Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q1 2014 Earnings Presentation
20 slides from Swedish Orphan Biovitrum Ab's earnings presentation, May 8, 2014
Slide 1: Q1 Results 2014
Q1 Results 2014 Geoffrey McDonough │ CEO Alan Raffensperger │ COO Mats-Olof Wallin │ CFO Stockholm | 8 May 2014
Slide 2: Highlights Q1 2014
Highlights Q1 2014 Business Q1 Events After the Quarter • US FDA approved Alprolix™ • Positive phase 3 paediatric data from • Kiobrina® pivotal phase 3 study did not Kids A-LONG study meet primary endpoint • Initiated direct sales for Orfadin® in the • Cometriq™ approved in Europe for the US treatme
Slide 3: Highlights Q1 2014
Highlights Q1 2014 600 573 Financial Q1 2014 (Q1 2013) 529 500 • Total revenues: SEK 573 M (529) 400 • An increase of 8% 320 300 303 • Product revenues: SEK 406 M (345) • An increase of 18% 200 SEK M 131 135 • Gross Margin: 56% (57) 100 61 61 37 • EBITA: SEK -288 M (61) 0 -288 • EBITA excluding Kiob
Slide 4: FY Revenue by Business Line
FY Revenue by Business Line Early Stage Development Programmes Haemophilia SEK 11 M USD 2 M Genetics & Inflammation +6% SEK 124 M Metabolism -18% SEK 106 M USD 19 M USD 16 M Partner Products SEK 164 M +70% USD 25 M ReFacto AF® SEK 168 M USD 26 M -9% USD 1 = SEK 6.46 4
Slide 5: ReFacto AF®
ReFacto AF® Sales (SEK M): ReFacto • Q1 revenue for manufacturing and royalty 200 600 SEK 168 M (184) 180 • decrease of 9% 500 160 • due to variation in quarterly deliveries to Pfizer 140 400 120 100 300 • Q1 manufacturing revenue 80 SEK 142 M (160) 200 60 40 100 • Q1 royalty revenue SEK 26 M (24) 2
Slide 6: Results Q1 2014
Results Q1 2014 Alan Raffensperger │ COO Stockholm | 8 May 2014
Slide 7: Kineret®
Kineret® Sales (SEK M): Kineret • Q1 revenue SEK 124 M (117) 180 600 • increase of 6% 160 500 140 • US Q1 volumes were impacted by larger 120 400 orders in Q4 2013 100 • in-market demand stable 300 80 60 200 • EU continued good volume growth 40 100 20 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2013 2014 Qu
Slide 8: Orfadin
Orfadin Sales (SEK M): Orfadin • Q1 revenue SEK 76 M (109) 120 400 • decrease of 30% 350 • Sobi recorded no US sales in Q1 100 300 • Revenue impacted by planned one-time 80 250 stock return from termination of US 60 200 distribution agreement • in-market demand is growing 150 40 100 • Initiated dire
Slide 9: Partner Products
Partner Products Sales (SEK M): Partner Products • Q1 revenue SEK 165 M (97) Sales (MSEK): Partner Products 200 700 • increase of 70% 180 600 160 140 500 • The growth driven by new partnerships 120 400 signed in 2013 and by growth of the 100 300 base portfolio 80 60 200 40 20 100 • New partnership s
Slide 10: Financials Q1 2014
Financials Q1 2014 Mats-Olof Wallin │ CFO Stockholm | 8 May 2014
Slide 11: Profit and Loss Statement
Profit and Loss Statement • Kiobrina outcome is fully reflected in the Amounts in SEK M Q1-14 Q1-13 SEK 325 M write-off Total revenues 573 529 • Mostly relating to intangible assets and inventory • Cash flow impact relating to termination costs Gross profit 320 303 for the year is expected to be SEK
Slide 12: Balance Sheet
Balance Sheet Mars Mars Dec Amounts in SEK M 2014 2013 2013 ASSETS Intangible 4 303 4 834 4 637 Tangible and financial 159 126 152 Total non-current assets 4 462 4 960 4 789 Inventories 678 681 726 Accounts receivable 377 402 415 Other Receivable 133 112 145 Cash and equivalent 574 401 445 Total cur
Slide 13: Net Debt
Net Debt 500 50% • End of quarter cash position: SEK 574 M • Stronger sales + improved debt collection 400 40% • Net debt SEK 222 M 300 30% SEK M 200 20% 100 10% 0 0% Q3-13 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q4-13 Q1-14 Net debt Net debt / Equity 13
Slide 14: Summary and Outlook
Summary and Outlook Geoffrey McDonough │ CEO Stockholm | 8 May 2014
Slide 15: Outlook 2014
Outlook 2014 Revenues MSEK 2,300 to 2,500 Gross Margin 58-60% Operating costs Operating costs are expected to increase as the company continues to prepare for the planned launch of the Haemophilia programmes. The outlook was first published in the 2013 Q4 report on 20 February 2014. 15
Slide 16: Strategic Priorities
Strategic Priorities 1. Near-term focus on growth in our base business, with sustainable positive cash flow from operations. 2. Medium-term investments to ensure successful commercialisation of our haemophilia programmes. 3. Long-term growth will come organically and through acquisitions. 16
Slide 17: Building a Leading Rare Disease Company
Building a Leading Rare Disease Company EBITA Short-term Medium-term Long-term Early Programmes Haemophilia Haemophilia royalties Genetics & Metabolism Inflammation Partner Products ReFacto 2012 - 2013 2014 - 2015 2016 + TIME 17
Slide 18: Building Our Future
Building Our Future 1. Diverse, growing, and profitable base business focused on rare diseases 2. First to market, long-lasting haemophilia factors will potentially enter exclusive Sobi territories in the near term (current market USD 3.7B) 3. Pipeline of rare disease biologics 18
Slide 19: Key Events Calendar 2014 - 2015
Key Events Calendar 2014 - 2015* Kepivance HNC FDA meeting Fc8 US launch SOBI002 phase 1 data Fc8 paediatric data Fc8 opt-in Q2 Q3 Q4 Q1 Q2 Fc9 US launch Fc9 paediatric Orfadin direct data sales in NA * Timing for all events is indicative 19
Slide 20: Summary
Summary 1. Diversified commercial portfolio focused on improving cash flow and profitability 2. Working to efficiently commercialise our proprietary innovative medicines for rare disease patients globally 3. Business model oriented to building value through partnerships from global early stage biolo
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