Swedish Orphan Biovitrum AB · OMXSTO:SOBI
Swedish Orphan Biovitrum AB — Q2 2013 Earnings Presentation
19 slides from Swedish Orphan Biovitrum AB's earnings presentation, Jul 18, 2013
Slide 1: Q2 Results 2013
Q2 Results 2013 Geoffrey McDonough (CEO) Alan Raffensperger (COO) Mats-Olof Wallin (CFO) Stockholm, 18 July 2013
Slide 2: Highlights Q2 2013
Highlights Q2 2013 Business Financial Q2 2013 (Q2 2012) • Received FDA approval to manufacture • Total revenues: SEK 520 M (481) drug substance for Kineret® • Product revenues: SEK 372 M (316) • Appointed Mats-Olof Wallin Chief • Gross margin: 61 percent (51) Financial Officer • Ended the quarter wi
Slide 3: Pipeline Update
Pipeline Update Haemophilia Kiobrina • Presented new data from the phase 3 • Completed enrolment for Kiobrina® LAIF studies of rFVIIIFc and rFIXFc phase 3 study • KIDS A-LONG and KIDS B-LONG are on track. Expect to release top line data during 2014 • Pre-clinical studies of new factor VIII molecules
Slide 4: Consolidated Results Q2
Consolidated Results Q2 600 Financial Highlights 481 520 • Total Revenues: SEK 520 M (481) 500 400 • Gross Margin: 61% (51) 317 300 • EBITA before non-recurring items: SEK M 247 200 SEK 38 M (-6) 100 38 45 • Cash Flow from operating activities: -6 -29 SEK 45 M (-29) 0 Q2-12 Q2-13 -100 Total revenues
Slide 5: Consolidated Results H1
Consolidated Results H1 1 200 Financial Highlights 1,049 • Total Revenues: SEK 1,049 M (987) 987 1 000 • Gross Margin: 59% (51) 800 620 • EBITA before non-recurring items: SEK M 600 506 SEK 99 M (337) • 2012 included proceeds from sale of co- 400 337 promotion rights of SEK 307.5 M 275 200 176 99 •
Slide 6: Revenues by Business Line Q2 2013
Revenues by Business Line Q2 2013 Early Stage Development Programmes Haemophilia Neonatology Inflammation Genetics SEK 140 M SEK 103 M Partner Products SEK 129 M ReFacto AF® SEK 149 M 6
Slide 7: ReFacto®
ReFacto® • Revenues for manufacturing and Sales (SEK M): ReFacto 4Q rolling 250 1 000 royalty was SEK 149 M (152) • H1 was SEK 333 M (293) 200 800 • Manufacturing revenue was 150 600 SEK 101 M (108) • Q2 includes validation batches of SEK 17 M 100 400 50 200 • Royalty revenue was SEK 48 M (44) 0 0 Q
Slide 8: Results Q2 2013 - Alan Raffensperger (COO)
Results Q2 2013 Alan Raffensperger (COO) Stockholm, 18 July 2013
Slide 9: Kineret
Kineret • Revenue for Kineret was SEK 140 M (105) Sales (SEK M): Kineret 4Q rolling 150 600 • H1 was SEK 256 M (239) 500 • Introduced a price increase for Kineret in 100 400 the US as of April 1 300 50 200 100 0 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 2011 2012 2013 Quarterly K
Slide 10: Orfadin®
Orfadin® Sales (SEK M): Orfadin 4Q rolling • Revenue for Orfadin was SEK 83 M (89) 120 400 • Revenue for Orfadin H1 was SEK 193 M (183) 350 100 300 80 250 60 200 150 40 100 20 50 0 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 2011 2012 2013 Quarterly Orfadin 4Q rolling 10
Slide 11: Partner Products
Partner Products Sales (SEK M): Partner Products 4Q rolling • Revenue for Partner Products was 140 600 SEK 129 M (102) • Revenue for Partner Products H1 was 120 SEK 226 M (217) 100 400 80 • The PharmaSwiss/Valeant portfolio is 60 now fully integrated into operations 200 40 20 • Recent Auxilium partn
Slide 12: Results Q2 2013 - Mats-Olof Wallin (CFO)
Results Q2 2013 Mats-Olof Wallin (CFO) Stockholm, 18 July 2013
Slide 13: Income Statement
Income Statement Amounts in SEK M Q2-13 Q2-12 H1-13 H1-12 Total revenues 520 481 1 049 987 Gross profit 317 247 620 506 Gross Margin 61% 51% 59% 51% Sales and Administration -155 -152 -279 -279 Research and development -121 -109 -240 -206 Other operating revenues/expenses -3 8 -2 8 Adjusted EBITA 38
Slide 14: Balance Sheet
Balance Sheet Jun Jun Dec Amounts in SEK M 2013 2012 2012 ASSETS Intangible 4 767 4 803 4 533 Tangible and financial 154 148 130 Total non-current assets 4 921 4 951 4 663 Inventories 703 810 700 Accounts recievable 383 351 343 Other Receivable 143 249 155 Cash and equivalent 438 350 457 Total curre
Slide 15: Cash Flow
Cash Flow • Ended the quarter with SEK 438 M in cash 300 • SEK 45 M cash flow from operations 200 • SEK 6 M change in working capital SEK M 100 0 -100 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Cash flow before financing Change in working capital 15
Slide 16: Net Debt
Net Debt 500 50% • Ended the quarter with SEK 438 M in cash 400 40% • Long-term debt – unchanged 300 30% • Ended the quarter with a net debt of SEK M SEK 366 M 200 20% 100 10% 0 0% Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Net debt Net debt / Equity 16
Slide 17: Outlook 2013 Unchanged
Outlook 2013 Unchanged Revenues Total revenues are expected to be in the range of MSEK 2,000 to 2,200 • Key Therapeutic Areas – high single-digit growth • Partner Products – growth by 30% • ReFacto manufacturing and royalty – single-digit growth Gross Margin In the range of 57-59% The outlook was fi
Slide 18: Investor Update Planned November 2013
Investor Update Planned November 2013 Sobi will host investor events in November 2013 in Stockholm and New York City to give some perspectives on our on-going and early stage pipeline programs 18
Slide 19: Summary
Summary 1. Diversified commercial portfolio focused on improving cash flow and profitability 2. Working to efficiently commercialize 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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