April 20, 2011 -- Kennet Rooth, CEO: “We had a good volume growth for ReFacto® during the quarter as well as for most of our other important products, particularly Kineret® in the US and in several European markets, and Orfadin® in North America. Both revenues and profits were negatively affected by currency effects, and the mandatory price reductions in 2010 have now had full impact. This year we have not seen the same delays in reimbursements as in 2010 and there have been no new price reduction requirements.
We are continuing to work on strengthening our company long-term. At the end of March we announced a number of cost reduction measures. At the same time we are increasing our focus on business development. The ongoing clinical development projects are continuing according to plan. Recruitment of patients for phase III studies for both of the hemophilia programs is under way. We expect the first patients for the phase III study of Kiobrina® to be recruited in the second quarter.
- Net revenues increased by 10% to SEK 537.4 M (488.1). After adjustment for currency effects, the increase was 17%.
- Gross margin was negatively affected by a lower production margin for ReFacto®, costs for transfer of Kineret® production, currency effects and by the 2010 price reductions having full impact.
- Administrative and R&D expenses declined by 23% from the previous year.
- Operating income (EBITA) before non-recurring items improved by 8% to SEK 59.7 M (55.1). Non-recurring items amounted to SEK 70 M (47) and refer to previously announced cost-reduction measures.
- The Board has resolved, subject to approval by the AGM, on a rights issue of approximately SEK 600 M with preferential rights for the company’s shareholders.
For further information, please contact:
Kennet Rooth, CEO
phone +46 8 697 38 82
Lars Sandström, CFO
phone +46 8 697 26 33
About Swedish Orphan Biovitrum (Sobi)
Sobi is a Swedish based niche specialty pharmaceutical company with an international market presence. The company is focused on providing and developing specialist pharmaceuticals for rare disease patients with high medical needs. The portfolio consists of about 60 marketed products and an emerging late stage clinical development pipe-line. Our focus areas are: hemophilia, inflammation/autoimmune diseases, fat malabsorption, cancer supportive care and inherited metabolic disorders. In 2010 Sobi had revenues of about SEK 1.9 B and approximately 500 employees. The share (STO: SOBI) is listed on NASDAQ OMX Stockholm. For more information please visit www.sobi.com.
