Swedish Orphan Biovitrum AB · OMXSTO:SOBI
Swedish Orphan Biovitrum AB — Q2 2011 Earnings Presentation
16 slides from Swedish Orphan Biovitrum AB's earnings presentation, Jul 19, 2011
Slide 1: Interim Report January - June 2011
Interim Report January - June 2011 Stockholm, 19 July 2011 Kennet Rooth, CEO and Lars Sandström, CFO
Slide 2: Summary of Q2 2011
Summary of Q2 2011 • Good volume growth; total revenues -4% as reported, but +7% adjusted for FX and discontinued products • Sales of existing product portfolio increased 11%, adjusted for FX • Gross margin was 56,4%, higher than Q1 ( 52.8%) but lower than Q2 2010 (60.7%) -Primarily affected by FX a
Slide 3: Summary of H1 2011
Summary of H1 2011 • Good volume growth, revenues +3% as reported and +14% adjusted for FX and discontinued products • Gross margin was 54.5% (62.4%) -Primarily affected by FX -Higher production volume and validation batches leading to a lower average unit price for ReFacto® • Lower operating expens
Slide 4: Lars Sandström, CFO
Lars Sandström, CFO
Slide 5: Revenue trend
Revenue trend Total revenues Q2 2010 – Q2 2011 600 500 • Negative currency effect of 400 SEK 41 M 300 • Lower average unit price of 200 ReFacto® due to higher volumes 100 • Product sales +11% adjusted for 0 FX and discontinued products Q2-11 Q1-11 Q4-10 Q3-10 Q2-10 product revenues other revenues 5
Slide 6: EBITA trend
EBITA trend Q2 2010 – Q2 2011 250 50% 45% • EBITA before non-recurring items: 200 40% SEK 180.4* M (58.9) 35% • EBITA margin: 36.8%* (11.6%) 150 30% 25% 100 20% * EBITA excluding impact of Multiferon®: 15% SEK 31.4 M and margin 6.4% 50 10% 5% 0 0% Q2-11 Q1-11 Q4-10 Q3-10 Q2-10 EBITA before restructu
Slide 7: Cash Flow before financing (excl acq.)
Cash Flow before financing (excl acq.) Q2 2010 – Q2 2011 50 0 • Cash flow before financing (excl. Q2-11 Q1-11 Q4-10 Q3-10 Q2-10 -50 acquisitions): SEK -18,5 M (-289,7) -100 -150 • Net investments: SEK 8,3 M (47,4) -200 -250 • Working Capital: SEK -31,4 M (-249,3) -300 -350 Cash Flow incl op investme
Slide 8: Net debt
Net debt Q2 2010 – Q2 2011 1 400 30% 1 200 25% 1 000 • Net debt: SEK 585 M 20% 800 15% 600 10% • Net debt to equity: 12% 400 200 5% 0 0% • Rights issue: SEK 594 M Q2-11 Q1-11 Q4-10 Q3-10 Q2-10 Net debt Net debt / EQ 8
Slide 9: Kennet Rooth, CEO
Kennet Rooth, CEO
Slide 10: Product revenues
Product revenues • Orfadin: strong growth +7% as reported (+19% FX adj.) • Kineret: - 9% as reported after strong Q1 (+3% FX adj.) • Yondelis: strong growth +39% as reported (+45% FX adj.) • Multiferon: strong growth +104% as reported (+120% FX adj.) • Ammonaps: -1% as reported (+7% FX adj.), supply
Slide 11: Markets - Europe
Markets - Europe • Strong growth in Nordic countries + 5% as reported and +23% adjusted for FX and discontinued products • Sales in rest of Europe flat as reported (-1%) and +6% adjusted for FX, despite 2010 price decreases • No further mandatory price decreases, timelines for pricing approvals ”nor
Slide 12: Kineret® in Germany
Kineret® in Germany Example of volume growth vs reported sales • German region our largest European sales region • Kineret is Sobi´s largest selling product (excluding ReFacto®) • 26% volume growth in German region Q2 2011 vs Q2 2010 -FX effect ~ -10% -Price effect ~ -10% ( 10% increase of mandatory
Slide 13: Markets – Americas and RoW
Markets – Americas and RoW Contract organization and distribution partner • After a strong Q1 in North America, In North America sales decreased by 21% in Q2 (+5% FX adj.). • Sales started in Russia and Distribution partner in Australia and additional countries in Middle East. New Zeeland • After pe
Slide 14: Research & Development
Research & Development Indication Product/Project Partner Phase I Phase II Phase III Reg phase Hemophilia A rFVIIIFc BiogenIdec Hemophilia B rFIXFc BiogenIdec Prevent growth retardation in premature infants Kiobrina® CAPS Kineret® Pernicious anemia Nascobal® Strativa Activity Expected timing Kiobrin
Slide 15: Outlook for full year 2011
Outlook for full year 2011 • Uncertainty remains about the recovery in the global economy and currencies • Good growth in volume, revenues expected to increase by 1-5% • Increased manufacturing and shipments of ReFacto® during 2011 • Gross margin lower than 2010 • Continued focus on decreasing inter
Slide 16: DISCLAIMER
DISCLAIMER In order to utilize the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995, Swedish Orphan Biovitrum is providing the following cautionary statement. This presentation contains forward- looking statements with respect to the financial condition,
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