Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q1 2017 Earnings Presentation
25 slides from Swedish Orphan Biovitrum Ab's earnings presentation, Apr 28, 2017
Slide 1: Q1 results presentation
Geoffrey McDonough, CEO Mats-Olof Wallin, CFO 28 April 2017 Q1 results presentation 2017
Slide 2: 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 is providing the following cautionary statement. This presentation contains forward-looking statements with respect to the finan
Slide 3: Business highlights Q1 2017
Business highlights Q1 2017 • First patients enrolled in a 24 month real-world study for Elocta® • EMA approved higher capacity Elocta drug substance manufacturing • New data for Alprolix® published in Lancet Haematology and in Thrombosis and Haemostasis • Haemophilia B development portfolio expande
Slide 4: Financial highlights Q1 2017
Financial highlights Q1 2017 1 600 Total revenue • Total revenue: SEK 1,396 M (1,273) 1 400 10% growth (6% at CER) 1 200 • Product revenue: SEK 1,269 M (1,108) 15% growth (10% at CER) 1 000 Product revenue • ReFacto revenue: SEK 127 M (165) 800 600 • Gross margin: 74% (74%) 400 • EBITA: SEK 406 M (5
Slide 5: Financial highlights Q1 2017 (adjusted)
Financial highlights Q1 2017 (adjusted for one-time inventory release Q1 2017 and credit in Q1 2016) 1 600 • Sales: SEK 1,396 M (951) 1 400 • Increase of 47% Total revenue • Excludes one-time credit SEK 322 M 1 200 • Product revenue: SEK 1,269 M (786) 1 000 • Increase of 61% 800 • Excludes one-time
Slide 6: Revenues by business line Q1 2017
Revenues by business line Q1 2017 SEK 216 M SEK 303 M SEK 571 M SEK 179M USD 24 M USD 34 M USD 64 M USD 20 M 6%* +14%* +16%* -6%* SEK 127 M, USD 14 M -24%* *Growth at Constant Exchange Rates USD 1 = SEK 8,9229 (average year rate) 6
Slide 7: ReFacto
ReFacto • Revenue for manufacturing and Revenues (SEK M): ReFacto royalty SEK 127 M (165) 250 1 000 • decrease of 23% 200 800 • Manufacturing revenue 150 600 SEK 121 M (137) 100 400 • Royalty revenue SEK 6 M (28) 50 200 • Royalty to Sobi from ReFacto AF sales outside of the US ceased 1 0 0 June 2016
Slide 8: Commercial results Q1 2017
Commercial results Q1 2017
Slide 9: Haemophilia
Haemophilia • Total revenue SEK 571 M (466) Royalty and Sales Revenues (SEK M): Haemophilia • SEK 300 M (20) in sales 700 • SEK 270 M (445) in estimated royalty 600 revenue 500 400 300 200 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 Royalty Sales Milestone One-time credit 9
Slide 10: Redefining protection in Haemophilia
Redefining protection in Haemophilia Adapted from Oldenburg J. Blood 2015.1
Slide 11: Elocta
Elocta • Sales revenue SEK 250 M (20) Sales Revenues (SEK M): Elocta • Increase of 85% compared to Q4 2016 300 • Derived mainly from France, UK, Germany and Italy 200 • Now reimbursed in 16 countries 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 Quarterly 11
Slide 12: Elocta launch update
Elocta launch update March 2017 FI NO SE DK IE UK LUX NL PO BE DE AT SK FR CH CZ HU RO IT SL BG PT ES GR Algeria Kuwait Saudi Arabia UAE Reimbursement granted – treatment available Pricing & reimbursement decision-making in process 12
Slide 13: Sobi and Bioverativ to investigate Elocta/ELOCTATE for Immune Tolerance Induction in 2017
Sobi and Bioverativ to investigate Elocta/ ELOCTATE for Immune Tolerance Induction in 2017 ‘First ITI attempt’ Study ‘Rescue ITI’ Study Objective: To investigate rFVIIIFc for Objective : To investigate rFVIIIFc for ITI in patients with severe haemophilia ITI in patients with severe A with inhibitors
Slide 14: Alprolix
Alprolix • Sales revenue SEK 50 M (0) Sales Revenues (SEK M): Alprolix • Increase of 28% compared to Q4 60 2016 • Derived mainly from Germany, UK 40 and Switzerland • Reimbursed in 8 countries 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 Quarterly 14
Slide 15: Alprolix launch update
Alprolix launch update March 2017 FI NO SE DK IE UK NL BE DE AT SL SK FR CH RO ITCZ BG PT ES Algeria Saudi Arabia UAE Reimbursement granted – treatment available Pricing & reimbursement decision-making in process 15
Slide 16: Kineret
Kineret • Revenue SEK 277 M (227) Revenues (SEK M): Kineret • Increase of 22% 300 1 200 250 1 000 • Growth driven by 200 800 • Implementation of new US patient support program 150 600 • EMENAR highlights were Turkey, France, Germany and Italy 100 400 50 200 • First patient randomised in the phase 0
Slide 17: Orfadin
Orfadin • Revenue SEK 216 M (198) Revenues (SEK M): Orfadin • increase of 9% 250 1 000 200 800 • North America • Performance in the US supported by 150 600 20 mg and oral suspension launches 100 400 • In-use storage at room temperature 50 200 approved by the FDA 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Once
Slide 18: Partner Products
Partner Products • Revenue SEK 179 M (187 M) Revenues (SEK M): Partner Products • Decrease of 5% 250 1 000 • Due to Ammonul and Ravicti phasing 200 800 • Consistent base business growth led by Xiapex 150 600 – Overall portfolio growing 4% 100 400 50 200 • Divestment discussions ongoing 0 0 Q1 Q2 Q3
Slide 19: Financial results Q1 2017
Financial results Q1 2017 Mats-Olof Wallin
Slide 20: Profit & loss statement
Profit & loss statement Amounts in SEK M Q1-17 Q1-16 FY 2016 Total revenues 1,396 1,273 5,204 Gross profit 1,028 944 3,651 Gross Margin 74% 74% 70% Adjusted gross margin * 69% (65%) excluding Sales and Administration -382 -315 -1,366 one-time events: Research and development -218 -138 -778 Other ope
Slide 21: Balance sheet
Balance sheet Amounts in SEK M Mar 2017 Dec 2016 Mar 2016 ASSETS Intangible 6,747 6,806 5,661 Tangible and other 281 257 198 Total non-current assets 7,028 7,063 5,858 Inventories 988 870 810 Accounts receivable 888 769 505 Other Receivable 396 487 260 Cash and equivalent 1,032 786 1,108 Total curre
Slide 22: Summary
Summary Geoffrey McDonough, CEO
Slide 23: Outlook 2017
Outlook 2017* Revenues Sobi expects total revenues for the full year to be in the range of SEK 5,800 to 6,000 M Gross margin Gross margin is expected to be in the range of 66 to 68 per cent EBITA Sobi expects EBITA for the full year to be in the range of SEK 1,600 to 1,700 M *The outlook was first p
Slide 24: Building our future
Building our future Strong focus on our business and capabilities within rare diseases 1. Diverse, growing, and profitable base business in Europe and North America focused on rare diseases 2. Launching first-to-market long- acting haemophilia factors in Sobi territory* 3. Growing the business organ
Slide 25: Pioneer in Rare Diseases
@sOobl Pioneer in Rare Diseases
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