Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q3 2012 Earnings Presentation
18 slides from Swedish Orphan Biovitrum Ab's earnings presentation, Oct 30, 2012
Slide 1: Results Q3 2012
Results Q3 2012 Geoffrey McDonough (CEO) Alan Raffensperger (COO) Annika Muskantor (Interim CFO) Stockholm, 30 October, 2012
Slide 2: Highlights Q3 2012
Highlights Q3 2012 Business Financial • Positive top-line results from B-LONG • Total Revenues: SEK 464 M (447) phase III program • Gross Margin: 57.5% (52.3) • Priority review by FDA for application for Kineret for NOMID indication • EBITA before non-recurring items: SEK 30 M (3) • Strengthened Par
Slide 3: Consolidated Results
Consolidated Results Q3 YTD 500 1 500 400 1 200 300 900 SEK M SEK M 200 600 100 300 0 0 Q3-11 Q3-12 YTD 2011 YTD 2012 -100 -300 Total revenues Total revenues Gross profit Gross profit EBITA before non-recurring items EBITA before non-recurring items Cash flow from operating activities Cash flow from
Slide 4: Revenues by Business Line Q3 2012
Revenues by Business Line Q3 2012 Development Programs Kiobrina Hemophilia Inflammation + Core Products Genetics SEK 215 M (202) Three +9% y/y at CER Business Lines Partner Products 1) ReFacto Base SEK 92 M (97) SEK 157 M (119) Business -3% y/y at CER +33% y/y Rare Disease + Manufacturing + Royalty
Slide 5: Revenues from ReFacto
Revenues from ReFacto • Solid volume growth in ReFacto 250 1 000 manufacturing revenues 4 quarters rolling revenues (SEK M) Quarterly revenues (SEK M) • Adjusted for validation batches in 2011 (SEK 200 800 42 M), revenues increased 3% YTD 150 600 • Higher utilization of production 100 400 facility c
Slide 6: Results Q3 2012 – Alan Raffensperger (COO)
Results Q3 2012 Alan Raffensperger (COO) Stockholm, 30 October, 2012
Slide 7: Kineret – Progress
Kineret® – Progress • Sales of Kineret in the third quarter were 150 600 SEK 114 M, an increase of 12% 4 quarters rolling revenues (SEK M) • No impact from currency y/y Quarterly revenues (SEK M) 100 400 • Priority review by FDA for application for Kineret for NOMID indication 50 200 • Increased eff
Slide 8: Orfadin – On Track Year to Date
Orfadin® – On Track Year to Date 100 400 • Sales of Orfadin in the third quarter 4 quarters rolling revenues (SEK M) were SEK 83 M, an increase of 3% Quarterly revenues (SEK M) 75 300 • Adjusted for currency: • Revenues increased by 6% y/y • Revenues increased by 10% YTD 50 200 • North America and C
Slide 9: Revenues from Partner Products
Revenues from Partner Products • Revenues for Partner Products 1) 200 800 decreased by 5% in the quarter 4 quarters rolling revenues (SEK M) Quarterly revenues (SEK M) 150 600 • Adjusted for currency: • Revenues declined by 3% y/y • Revenues grew by 8% YTD 100 400 50 200 • Portfolio update • Promixi
Slide 10: Results Q3 2012 – Annika Muskantor (Interim CFO)
Results Q3 2012 Annika Muskantor (Interim CFO) Stockholm, 30 October, 2012
Slide 11: Income Statement
Income Statement Q3 Q3 SEK M 2012 2011 Change Total revenues 464 447 4% Gross profit 267 234 14% Gross margin 57,5% 52,3% OPEX -227 -228 Other operating revenues/expenses -10 -3 EBITA before non-recurring items 30 3 >100% Non-recurring items 0 0 Amortizations -65 -58 EBIT -35 -54 36% Net financial i
Slide 12: Cash Flow
Cash Flow Q3 Q3 SEK M 2012 2011 Change Net results -45 -38 Non cash items 65 52 Cash flow from operations before 20 14 42% change in working capital Change in working capital -46 -14 Cash flow from operating activities -26 0 <-100% Cash flow from investing activities -5 -29 84% Cash flow from financ
Slide 13: Cash Flow
Cash Flow 400 • Continued decline in inventories, mainly 300 relating to ReFacto and Kineret 200 SEK M • Phasing of current liabilities, 100 mainly trade payables 0 • Somewhat higher receivables -100 Q4-11 Q1-11 Q2-11 Q3-11 Q1-12 Q2-12 Q3-12 Cash flow before financing Whereof working capital 13
Slide 14: Net Debt
Net Debt 1 500 0,5 • Cash position at SEK 319 M 1 200 0,4 900 0,3 • Milestone payment to Amgen of SEK M USD 55 M estimated to come due 600 0,2 in Q4-12 or in Q1-13 300 0,1 0 0,0 Q3-11 Q1-11 Q2-11 Q4-11 Q1-12 Q2-12 Q3-12 Net debt Net debt / Equity 14
Slide 15: Outlook
Outlook Geoffrey McDonough (CEO) We provide valuable medicines to patients with rare diseases
Slide 16: Outlook 2012 Unchanged
Outlook 2012 Unchanged Revenues Total revenues expected to be about SEK 100 M lower than 2011, reflecting the divestment of the co-promotion rights. Gross Margin Gross margin expected to be in line with 2011 margin of 54% after adjustment for the balance sheet write-downs and the divestment of co-pr
Slide 17: Calendar Highlights 2012
Calendar Highlights 2012 Event H1 H2 2012 2012 Orfadin Liquid Formulation PIP Response Kineret CAPS PIP Response Complete Tech Transfer Kineret Manufacturing Kineret NOMID Filing FDA Top-Line Data for rFIXFc Program (BIIB) Kineret CAPS Filing EMA □ Top-Line Data for rFVIIIFc Program (BIIB) □ Kiobrin
Slide 18: Summary
Summary 1. Diversified commercial portfolio focused on improving cash flow and profitability 2. Working to efficiently commercialize our proprietary innovative medicines Pioneer in Rare Diseases for rare disease patients globally 3. Business model oriented to building value through partnerships from
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