Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q1 2015 Earnings Presentation
18 slides from Swedish Orphan Biovitrum Ab's earnings presentation, May 6, 2015
Slide 1: Q1 Results 2015
Q1 Results 2015 Geoffrey McDonough │ CEO Alan Raffensperger │ COO Mats-Olof Wallin │ CFO Stockholm | 6 May 2015
Slide 2: Highlights Q1 2015
Highlights Q1 2015 Business • Extended and restructured distribution agreement with Exelixis for Cometriq™ • Xiapex® approved by the EU Commission for the treatment of Peyronie's disease • Announced positive top-line efficacy and safety results from phase 3 Alprolix® paediatric study (Kids B-LONG) S
Slide 3: Highlights Q1 2015
Highlights Q1 2015 • Total revenues: SEK 865 M (573) 1000 • 39% growth at constant exchange rates 900 • Product revenues: SEK 633 M (406) Total Revenue 800 • 40% growth at constant exchange rates 700 • ReFacto® revenues: SEK 232 (168) • 36% growth at constant exchange rates 600 500 • Gross margin 60
Slide 4: Q1 2015 Revenue by Business Line
Q1 2015 Revenue by Business Line Early Stage Development Programmes Haemophilia SEK 17 M USD 2 M +19%* Genetics & Inflammation SEK 198 M Metabolism +37%* +85%* SEK 216 M USD 24 M USD 26 M Partner Products SEK 202 M +14%* USD 24 M ReFacto AF SEK 232 M USD 28 M +36%* *Growth at Constant Exchange Rates
Slide 5: ReFacto AF
ReFacto AF Sales (SEK M): ReFacto • Revenue from manufacturing and 250 800 royalty SEK 232 M (168) 700 • In constant exchange rates 36% 200 600 • Concentration of deliveries in the quarter • Remaining quarters will be lower than Q1 500 150 400 100 300 • Manufacturing revenue 200 SEK 208 M (142) 50 1
Slide 6: Commercial Results Q1 2015
Commercial Results Q1 2015 Alan Raffensperger │ COO Stockholm | 6 May 2015
Slide 7: Kineret
Kineret® • Revenue SEK 198 M (124) Sales (SEK M): Kineret • In constant exchange rates 37% 220 800 • Q1 2014 low due to US wholesaler shift 200 700 180 160 600 • Volume growth across Europe and US 140 500 120 400 100 • Shift to specialty distribution model 300 80 for the US market underway in 60 40
Slide 8: Orfadin
Orfadin • Revenue SEK 180 M (76) Sales (SEK M): Orfadin • In constant exchange rates 115% 200 700 • Q1 2014 low due to US stock buy-back 180 600 160 140 500 120 • Last quarter to reflect impact of 400 100 direct sales model in North America 300 80 60 200 40 • Positive CHMP opinions for Orfadin 20 10
Slide 9: Partner Products
Partner Products • Revenue SEK 202 M (165) Sales (SEK M): Partner Products • In constant exchange rates 14% 250 800 700 200 600 • Sales milestone for Cometriq 500 SEK 18 M 150 400 100 300 • Preparations for a mid-year launch of 50 200 Xiapex for Peyronie’s disease ongoing 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 10: Haemophilia
Haemophilia Revenues (SEK M): Haemophilia • Revenue of SEK 17 M (11) 18 • Based on 2% royalty of sales for Eloctate® and Alprolix in Biogen territory 16 14 12 • Elocta approval H2 2015 10 8 • EU filing for Alprolix on track for H2 6 2015 4 2 0 Q1 Q2 Q3 Q4 Q1 2014 2015 Milestone Alprolix Alprolix Elo
Slide 11: Financial Results Q1 2015
Financial Results Q1 2015 Mats-Olof Wallin │ CFO Stockholm | 6 May 2015
Slide 12: Profit and Loss Statement
Profit and Loss Statement Amounts in SEK M Q1-15 Q1-14 FY 2014 Total revenues 865 573 2 607 Gross profit 519 320 1 548 Gross Margin 60% 56% 59% Sales and Administration -219 -156 -750 Research and development -132 -127 -501 Other operating revenues/expenses 4 -325 -341 EBITA 172 -288 -43 Amortizatio
Slide 13: Balance Sheet
Balance Sheet Amounts in SEK M March 2015 March 2014 Dec 2014 ASSETS Intangible 4 192 4 303 4 248 Tangible and financial 189 159 188 Total non-current assets 4 380 4 462 4 436 Inventories 765 678 764 Accounts receivable 647 377 480 Other Receivable 133 133 172 Cash and equivalent 682 574 519 Total c
Slide 14: Net Debt
Net Debt 500 50% • End of quarter cash: SEK 682 M 400 40% • Net debt SEK 136 M 300 30% SEK M 200 20% 100 10% 0 0% Q1-14 Q1-13 Q2-13 Q3-13 Q4-13 Q2-14 Q3-14 Q4-14 Q1-15 Net debt Net debt / Equity 14
Slide 15: Summary and Outlook
Summary and Outlook Geoffrey McDonough │ CEO Stockholm | 6 May 2015
Slide 16: Outlook 2015 - EBITA expectations clarified
Outlook 2015 - EBITA expectations clarified Revenues Sobi expects total revenues for the full year to be in the range of SEK 2,800 to 3,000 M Gross Margin Gross margin is expected be in the range of 58-60 percent. Operating Costs Operating costs are projected to increase as the company continues to
Slide 17: Building Our Future
Building Our Future Continued 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 territories – providing forward cash
Slide 18: Summary
Summary • Strong performance from the underlying business • Q1 unusually strong due to ReFacto deliveries and Cometriq milestone • Guidance for 2015 reiterated • EBITA range specified for clarity • Elocta launch preparations and Alprolix filing on track 18
Swedish Orphan Biovitrum (Sobi) — Q1 2015 Earnings Presentation on 6ix