Swedish Orphan AB Publishes Its Report For The Fourth Quarter And Full Year 2014
Business Highlights Q4 2014
- Received positive opinion by the CHMP regarding Xiapex for the treatment of Peyronie's disease
- Exercised opt-in right for Elocta(TM)
- Marketing Authorisation Application for Elocta filed and validated for review by EMA
- Orfadin approved in Japan
Financial Highlights Q4 2014 (Q4 2013)
- Total revenues were SEK 705.3 M (610.8)
- Product revenues were SEK 575.3 M (448.0)
- Gross margin was 60 per cent (59)
- EBITA was SEK 38.2 M (65.2)
- EBITA excluding write-downs (Multiferon) was SEK 63.4 M (65.2)
Financial Highlights FY 2014 (FY 2013)
- Total revenues were SEK 2,607.0 M (2,176.7)
- Product revenues were SEK 1,988.8 M (1,557.7)
- Gross margin was 59 per cent (59)
- EBITA was SEK -43.4 M (211.0)
- EBITA excluding write-downs (Kiobrina/Multiferon) was SEK 306.7 M (211.0)
- Ended the year with a cash position of SEK 519.1 M (445.1)[1]
"2014 was a pivotal year for Sobi marked by excellent commercial performance across the portfolio. Total revenues were SEK 2,607 million, an increase of 20 per cent over the prior year and above our estimates. Cash flow increased year over year and gross margin was stable," said Geoffrey McDonough, CEO and President.
"Looking at our development portfolio, the positive results of the Kids A-LONG study paved the way for the European filing of Elocta in October 2014, making EU approval possible before the end of 2015. As a result we formally exercised our opt-in right to take over final development and commercialisation in our territories. During 2014 we have been focused on building a world class haemophilia organisation to support launch and commercialisation and this will be expanded in 2015."
| Financial Summary | |||||||||||||||
| Q4 | Q4 | Full year | Full year | ||||||||||||
| Amounts in SEK M | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||
| Total revenues | 705.3 | 610.8 | 15% | 2,607.0 | 2,176.7 | 20% | |||||||||
| Gross profit | 426.6 | 358.3 | 19% | 1,547.8 | 1,284.0 | 21% | |||||||||
| Gross margin | 60% | 59% | 59% | 59% | |||||||||||
| EBITA2 | 38.2 | 65.2 | -41% | -43.4 | 211.0 | <-100% | |||||||||
| EBITA excluding write-downs | 63.4 | 65.2 | -3% | 306.7 | 211.0 | 45% | |||||||||
| EBIT (Operating profit/loss) | -32.7 | -4.9 | <-100% | -325.0 | -66.6 | <-100% | |||||||||
| Profit/loss for the period | -17.4 | -13.4 | -30% | -267.8 | -93.0 | <-100% | |||||||||
| 2 2014 FY includes write-downs relating to Kiobrina of SEK 324.9 M and Multiferon of SEK 25.2 M. Multiferon is also included in the quarter. | |||||||||||||||
Outlook 2015
For 2015, Sobi expects total revenues for the full year to be in the range of SEK 2,800 to 3,000 M, and gross margin to be in the range of 58-60 percent. Operating costs are projected to increase as the company continues to prepare for the planned launch of Elocta. Sobi expects EBITA to be in line with the adjusted 2014 level. The outlook for 2015 is based on current exchange rates, and excludes revenue from the European launch of Elocta.
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Sobi's report for the fourth quarter and full year 2014 can be found on http://www.sobi.com/Investors--Media/Reports/.
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 Investor relations
Oskar Bosson Jörgen Winroth
Head of Communications VP, Head of Investor Relations
T: +46 70 410 71 80 T: +1 347-224-0819, +1 212-579-0506
+46 8 697 2135
oskar.bosson@sobi.com
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