Sobi publishes Report for the Third Quarter 2014

Swedish Orphan Biovitrum AB (publ) (Sobi) announced today its results for the third quarter 2014. Revenue totalled SEK 666 M (517), an increase of 29 per cent with contribution from all areas of the portfolio. Product revenues excluding income from Manufacturing and Royalty from ReFacto grew 35 per cent to SEK 532 M.

Business Highlights Q3 20114

Expanded haemophilia development portfolio by electing to include a potentially longer-acting Haemophilia A candidate in collaboration agreement with Biogen IdecOpened North American headquarters office in Waltham, Massachusetts

Financial Highlights Q3 2014 (Q3 2013)

Total revenues were SEK 665.9  M (517.3)Product revenues were SEK 532.3 M (393.5) Gross margin was 59 per cent (59)EBITA was SEK 119.9 M (46.9)Ended the quarter with a cash position of SEK 611.3 M

Significant events after the quarter

Announced that Biogen Idec submitted a Marketing Authorisation Application for Elocta(TM) (rFVIIIFc)  to the European Medicines Agency Decided to cease manufacturing of Multiferon® and close the company's production site in UmeåPlaced the phase 1 study of SOBI002 on clinical hold Decided not to pursue an additional indication for Kepivance®

"The third quarter results come at an exciting time for Sobi, marked by excellent operating momentum across the portfolio, and by a key transition in our pipeline as the launches of Eloctate(TM) and Alprolix® continue", said Geoffrey McDonough, CEO and President. "Elocta, as Eloctate will be known in Europe, now enters its potential approval year following the submission of the Marketing Authorization Application to the European Medicines Agency by our partner Biogen Idec. We are focusing the company on bringing this new generation of therapy to people with Haemophilia across Europe."

Financial Summary                Q3Q3   Jan-SepJan-Sep   Full year   Amounts in SEK M20142013Change20142013Change2013   Total revenues 665.9 517.3 29% 1,901.7 1,566.0 21% 2,176.7   Gross profit 395.3 306.2 29% 1,121.2 925.8 21% 1,284.0   Gross margin 59% 59%   59% 59%   59%   EBITA 119.9 46.9 >100% -81.6 145.9 <-100% 211.0   EBITA excluding Kiobrina write-off1 119.9 46.9 >100% 243.3 145.9 67% 211.0   EBIT (Operating profit/loss) 49.7 -26.3 >100% -292.3 -61.6 <-100% -66.6   Profit/loss for the period 52.7 -56.4 >100% -250.4 -79.5 <-100% -93.0   1 2014 YTD includes write-off relating to Kiobrina of SEK 324.9 M.                           

Outlook 2014 unchanged
Sobi expects 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 third 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 relations Investor relationsOskar Bosson
Head of Communications Jörgen Winroth
Vice President, Head of Investor RelationsT: +46 70 410 71 80 T: +1 347-224-0819, +1 212-579-0506, +46 8 697 2135E: oskar.bosson@sobi.com E: jorgen.winroth@sobi.com

                                                                                        
The information was released for public distribution on 30 October 2014 at 08:00 CET.

Sobi Q3 Report 2014


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Source: Swedish Orphan Biovitrum AB (publ) via Globenewswire
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