Sobi publishes report for the third quarter 2020

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Oct 22, 2020, 02:40 ET

STOCKHOLM, Oct. 22, 2020 /PRNewswire/ -- Swedish Orphan Biovitrum AB (publ) (Sobi™) today announces its results for the third quarter 2020. Total revenue for the second quarter 2020 was SEK 2,970 M and EBITA was SEK 933 M.

July-September

Total revenue of SEK 2,970 M (2,930), up 1 per cent (6 per cent at constant exchange rates (CER))

EBITA¹ was SEK 933 M (1,099), with an EBITA margin¹ of 31 per cent (38)

Earnings per share before dilution (EPS) of SEK 0.94 (1.84)

Net debt¹ of SEK 12,703 M at 30 September 2020 (15,404 at 31 Dec 2019)

Sales for Elocta® were SEK 1,115 M (1,156) and sales for Alprolix® were SEK 435 M (341)

Continued strong performance for Kineret® with sales of SEK 463 M (409), an increase of 20 per cent at CER

Sales of Gamifant® were SEK 110 M (67)

Cash flow from operations of SEK 443 M (995)

The strategic licensing agreement with Selecta Biosciences, Inc. for the product candidate SEL-212, a potential treatment for chronic refractory gout, was completed

Topline data for the phase 2 COMPARE study comparing the efficacy of SEL-212 to pegloticase for the treatment of chronic refractory gout was announced

Outlook 2020 updated

January-September

Total revenue of SEK 10,680 M (9,358), 14 per cent revenue growth (14 per cent at CER)

Adjusted EBITA^1,2 was SEK 4,124 M (3,764), an increase of 10 per cent, with an EBITA margin¹ of 39 per cent (40)

EPS of SEK 5.92 (6.66) and adjusted EPS^1,2,3 of SEK 5.92 (6.98), both before dilution

Elocta sales were SEK 3,514 M (3,274) and Alprolix sales were SEK 1,286 M (1,059)

Kineret sales amounted to SEK 1,493 M (1,175)

Gamifant sales amounted to SEK 346 M (361)

Cash flow from operations of SEK 4,356 M (2,658)

Significant events after the reporting period

Topline results from the phase 3 study of avatrombopag, in solid tumour cancer patients with CIT were announced

Guido Oelkers, CEO and President:

"Q3 has been a productive period for us with the closing of the licensing agreement with Selecta for SEL-212, advancements in our pipeline, participation in virtual congresses and expansion of our footprint into Asia. Total revenue for the third quarter 2020 was SEK 2,970 M and EBITA was SEK 933 M. Despite the continuing COVID-19 challenge, our commercial teams have been able to make progress, generating patient growth even if sales numbers were still negatively impacted by the pandemic."

Financial summary

	Q3	Q3		Jan-Sep	Jan-Sep		Full-year
Amounts in SEK M	2020	2019	Change	2020	2019	Change	2019
Total revenue	2,970	2,930	1%	10,680	9,358	14%	14,248
Gross profit	2,339	2,173	8%	8,318	7,080	17%	10,913
Gross margin¹	79%	74%		78%	76%		77%
EBITA¹	933	1,099	-15%	4,124	3,645	13%	5,933
EBITA adjusted^1,2	933	1,099	-15%	4,124	3,764	10%	6,145
EBITA margin¹	31%	38%		39%	39%		42%
EBITA margin adjusted^1,2	31%	38%		39%	40%		43%
Profit for the period	278	542	-49%	1,743	1,944	-10%	3,304
Earnings per share, SEK	0.94	1.84	-49%	5.92	6.66	-11%	11.29
Earnings per share, SEK adjusted^1,2,3	0.94	1.84	-49%	5.92	6.98	-15%	11.89
¹Alternative Performance Measures (APMs).
²EBITA 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 and gain from divestment of SOBI005 in Q1 of SEK 37 M.
³EPS Full-year 2019 excluding impairment of intangible assets of SEK 18 M related to restructuring in Q2 2019.

Financial outlook 2020⁴- updated

Revenue for the full-year 2020 is expected to be in the range of SEK 15,000-15,500 M

EBITA is expected to be in the range of SEK 5,700-6,200 M

⁴Assuming exchange rates as of 30 September remain stable during the fourth quarter of 2020.

Telephone conference:

Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the Q3 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 8 566 42 705

UK: +44 333 300 90 32

US: +1 646 722 49 02

Click here to go to the live webcast.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 1,500 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
[email protected]

Linda Holmström
Corporate Communication & Investor Relations
+ 46-708-734-095
[email protected]

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 22 October 2020.

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Q3 2020 Report

SOURCE Swedish Orphan Biovitrum AB