2013-02-21 08:32:42 -
Stockholm, 21 February 2013
Geoffrey McDonough, CEO: "2012 was a year of significant progress for Sobi. We
recorded double digit growth for Kineret® and Orfadin®, revitalized our
distribution partnerships and extended our ReFacto® manufacturing agreement
through 2020. We made significant progress with our pipeline and released
positive top-line data for both of our long-lasting clotting factors for
haemophilia in development with Biogen Idec, and with the approval of Kineret in
NOMID(1)) by the US FDA. Finally, we have achieved our cost discipline targets
for the year, and have executed on our strategy to improve
the gross margin. At
the outset of 2013 we initiated an important partnership in the Partner Products
portfolio with Valeant®/PharmaSwiss, and we have also signed a collaboration
with Savient for the co-promotion of Kineret in the United States. Today we will
offer an additional placement of up to SEK 200 M against our existing bond to
ensure that we can meet the opportunities presented by the pace and scale of our
* Total revenues increased by 8% to SEK 471.9 M (436.4). The corresponding
period in 2011 included revenues from co-promotion for ReFacto AF/BeneFIX®
and discontinued products of SEK 26 M.
* Product revenues(2)) increased by 8% to SEK 356 M (330.1), with double digit
growth for Kineret and Orfadin.
* Gross margin increased to 57% (41%) driven by efficiency gains in
production, and completion of tech transfer for Kineret.
* FDA approved Kineret for treatment of NOMID.
* Write-down of intangible asset related to Multiferon® in the amount of SEK
Full year 2012
* Total revenues increased to SEK 1,923.2 M (1,910.8). 2011 included revenues
from co-promotion for ReFacto AF/BeneFIX and discontinued products of SEK
* Operating expenses decreased by 5% to SEK 941.2 M (994.6), reflecting the
ongoing streamlining of operations.
* Gross margin at 54% (51%).
* Sobi issued a 5-year senior unsecured bond loan in the amount of SEK 600 M.
* Sobi and Biogen Idec announced positive top-line results from A-LONG and B-
LONG phase III clinical studies of the companies' long-lasting recombinant
coagulation factors, rFVIIIFc and rFIXFc. Both were effective in the control
and prevention of bleeding, in routine prophylaxis and perioperative
management, and were generally well-tolerated.
Outlook for 2013
* Total revenues for the full year 2013 are expected to be in the range of SEK
2,000 to 2,200 M
* Revenues for
* Core Products are expected to show high single-digit growth
* Partner Products portfolio is expected to grow by about one third, and
* ReFacto manufacturing and royalty are expected to show low single-digit
* Gross margin is expected to be in the range of 57-59%.
(1)) Neonatal Onset Multi-systemic Inflammatory Disorder (NOMID) is the most
severe form of CAPS (Cryopyrin Associated Periodic Syndromes)
(2)) Product revenues include Core Products and Partner Products
Telephone conference at 2.00 p.m. CET
Financial analysts and media are invited to a telephone conference at 2.00 p.m.
CET the same day, hosted by CEO Geoffrey McDonough, CFO Annika Muskantor and COO
Alan Raffensperger. The presentation will be held in English and can be followed
live or afterwards on our website www.sobi.com. Slides used in the presentation
will be available on our website prior to the telephone conference.
Details for participation
VP Investor Relations
Phone: +46 8 697 20 00
The above information has been made public in accordance with the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was released for public distribution on 21 February 2013 at 8.30
Sobi Press Release on February 21, 2013, in PDF format:
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Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE