Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q1 2022 Earnings Presentation
23 slides from Swedish Orphan Biovitrum Ab's earnings presentation, Apr 28, 2022
Slide 1: Q1 2022 report
Q1 2022 report Conference call for investors and analysts 28 April 2022
Slide 2: Forward-looking statements
Forward-looking statements In order to utilise the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995, Swedish Orphan Biovitrum AB (publ) (Sobi®) is providing the following cautionary statement: This presentation contains forward-looking statements with re
Slide 3: Agenda and presenters
Agenda and presenters Overview and business Guido Oelkers, Chief Executive Officer Financials Henrik Stenqvist, Chief Financial Officer Pipeline Anders Ullman, Head of R&D, Chief Medical Officer Summary and Q&A All 3
Slide 4: Overview: a good start in 2022
Overview: a good start in 2022 • Revenue up 24%, incl. phasing of Doptelet® sales to China +24% • Launch medicines1 up 126% Q1 2022 revenue • EBITA margin 26%, incl. provision for expected credit losses in Russia and restruc- turing (contract manufacturing closure, site simplification, efficiency pr
Slide 5: Business: strong growth amongst all disease areas and increased diversification across global regions
Business: strong growth amongst all disease areas and increased diversification across global regions Q1 ’22 change ratio Q1 ’22 change ratio SEK M % % SEK M % % Haematology 2,499 25 52 Europe 1,803 6 38 – haemophilia 1,777 7 37 North America 2,117 29 42 Immunology 2,119 24 42 Rest of world 672 149
Slide 6: Haematology: haemophilia grew 7% from a low Q1'21 base
Haematology: haemophilia grew 7% from a low Q1’21 base Elocta® Haemophilia expected to Alprolix® +15% Q1 continue stability in 2022 -3% Q1 Elocta • Growth in patients and factor consumption coupled with a lower base in Q1’21 Alprolix • Growth in patients offset by slightly lower consumption and pric
Slide 7: Haematology: Doptelet benefitted from phasing of sales to the partner in China
Haematology: Doptelet benefitted from phasing of sales to the partner in China Doptelet +197% Q1 • Continued US launch progress • Early launches in Europe accelerated with Germany as the largest contributor • Phasing of sales to partner in China. In China, Doptelet has NRDL1 inclusion 1. National Re
Slide 8: Aspaveli launched in Europe for PNH
UK sales commenced in late March SEK 4 M in Q1 2022 now launched in revenue from Europe for PNH1 MEA2 and the UK Launch anticipated in Germany and France in Q2 2022 1. In the EU and the UK, Aspaveli is indicated for the treatment of adult patients with paroxysmal nocturnal haemoglobinuria (PNH) who
Slide 9: Immunology: Kineret and Gamifant saw continued growth
Immunology: Kineret and Gamifant saw continued growth Kineret® Gamifant +11% Q1 +27% Q1 Kineret • COVID-19 supplies in emerging markets partly offset by the US. Underlying growth remained single-digit Gamifant • Some growth in new patients offset by patients concluding their treatment Revenue in SEK
Slide 10: Immunology: early Synagis use held up
Immunology: early Synagis use held up Synagis® +31% Q1 • Growth driven by patients that remained on treatment despite the early start to the US RSV1 season as well as the lower base in 2021 caused by reduced infection levels • With RSV infections remaining low, there is uncertainty as to the timing
Slide 11: Agenda and presenters
Agenda and presenters Overview and business Guido Oelkers, Chief Executive Officer Financials Henrik Stenqvist, Chief Financial Officer Pipeline Anders Ullman, Head of R&D, Chief Medical Officer Summary and Q&A All 11
Slide 12: Revenue and profit & loss
Revenue and profit & loss Q1 Q1 Full-year Total revenue (SEK M) 2022 2021 Change 2021 Total revenue 4,925 3,661 35% 15,529 Haematology Immunology Specialty Care Gross profit 3,409 2,935 16% 12,045 4 896 4 925 Gross margin1 69% 80% 78% 324 307 EBITA1 1,290 1,484 -13% 5,575 3 661 3 761 EBITA adjusted1
Slide 13: Net debt: continued strong cash generation in Q1 2022
Net debt: continued strong cash generation in Q1 2022 9 500 293 15 8 321 157 -1 644 Operating cashflow Currency effect Net debt Mar Net debt Dec Investments Other Absolute amounts in SEK million and at actual exchange rates. 13
Slide 14: 2022 outlook
2022 outlook Revenue Anticipated to grow by a mid to high single-digit percentage at CER1 EBITA margin Anticipated to be at a low 30s percentage of revenue (now based on EBITA margin adjusted2) 1. Constant exchange rates 2. Excluding items affecting comparability. 14
Slide 15: Agenda and presenters
Agenda and presenters Overview and business Guido Oelkers, Chief Executive Officer Financials Henrik Stenqvist, Chief Financial Officer Pipeline Anders Ullman, Head of R&D, Chief Medical Officer Summary and Q&A All 15
Slide 16: Pipeline: significant progress on approvals and other milestones
Pipeline: significant progress on approvals and other milestones Major pipeline milestones since the previous quarterly report Regulatory Aspaveli PNH UK approval Gamifant pHLH1 China Other Efanesoctocog haemophilia A positive XTEND-1 phase 3 study significant alfa milestones XTEND-Kids phase 3 stud
Slide 17: Efanesoctocog alfa XTEND-1 phase 3 study positive
Zero median annualised bleeding rate1 efanesoctocog alfa (BIVV001) Potential to XTEND-1 phase 3 transform News flow study positive haemophilia 0.71 A therapy H2 2022 US BLA2 mean annualised 2023 bleeding rate1 XTEND-Kids data EU filing3 1. The study met the primary endpoint, showing a clinically mea
Slide 18: Pipeline news flow
Pipeline news flow Anticipated major upcoming pipeline news flow H1 2022 H2 2022 2023 Aspaveli/Empaveli – IC-MPGN and Efanesoctocog alfa – haemophilia Efanesoctocog alfa – haemophilia A C3G1: phase 3 study first patient A: regulatory submission (US) (by (paediatric): XTEND-Kids phase 3 dosed (by Ape
Slide 19: Agenda and presenters
Agenda and presenters Overview and revenue Guido Oelkers, Chief Executive Officer Financials Henrik Stenqvist, Chief Financial Officer Pipeline Anders Ullman, Head of R&D, Chief Medical Officer Summary and Q&A All 19
Slide 20: Summary: a good start in 2022
Summary: a good start in 2022 • Revenue up 24%, incl. phasing of Doptelet sales to China +24% • Launch medicines1 up 126% Q1 2022 revenue • EBITA margin 26%, incl. provision for expected credit losses in Russia and restruc- turing (contract manufacturing closure, site simplification, efficiency prog
Slide 21: Q&A
Q&A 21
Slide 22: Appendix: items affecting comparability
Appendix: items affecting comparability Q1 2022 excluding Q1 Items affecting items affecting SEK M 2022 comparability comparability Total revenue 4,925 – 4,925 Cost of goods sold1 -1,516 -360 -1,156 Gross profit 3,409 -360 3,769 Gross margin 69% 77% Selling and administrative expenses2,3,4 -2,053 -2
Slide 23: rare strength
rare strength
Swedish Orphan Biovitrum AB (Sobi) — Q1 2022 Earnings Presentation on 6ix