Sobi Publishes Q4 2024 Report: A Solid Ending to a Strong Year

Swedish Orphan Biovitrum AB (publ) (Sobi®) today announced its report for the fourth quarter 2024, marking a solid conclusion to a successful year. The company's total revenue increased by 9% at constant exchange rates (CER) to SEK 7,436 M (6,844 M), driven by strong performance in its haematology portfolio and strategic initiatives.

Haematology Revenue Growth

Sobi's haematology revenue increased by 22% at CER to SEK 4,487 M (3,640 M), primarily due to:

* Strong sales of Doptelet®, which grew by 114% to SEK 1,147 M (727 M).
* Launch sales of Altuvoct®, contributing SEK 302 M (2 M) to the portfolio.
* Higher than expected sales of Vonjo®, reaching SEK 416 M (322 M).
* Growth in sales of Aspaveli®/Empaveli®, which increased by 69% to SEK 269 M (186 M).

These products contributed significantly to the overall growth of the haematology portfolio in Q4 2024.

Immunology Revenue Decline

Immunology revenue decreased by 12% at CER to SEK 2,564 M (2,905 M), mainly due to:

* Low Synagis® sales, which fell by 92% to SEK 68 M (897 M).
* Although Beyfortus® royalty and Kineret® sales partially offset this decline, the overall immunology revenue decreased.

The strategic portfolio, which includes Altuvoct, Aspaveli/Empaveli, Doptelet, Gamifant®, Vonjo, and Zynlonta®, as well as royalties on Sanofi's sales of Altuviiio® and Beyfortus, grew by 50% at CER to SEK 4,099 M (2,722 M). This contributed significantly to the overall revenue growth in haematology.

Financial Performance

The adjusted EBITA margin was 34% (38%), excluding items affecting comparability (IAC). EBITA was SEK 2,572 M (2,502 M), corresponding to a margin of 35% (37%). EBIT was SEK 1,662 M (1,610 M). Earnings per share (EPS) before dilution was SEK 4.07 (3.02), and adjusted EPS before dilution was SEK 4.03 (3.21). Cash flow from operating activities was SEK 1,797 M (1,073 M).

Outlook

Sobi anticipates revenue to grow by a high single-digit percentage at CER in 2025, with the adjusted EBITA margin expected to be in the mid-30s percentage of revenue. The company will not propose a dividend for the 2024 financial year.




In conclusion, Sobi's Q4 2024 report demonstrates a strong finish to a successful year, with haematology revenue growth driven by key products and strategic initiatives. The company's outlook for 2025 remains positive, with expectations for continued revenue growth and a mid-30s adjusted EBITA margin.