SOBI posts strong growth in 2015 sales and earnings

Nordic drugmaker Swedish Orphan Biovitrum (STO: SOBI) saw its shares fall 3.3% to 106.40 Swedish kronor in mid-morning trading, after the company released financial results, showing that total net revenue for the fourth quarter of 2015 has increased 15% (+9% at constant currencies) to 814 million kronor ($96.2 million).

Product revenue was 698 million kronor, an increase of 21% (+13% at CC), with gross margin at 64% versus 60% a year earlier. Earnings before interest and tax (EBIT) were 90 million kronor, versus 38 million kroner in the like 2014 quarter.

For full-year 2015, total revenue increased 24% (+14% at CC) to 3.23 billion kronor, with Orfadin (nitisinone) and Kineret (anakinra) delivering strong performance. Product revenue was 2.57 billion kronor, up 29% (+18% at CC), and gross margin was 62% versus 59% for 2014. EBIT came in at 433 million kroner compared with a loss of 43 million kroner for 2014.