Sobi downgrades annual revenue estimate for 2020

Swedish Orphan Biovitrum (STO: SOBI), also known as Sobi, saw its share price tumble by 5% in six hours of Thursday’s trading.

The company had just presented its third-quarter 2020 financial results, revealing revenue of 2.97 billion Swedish kronor ($340 million), a 1% rise on the same period of 2019. Earnings before interest, taxes and amortization (EBITA) were 15% down on a year ago at 933 million kronor.

Sobi has revised its outlook for 2020, predicting revenue of between 15 billion kronor and 15.5 billion kronor, with the upper end of that scale having been brought down from the previous 16 billion kronor. EBITA is now forecast to be between 5.7 billion kronor and 6.2 billion kronor, where previously 5.5 billion kronor to 6.3 billion kronoor had been predicted.