SOBI Q2 ahead of outlook; ups FY forecast

Biotech firm Swedish Orphan Biovitrum (STO: SOBI) on Thursday raised its outlook for full-year revenue and posted a 15% rise in second quarter revenue ahead of estimates. The health care company reported second quarter revenue of 763 million Swedish kronor, up 15% against 663 million  kronor a year ago. While earnings before interest, tax and amortization (EBITA) fell to 74 million kronor, down 14% versus 86 million kronor a year earlier.

The rare disease drugmaker raised its full year outlook on the back of strong results in the last two quarters. The company now expects revenue in the range of 3,000 to 3,200 million  kronor, against 2,800 to 3,000 million kronor forecast earlier. SOBI expects EBITA in the range of 325 to 400 million kronor. The company sees higher operating costs in the full year due to the forthcoming launch of Elocta (rFVIIIFc; recombinant factor VIII Fc fusion protein).

Chief executive of SOBI, Geoffrey McDonough, said the strong first half performance has been boosted by solid growth across the company portfolio.