STOCKHOLM, SWEDEN--(Marketwire - October 20, 2011) - Product growth and operating expense controls evident in the quarter, lower gross margin mainly due to currency and plant maintenance.
Geoffrey McDonough, CEO: Sobi continues to make progress in its transformation towards becoming a more focused and profitable innovative biopharmaceutical company dedicated to rare disease patients. The third quarter highlights the growth of our core business lines (Kineret®, Orfadin®, ReFacto® manufacturing), as well as good performance from our launch products. In addition to focusing on the performance of our portfolio, we are establishing a direct presence in the United States, and expect to have a fully operational subsidiary in place at the beginning of 2012. We are streamlining the company’s expense structure based on previously announced restructuring and additional cost controls. Progress in our late stage programs is on track and will also continue be a key value driver for us.”
Third quarter * Total revenues increased by 1% to SEK 447.1 M (444.0), and by 10% adjusted for currency effects and discontinued products. * Sales from the existing product portfolio rose by 8% adjusted for currency effects. * Gross margin declined, mainly due to manufacturing plant maintenance in the quarter and currency effects. * Operating expenses were lower, reflecting the ongoing streamlining of operations. * The outlook for the full year 2011 is unchanged. However, the company will evaluate several items in the balance sheet which could amount to a write-down of up to SEK 350 M in Q4 2011, with limited cash flow effect.
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 20 October 2011 at 8.30 CET.
Complete Interim Report January -September, 2011: http://hugin.info/134557/R/1556359/480277.pdf
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Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE
[HUG#1556359]
For more information, please contact:
Lars Sandstrom
CFO
Phone: +46 8 697 26 33
