Swedish Orphan Biovitrum Publishes Report For The Third Quarter 2014
Swedish Orphan Biovitrum AB (publ) (Sobi) announced today its results for the third quarter 2014. Revenue totalled SEK 666 M (517), an increase of 29 per cent with contribution from all areas of the portfolio. Product revenues excluding income from Manufacturing and Royalty from ReFacto grew 35 per cent to SEK 532 M.
Business Highlights Q3 20114
• Expanded haemophilia development portfolio by electing to include a potentially longer-acting Haemophilia A candidate in collaboration agreement with Biogen Idec
• Opened North American headquarters office in Waltham, Massachusetts Financial Highlights Q3 2014 (Q3 2013)
• Total revenues were SEK 665.9 M (517.3)
• Product revenues were SEK 532.3 M (393.5)
• Gross margin was 59 per cent (59)
• EBITA was SEK 119.9 M (46.9)
• Ended the quarter with a cash position of SEK 611.3 M Significant events after the quarter
• Announced that Biogen Idec submitted a Marketing Authorisation Application for Elocta(TM) (rFVIIIFc) to the European Medicines Agency
• Decided to cease manufacturing of Multiferon® and close the company's production site in Umeå
• Placed the phase 1 study of SOBI002 on clinical hold
• Decided not to pursue an additional indication for Kepivance®
"The third quarter results come at an exciting time for Sobi, marked by excellent operating momentum across the portfolio, and by a key transition in our pipeline as the launches of Eloctate(TM) and Alprolix® continue", said Geoffrey McDonough, CEO and President. "Elocta, as Eloctate will be known in Europe, now enters its potential approval year following the submission of the Marketing Authorization Application to the European Medicines Agency by our partner Biogen Idec. We are focusing the company on bringing this new generation of therapy to people with Haemophilia across Europe."
Outlook 2014 unchanged
Sobi expects the company's total revenues for the full year to be in the range of SEK 2,300 to 2,500 million. The gross margin is expected to be in the range of 58-60 per cent. In addition, the operating costs are expected to increase as the company continues to prepare for the planned launch of the haemophilia programmes.
Sobi's report for the third quarter 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 Inflammation and Genetic diseases, with two late stage biological development projects within Haemophilia. We also market a portfolio of specialty and rare disease products for partner companies. Sobi is a pioneer in biotechnology with world-class capabilities in protein biochemistry and biologics manufacturing. In 2013, Sobi had total revenues of SEK 2.2 billion ($334 M) and about 550 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
E: 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
E: jorgen.winroth@sobi.com
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Business Highlights Q3 20114
• Expanded haemophilia development portfolio by electing to include a potentially longer-acting Haemophilia A candidate in collaboration agreement with Biogen Idec
• Opened North American headquarters office in Waltham, Massachusetts Financial Highlights Q3 2014 (Q3 2013)
• Total revenues were SEK 665.9 M (517.3)
• Product revenues were SEK 532.3 M (393.5)
• Gross margin was 59 per cent (59)
• EBITA was SEK 119.9 M (46.9)
• Ended the quarter with a cash position of SEK 611.3 M Significant events after the quarter
• Announced that Biogen Idec submitted a Marketing Authorisation Application for Elocta(TM) (rFVIIIFc) to the European Medicines Agency
• Decided to cease manufacturing of Multiferon® and close the company's production site in Umeå
• Placed the phase 1 study of SOBI002 on clinical hold
• Decided not to pursue an additional indication for Kepivance®
"The third quarter results come at an exciting time for Sobi, marked by excellent operating momentum across the portfolio, and by a key transition in our pipeline as the launches of Eloctate(TM) and Alprolix® continue", said Geoffrey McDonough, CEO and President. "Elocta, as Eloctate will be known in Europe, now enters its potential approval year following the submission of the Marketing Authorization Application to the European Medicines Agency by our partner Biogen Idec. We are focusing the company on bringing this new generation of therapy to people with Haemophilia across Europe."
| Financial Summary | |||||||||||||||
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full year | |||||||||||
| Amounts in SEK M | 2014 | 2013 | Change | 2014 | 2013 | Change | 2013 | ||||||||
| Total revenues | 665.9 | 517.3 | 29% | 1,901.7 | 1,566.0 | 21% | 2,176.7 | ||||||||
| Gross profit | 395.3 | 306.2 | 29% | 1,121.2 | 925.8 | 21% | 1,284.0 | ||||||||
| Gross margin | 59% | 59% | 59% | 59% | 59% | ||||||||||
| EBITA | 119.9 | 46.9 | >100% | -81.6 | 145.9 | 211.0 | |||||||||
| EBITA excluding Kiobrina write-off1 | 119.9 | 46.9 | >100% | 243.3 | 145.9 | 67% | 211.0 | ||||||||
| EBIT (Operating profit/loss) | 49.7 | -26.3 | >100% | -292.3 | -61.6 | -66.6 | |||||||||
| Profit/loss for the period | 52.7 | -56.4 | >100% | -250.4 | -79.5 | -93.0 | |||||||||
| 1 2014 YTD includes write-off relating to Kiobrina of SEK 324.9 M. | |||||||||||||||
Outlook 2014 unchanged
Sobi expects the company's total revenues for the full year to be in the range of SEK 2,300 to 2,500 million. The gross margin is expected to be in the range of 58-60 per cent. In addition, the operating costs are expected to increase as the company continues to prepare for the planned launch of the haemophilia programmes.
Sobi's report for the third quarter 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 Inflammation and Genetic diseases, with two late stage biological development projects within Haemophilia. We also market a portfolio of specialty and rare disease products for partner companies. Sobi is a pioneer in biotechnology with world-class capabilities in protein biochemistry and biologics manufacturing. In 2013, Sobi had total revenues of SEK 2.2 billion ($334 M) and about 550 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
E: 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
E: jorgen.winroth@sobi.com
Help employers find you! Check out all the jobs and post your resume.