Sobi publishes Report for the Second Quarter 2014

Swedish Orphan Biovitrum AB (publ) (Sobi) announced today its results for the second quarter 2014. Revenues totalled SEK 662.5 M (520.2), an increase of 27 per cent  with contribution from all areas of the portfolio. The 2014 outlook is unchanged.

Business Highlights Q 2014

Initiated direct sales of Orfadin® in North AmericaFiled for EU approval of Xiapex® for Peyronie's DiseaseEntered partnership with Tigenix for the commercialisation of ChondroCelect® Released positive topline phase-3 paediatric data regarding Eloctate(TM) from Kids A-LONG Eloctate approved by FDA

Financial Highlights Q2 2014 (Q2 2013)

Total revenues were SEK 662.5  M (520.2)Product revenues were SEK 475.5 M (371.7) Gross margin was 61 per cent (61)EBITA was SEK 86.3 M (37.8)Ended the quarter with a cash position of SEK 503.2 M

"The second quarter marks a solid mid-year position for the company with balanced growth across the commercial portfolio", said Geoffrey McDonough, CEO and President. "From a development perspective, our long-acting factors for haemophilia received several regulatory approvals in collaborator Biogen Idec's territories, helping move these programmes into a pre-launch phase for the company, pending Sobi's opt-in later this year."

Financial SummaryAmounts in SEK MQ2 2014Q2 2013ChangeH1 2014H1 2013ChangeFull Year 2013 Total revenues 662.5 520.2 27% 1 235.8 1 048.7 18% 2,176.7 Gross profit 406.2 316.7 28% 725.9 619.6 17% 1,284.0 Gross margin 61% 61% 59% 59% 59% EBITA 86.3 37.8 >100% -201.5 99.0 <-100% 211.0 EBITA excluding Kiobrina write-off 86.3 37.8 >100% 123.4 99.0 25% 211.0 EBIT (Operating profit/loss) 16.0 -31.9 >100% -342.0 -35.3 <-100% -66.6 Profit/loss for the period 25.6 -10.9 >100% -303.1 -23.1 <-100% -93.0

Outlook 2014 unchanged
For 2014, Sobi continues to expect the company's total revenues for the full year to be in the range of SEK 2,300 to 2,500 million. The gross margin is expected to be in the range of 58-60 per cent. In addition, the operating costs are expected to increase as the company continues to prepare for the planned launch of the haemophilia programmes.

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Sobi's report for the second quarter 2014 can be found on http://www.sobi.com/Investors--Media/Reports/

About Sobi
Sobi is an international specialty healthcare company dedicated to rare diseases. Our mission is to develop and deliver innovative therapies and services to improve the lives of patients. The product portfolio is primarily focused on Inflammation and Genetic diseases, with two late stage biological development projects within Haemophilia. We also market a portfolio of specialty and rare disease products for partner companies. Sobi is a pioneer in biotechnology with world-class capabilities in protein biochemistry and biologics manufacturing. In 2013, Sobi had total revenues of SEK 2.2 billion ($334 M) and about 550 employees. The share (STO: SOBI) is listed on Nasdaq OMX Stockholm. More information is available at www.sobi.com.

For more information please contact Media relationsInvestor relationsOskar Bosson, Head of CommunicationsJörgen Winroth, Vice President, Head of Investor RelationsT: +46 70 410 71 80T: +1 347-224-0819, +1 212-579-0506, +46 8 697 2135oskar.bosson@sobi.comjorgen.winroth@sobi.com

The information was released for public distribution on 18 July 2014 at 08:00 CET.

Sobi Q2 Report 2014


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Source: Swedish Orphan Biovitrum AB (publ) via Globenewswire
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