Swedish Orphan Biovitrum posts strong 1st-qtr sales and earnings growth

Nordic rare diseases specialist Swedish Orphan Biovitrum (STO: SOBI) today announced its results for the first quarter 2016. Revenue for the quarter totalled 1.27 billion Swedish kronor ($156.6 million), an increase of 47% (+48% at constant exchange rates) compared to the like, previous year quarter, but coming in under average forecasts of 1.336 billion kronor from analysts polled by Reuters. Sobi shares dipped 1.6% to 118.20 kronor.

All parts of the business contributed to the result with Orfadin (nitisinone) and Kineret (anakinra) delivering strong performance. Revenues include a one-time credit from Biogen 322 million kronor triggered by the first commercial sales of hemophilia treatment Elocta (efmoroctocog alfa), which saw its first launch at the beginning of this year (The Pharma Letter January 11).

Operating profit came in at 410 million kronor versus 102 million kronor a year ago. Gross margin was 74% (60% a year ago). Earnings before interest and taxes (EBITA) were 502 million kronor, beating consensus expectations of 463 million kronor ,compared with 172 million kronor a year ago, while earning per share were 1.13 kronor (versus 0.28 kronor).