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Report for the Fourth Quarter and Full Year 2012
(Thomson Reuters ONE via COMTEX) --
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 NOMID1) 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 Haemophilia programs."
Fourth quarter
- 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 revenues2) 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 162 M.
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 150 M.
- 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 growth.
- 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
Please call:
SE: +46850556476
UK: +442033645371
US: +18776792993
Yours sincerely,
Jorgen Winroth,
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 CET.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE
HUG#1679887
Sobi Press Release on February 21, 2013, in PDF format - http://hugin.info/134557/R/1679887/548713.pdf
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