,3) of 2.12 SEK (2.54)

•  Net debt(1 )of SEK 4,403 M at 30 June 2019 (-2,999 at 31 Dec 2018)

•  Sales for Elocta® were SEK 1,127 M (794) and sales for Alprolix® were SEK 382 M (263)

•  Continued strong performance for Gamifant® with sales amounting to SEK 205 M

•  Sales for Synagis® were SEK 148 M

•  Purchase agreement of CHF 515 M (SEK 4,897 M) for emapalumab and related assets was signed

•  Sharpened strategic focus on core areas of Haematology and Immunology, and on late-stage assets. As a consequence Sobi has the intention to discontinue early research and partner programmes outside core areas, generating annual savings of SEK 200–300 M in 2020. Restructuring costs for the quarter amounted to SEK 175 M, whereof SEK 157 M impacted EBITA and SEK 18 M related to impairment of intangible assets

•  New data on emapalumab in patients with macrophage activation syndrome (MAS), a form of secondary HLH complicating systemic juvenile idiopathic arthritis (sJIA), showed that treatment with emapalumab led to a complete response in all six patients with a favourable safety profile

• Outlook 2019 updated

“Our strong performance continued in the second quarter, with organic growth of 25 per cent taking us to revenue of SEK 3,163 M, adjusted EBITA of SEK 1,193 M and an adjusted EBITA margin of 38 per cent. Announcing the acquisition of emapalumab and related assets, we took further steps to sharpen focus on our core therapeutic areas and on late-stage assets.”

Financial outlook 2019 — updated 

Sobi expects revenue for the full year to be in the range of SEK 13,000 – 13,500 M(1)(12,500 – 13,000)(2).

EBITA for the full year is expected to be in the range of SEK 5,300 – 5,500 M(1)(5,000 – 5,300)(2), excluding restructuring costs.

The updated outlook reflects the continued strong product sales in Haemophilia and the promising uptake of Gamifant in the US. – PR Newswire