On October 25, 2017 Swedish Orphan Biovitrum AB (publ) (Sobi) reported its results for the third quarter 2017 (Press release, Swedish Orphan Biovitrum, OCT 25, 2017, View Source;Media/News/RSS/?RSS=View Source [SID1234521139]). Total revenues amounted to SEK 1,601 M, an increase of 37 per cent. Product sales amounted to SEK 1,459 M, an increase of 45 per cent. Elocta sales were SEK 417 M and Alprolix sales were SEK 98 M.

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Business highlights Q3 2017

Focus on future growth
37 per cent sales growth in the quarter
601 per cent product sales growth in Haemophilia
Solid development for Orfadin 20 mg and oral suspension in the US
Financial summary Q3 2017 (Q3 2016)

Total revenue was SEK 1,601 M (1,171), an increase of 37 per cent (41 per cent at CER)
Product revenue was SEK 1,459 M (1,009), an increase of 45 per cent (48 per cent at CER)
Gross margin was 70 per cent (67)
EBITA was SEK 536 M (282)
Cash position SEK 1,758 M (SEK 786 M as of 31 December 2016)
Earnings per share 1.20 SEK (0.50)
Financial summary Jan-Sep 2017 (Jan-Sep 2016)

Total revenue was SEK 4,636 M (3,913), an increase of 18 per cent (16 per cent at CER)
Product revenue was SEK 4,171 M (3,404), an increase of 23 per cent (20 per cent at CER)
Gross margin was 72 per cent (71)
EBITA was SEK 1,434 M (1,333)
Earnings per share 2.94 SEK (2.71)
Outlook 2017(1,2) – updated
Sobi now expects total revenues for the full year to be in the range of SEK 6,300 to 6,400 M (6,100-6,200).
Gross margin is expected to be around 70 per cent, unchanged.
Sobi now expects EBITA for the full year to be in the range of SEK 1,900 to 2,000 M (1,700-1,800).

(1) At current exchange rates.

(2) The latest outlook was published on 19 July 2017.

Guido Oelkers, CEO:
"A strong business performance was shown across the portfolio in the third quarter, with the main contributors being Elocta and Alprolix. Elocta sales increased more than 600 per cent compared to the same period last year and Alprolix sales increased with approximately 500 per cent. This strong growth momentum encourages us to be confident around the prospects of our Haemophilia franchise.

Our growth strategy has been designed to capitalise on the substantial potential in Haemophilia. Based on this solid platform we will further balance the business with a broader Specialty Care portfolio to ensure a sustainable company in both the short and long-term".

Financial summary
Q3 Q3 Jan-Sep Jan-Sep Full year
Amounts in SEK M 2017 2016 Change 2017 2016 Change 2016
Total revenues1 1,601 1,171 37% 4,636 3,913 18% 5,204
Gross profit2 1,129 782 44% 3,320 2,791 19% 3,651
Gross margin 70% 67% 72% 71% 70%
EBITA 536 282 90% 1,434 1,333 8% 1,543
EBIT (Operating profit/loss) 426 171 149% 1,092 1,033 6% 1,133
Profit for the period 324 135 141% 791 728 9% 801
(1)Jan-Sep 2016 revenues include a one-time credit received in Q1 of SEK 322 M relating to the first commercial sales of Elocta, and a one-time credit received in Q2 of SEK 386 M relating to first commercial sales of Alprolix.
(2)Jan-Sep 2017 includes a one-time inventory adjustment of SEK 59 M in Q1 due to delayed release of Kineret drug substance manufactured in 2016.
Telephone conference

Financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the results, today at 14:00 CET. The event will be hosted by Sobi’s CEO and President, Guido Oelkers, and the presentation will be held in English.

The presentation can be followed live, or afterwards on www.sobi.com. Slides used in the presentation will be made available on Sobi’s website prior to the telephone conference.

To participate in the telephone conference, please call:

UK: +44 203 008 9809
SE: +46 8 566 426 94
US: +1 855 831 5948

Live audience URL:
View Source

(The recording will be made available via the audience URL within three hours after the live broadcast.)

Sobi’s report for the third quarter 2017 can be found on View Source;Media/Financial-Reports/