Swedish Orphan Biovitrum AB

Latest Results (08.09.2025):

Swedish Orphan Biovitrum AB (Sobi) reported a strong performance in the second quarter of 2025, demonstrating significant growth in revenue and maintaining robust margins. The company continues to advance its strategic portfolio, driven by successful product launches and sustained sales across key therapeutic areas.

Total Revenue Growth

In Q2 2025, Sobi's total revenue increased by 13% to SEK 6,175 million, and by 22% at constant exchange rates (CER), up from SEK 5,442 million in the previous year.

Haematology Segment

Haematology revenue surged by 27% at CER to SEK 4,570 million, primarily due to the launch of Altuvoct (SEK 627 million), strong Doptelet sales (SEK 1,220 million), and continued performance of Aspaveli/Empaveli (SEK 304 million), partially offset by Vonjo sales declining to SEK 302 million.

Immunology Segment

Immunology revenue grew by 11% at CER to SEK 1,288 million, driven by robust sales of Gamifant (SEK 632 million) and steady Kineret sales (SEK 749 million).

Strategic Portfolio Performance

Revenue from Sobi's strategic portfolio increased by 65% at CER to SEK 3,384 million, reflecting strong growth in key products and royalties.

Profitability and Margins

The adjusted EBITA margin improved to 34% (up from 28%), with EBITA reaching SEK 1,863 million. EBIT was SEK 1,010 million, maintaining a healthy margin of 30%. These figures exclude items affecting comparability, primarily restructuring costs.

Earnings Per Share

Earnings per share before dilution stood at SEK 1.85, and after dilution at SEK 1.83. Adjusted EPS before dilution was SEK 2.38, and SEK 2.36 after dilution.

Cash Flow

Cash flow from operating activities was SEK 1,448 million, compared to SEK 2,329 million in the previous year.

Outlook for 2025

Sobi maintains its revenue growth forecast, anticipating a high single-digit percentage increase at CER, and expects the adjusted EBITA margin to remain in the mid-30s percentage range.