Sobi third quarter sales up but earnings down

Swedish drugmaker Swedish Orphan Biovitrum (STO: SOBI) reported an 8% increase in revenues at constant exchange rate, with some product sales growing by more than 20%, while earnings fell.

Total revenues in the third quarter were 786 million Swedish kronor ($91.9 million), an increase of 18% year-on-year or 8% at constant currency. Product revenue was up 10% at constant currency rate, now standing at 645 million kronor. Earnings before interest, tax, depreciation and amortization were down, however, standing at 97 million kronor, while in the same quarter of 2014 they were 120 million kronor. Earnings per share were 2,000 kronor, down from 20,000 kronor in the third quarter of 2014.

Geoffrey McDonough, chief executive and president of Sobi, said: “Gross margin was in line with our expectations, and cash flow increased significantly compared to the same period last year.”