Sobi publishes its report for the first quarter 2016

Swedish Orphan Biovitrum AB (publ) (Sobi(TM)) today announced its results for the first quarter 2016. Revenue for the quarter totalled SEK 1,273 M (865), an increase of 47 per cent compared to previous year. All parts of the business contributed to the result with Orfadin® and Kineret® delivering strong performance.

Business Summary Q1 2016

• Initiated commercial launch of Elocta® in the first European countries; revenue in the quarter derived almost exclusively from Germany
• European Commission approved transfer of marketing authorisation for Elocta to Sobi
• Sobi and Biogen received recommendation from CHMP that marketing authorisation be granted for Alprolix® for the treatment of haemophilia B
• Received commercialisation rights to three products from PharmaSwiss
• European patent granted for Orfadin oral suspension
• Initiated clinical pipeline programmes for acute gout and Still's disease, and a patent granted for a new formulation of Kineret

Financial Summary Q1 2016 (Q1 2015)

• Total revenue was SEK 1,273 M (865), an increase of 47 per cent (48 per cent at CER)
• Product revenue was SEK 1,108 M (632), an increase of 75 per cent (76 per cent at CER)
• Revenues include a one-time credit from Biogen of SEK 322 M triggered by the first commercial sales of Elocta
• Gross margin was 74 per cent (60)
• EBITA was SEK 502 M (172)
• Earning per share 1.13 SEK (0.28)

"2016 is off to a strong start with excellent financial results, new products added to our Partner Products portfolio, development of two new programmes for Kineret, the launch of Elocta in Europe, and positive opinions regarding Alprolix from the CHMP recommending that marketing authorisation be granted, and from the COMP recommending that the  orphan designation be maintained," said Geoffrey McDonough, CEO and Pesident at Sobi. "In January we began the launch of Elocta in the first European countries, enabling people with haemophilia A in the region access to the first extended half-life factor treatment. Revenue from the quarter derives almost exclusively from Germany, the only market in the EU where pharmaceuticals are immediately reimbursed upon EU approval. We received positive reimbursement decisions late in the quarter in both the Netherlands and Ireland, and continue to advance discussions in Denmark, Sweden and the UK."