BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Swedish Orphan Biovitrum: Report for the Fourth Quarter and Full Year 2011


2/23/2012 8:27:56 AM

STOCKHOLM, SWEDEN--(Marketwire - February 23, 2012) -

Geoffrey McDonough, CEO: "2011 was a year of consolidation and stabilization for Sobi. Our full year results show revenues in line with the previous year, with impact from currency and discontinued products balanced by growth in our product portfolio and the ReFacto® manufacturing business. During the year, we expanded geographically, reduced our cost base and decreased our net debt. In order to improve operational efficiency, we are implementing a new organization and reporting structure based on the three business lines: Core Products, Partner Products, and ReFacto® manufacturing and royalty. We enter 2012 focused on the operating performance and growth of our business lines, and on achieving the key milestones in our pipeline in the second half of the year."

Fourth quarter (1)

* Total revenues as reported declined by 6% to SEK 436.4 M (465.0), and were unchanged adjusted for currency effects and discontinued products.

* Product revenues rose by 11% adjusted for currency effects and discontinued products.

* Gross margin declined to 64.9% (67.4), primarily due to lower manufacturing revenues. Gross margin improved from the third quarter mainly as a result of higher plant utilization.

* Write-down of balance sheet items affecting EBIT by SEK 291.4 M.

Full year 2011(1)

* Total revenues as reported were unchanged at SEK 1,910.8 M (1,906.7), but increased by 9% adjusted for currency effects and discontinued products.

* Product revenues increased by 8% adjusted for currency effects and discontinued products.

* Revenues from ReFacto® manufacturing and royalty increased by 16% to SEK 575 M.

* Gross margin declined to 56.4% (64.0) mainly due to a lower margin for manufacturing and currency effects.

* Operating expenses declined by 6% reflecting the ongoing streamlining of operations.

Significant events after reporting period

* Extension of supply agreement with Pfizer for ReFacto®/XYNTHA® until 2020.

* Agreement with Pfizer to return co-promotion rights in exchange for a payment of USD 47.5 M.

Outlook for 2012

* Total revenues for the full year 2012 are expected to be approximately SEK 100 M lower than 2011 reflecting the divestment of the ReFacto® co- promotion rights. Gross margin expected to be in line with 2011, which was 54% after adjustment for both the balance sheet write-downs and co-promotion rights.

Telephone conference

The interim report for the fourth quarter and full year 2011 will be presented by CEO Geoffrey McDonough and CFO Lars Sandström at a media and analyst telephone conference.

Time: Thursday, 23 February 2012 at 3 p.m. (CET)

To participate in the telephone conference, please call:

SE: +46 (0)8 505 598 09
UK: +44 (0)207 750 9950
US: +1 866 676 58 69

The presentation can be followed live or afterwards at www.sobi.com

The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was released for public distribution on 23 February 2012 at 8.30 CET.

(1) Adjusted for balance sheet write-downs in Q4 2011.

Complete Report for the Fourth Quarter and Full Year 2011: http://hugin.info/134557/R/1588410/498491.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE

[HUG#1588410]


For more information, please contact:
Lars Sandstrom
CFO
Telephone: +46 8 697 26 33



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES