Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q1 2018 Earnings Presentation
26 slides from Swedish Orphan Biovitrum Ab's earnings presentation, Apr 26, 2018
Slide 1: Q1 2018 Results
Q1 2018 Results 26 April 2018
Slide 2: Agenda and presenters
AGENDA PRESENTERS Introduction Guido Oelkers Chief Executive Officer and President Business review Financials Pipeline Mats-Olof Wallin Summary Chief Financial Officer CFO 1
Slide 3: Forward looking statements
Forward looking statements In order to utilize the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995, Swedish Orphan Biovitrum AB (publ) is providing the following cautionary statement, This presentation contains forward-looking statements with respect to
Slide 4: Q1 Highlights
Q1 Highlights • Total revenues of SEK 1,964 M (1,396) • 41 per cent sales growth in the quarter compared to Q1 2017 (43 per cent at CER) • EBITA increased by 90 per cent to SEK 771 M (406) • Net cash position of SEK 1,744 M (1,472 as of 31 December 2017) • New contract signed for Elocta® with Health
Slide 5: Significant events after the reporting period
Significant events after the reporting period • Kineret received EC approval for the treatment of Still’s disease • Fredrik Wetterlundh was appointed as Head of Human Resources 4
Slide 6: Financial highlights Q1
Financial highlights Q1 Total Revenue (SEK M) Total Revenue (SEK M) 2 500 Q1 Q1 Change 2 000 2018 2017 Revenue (SEK M) 1,964 1,396 +41% 1 500 1 000 Gross margin 72% 74% 500 EBITA (SEK M) 771 406 +90% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Cash flow from 277 323 -14% 2016 2017 2018 operations (SEK M) Revenues
Slide 7: Revenues per region Q1 2018
Revenues per region Q1 2018 1% SEK 28 M 15% SEK 299 M Europe 4% SEK 77 M MENAR North America 80% ROW SEK 1,560 M
Slide 8: Business review Q1
Business review Q1 Guido Oelkers
Slide 9: Haemophilia – growth based on innovation
Haemophilia – growth based on innovation • Safety established in thousands of patients • Unique use of Fc fusion technology in haemophilia utilising a natural pathway in the body • Factor replacement therapy: standard of care • Evidence shows improved joint health • Prophylactic treatment with Eloct
Slide 10: Haemophilia – yet another strong quarter
Haemophilia – yet another strong quarter • Total revenue of SEK 1,222 M (698) Sales Revenues (SEK M): Haemophilia • SEK 801 M (300) in product sales revenue 1,400 • SEK 301 M (277) in royalty revenue 1,200 • ReFacto royalty for the US ceased 1 feb 2018 1,000 • SEK 120 M (121) in manufacturing 800 re
Slide 11: Elocta – becoming the standard of care
Elocta – becoming the standard of care • Sales revenue of SEK 649 M (250) Sales Revenues (SEK M): Elocta • SEK 398 M (159 per cent) growth • The main drivers for growth were 700 France, Germany, Italy and the UK 600 • Acceleration in uptake in larger markets 500 • Reimbursed in 24 countries 400 300
Slide 12: Alprolix – first EHL for haemophilia B in France
Alprolix – first EHL for haemophilia B in France • Sales revenue of SEK 153 M (50) Sales Revenues (SEK M): Alprolix • SEK 103 M (204 per cent) growth • The main drivers for growth were 200 Germany, Italy, RoI and UK 150 • Received reimbursement in France • Reimbursed in 16 countries 100 50 0 Q1 Q2 Q
Slide 13: Manufacturing revenues – stable source of income
Manufacturing revenues – stable source of income • Revenue for ReFacto manufacturing SEK Revenues (SEK M): Manufacturing 120 M (121) • Decrease of 1 per cent due to phasing effects 250 1 000 200 800 150 600 100 400 50 200 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 Quarterly 4Q-rolling 12
Slide 14: Specialty Care – core strengths
Specialty Care – core strengths • World-class commercialisation platform • Lifecycle management & indication expansion • Partner product portfolio with expansion possibilities 13
Slide 15: Specialty Care – strong sales in the US
Specialty Care – strong sales in the US • Revenue of SEK 742M (698) Revenues (SEK M): Specialty Care • An increase of 6 per cent (9 per cent at CER) 1,000 4,000 • Growth driven by Kineret and Orfadin 750 3,000 • Ravicti launched in major European markets • Solid growth for Xiapex 500 2,000 • An incr
Slide 16: Orfadin – increased market share for new formulations
Orfadin – increased market share for new formulations • Revenue SEK 224 M (216) Revenues (SEK M): Orfadin • increase of 4 per cent (7 per cent at CER) 250 1,000 200 800 • Growth across EMENAR and North America driven by the new formulations 150 600 • Impact from generics has not yet been realised 10
Slide 17: Kineret – double digit growth driven by continued investment
Kineret – double digit growth driven by continued investment in development • Revenue SEK 297 M (277) Revenues (SEK M): Kineret • increase of 7 per cent (12 per cent at CER) 400 1,600 300 1,200 • Strong growth mainly driven by North America and the high interest in the IL-1 field 200 800 • Kineret r
Slide 18: Financial results
Financial results Mats-Olof Wallin 17
Slide 19: Profit & loss statement
Profit & loss statement Q1 Q1 Full-year Amounts in SEK M 2018 2017 Change 2017 Total revenues 1,964 1,396 41% 6,511 Total cost of goods and services sold -552 -368 50% -1,854 Gross profit 1,412 1,028 37% 4,657 Gross margin 72% 74% 72% Sales and administrative expenses -433 -382 13% -1,644 Research a
Slide 20: Balance sheet
Balance sheet Mar Dec Mar Mar Dec Mar Amounts in SEK M 2018 2017 2017 2018 2017 2017 Assets Equity and liabilities Intangible assets 6,343 6,445 6,747 Shareholders’ equity 7,215 6,701 5,609 Tangible and other non-current assets 333 301 281 Long-term liabilities 5 5 502 Total non-current assets 6,676
Slide 21: Pipeline
Pipeline Guido Oelkers 20
Slide 22: A rare disease pipeline with increasing value
A rare disease pipeline with increasing value Therapeutic area/Indication Product/Project Pre-clinical Phase 1 Phase 2 Phase 3 Phase 4 Haemophilia A Elocta/A-SPIRE Haemophilia A Elocta/PUP A HAEMOPHILIA Haemophilia A XTEN*/BIVV001 Haemophilia A Elocta/ASURE Haemophilia A Elocta/reITIrate Haemophilia
Slide 23: Summary
Summary Guido Oelkers @sobli
Slide 24: Outlook 2018
Outlook 20181,2 • Sobi expects total revenues for the full-year to be in the range of SEK 7,900 – 8,100 M (7,500 – 7,700) • Gross margin is expected to be at least 70 per cent (unchanged) • Sobi expects EBITA for the full-year to be in the range of SEK 2,800 – 3,000 M (2,500 – 2,700) 1At current exc
Slide 25: Our strategic direction
Our strategic direction Further internationalisation and commercialisation of Haemophilia Build Specialty Care Vision as the preferred partner To be recognised as a global leader in providing innovative Strengthen position treatments that in the US and EMENAR transform lives for individuals with rar
Slide 26: Q&A
Q&A
Swedish Orphan Biovitrum AB (Sobi) — Q1 2018 Earnings Presentation on 6ix