STOCKHOLM, SWEDEN--(Marketwire - July 19, 2011) -
Good growth in sales volume adversely affected by currency effects.
Kennet Rooth, CEO: “We had a continued positive trend in product sales in the second quarter with strong volume growth for many products and in most markets. Sales of Orfadin®, for example, increased by 19% after adjustment for currency effects. Manufacturing revenues for ReFacto® in the second quarter were, however, lower than in the previous year following large delivery volumes in the first quarter of the year. Both revenues and profits continued to be negatively affected by currency effects and by the mandatory price reductions implemented in many European countries in 2010.
The rights issue was concluded during the quarter. It was fully subscribed and has reduced net debt by SEK 594 M. Considerable effort has been put into reducing the company’s costs. Sales and administrative expenses were reduced by 12% compared to the second quarter in 2010. Cost reductions were also made in R&D where the previously announced staff cuts, mainly in preclinical development, are still being made. Investment in the phase III Kiobrina® study has, however, increased costs compared to the second quarter the previous year. The ongoing clinical development projects are continuing according to plan.”
* Sales of the existing product portfolio increased by 11% adjusted for currency effects.
* Net revenues fell by 4% to SEK 490.0 M (509.6), but increased by 7% adjusted for currency effects and discontinued products.
* The gross margin improved from the first quarter of the year but was lower than in the previous year mainly due to currency effects.
* Operating profit was positively affected by SEK 149.2 M as a result of an agreement regarding Multiferon® with the previous owners of Swedish Orphan.
* Operating profit (EBITA) before non-recurring items amounted to SEK 180.4 M (58.9) and to SEK 31.2 M (58.9) excluding the effect of the Multiferon® agreement.
* Geoffrey McDonough appointed new President and CEO as of August 15, 2011.
* The outlook for the full year 2011 is unchanged.
About Swedish Orphan Biovitrum (Sobi)
Sobi is a leading European specialty pharmaceutical company focused on providing and developing specialty pharmaceuticals for patients with rare diseases and significant medical needs. The portfolio comprises about 60 marketed products, as well as projects in late clinical phase. Key therapeutic areas are hematological diseases, autoimmune diseases, hereditary metabolic disorders and therapeutic oncology. In 2010 Sobi had revenues of SEK 1.9 billion and approximately 500 employees. The share (STO: SOBI) is listed on NASDAQ OMX Stockholm. For more information please visit 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 July 19, 2011 at 8.30 CET.
Complete Interim Report January - June 2011: http://hugin.info/134557/R/1531800/466293.pdf
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[HUG#1531800]
For further information, please contact:
Kennet Rooth
CEO
phone +46 8 697 38 82
Lars Sandstrom
CFO
phone +46 8 697 26 33
