Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Debt Investor Presentation (April 2024)
31 slides from Swedish Orphan Biovitrum Ab's debt investor presentation, Apr 29, 2024
Slide 1: Sobi Credit Investor Presentation
Sobi Credit Investor Presentation 29 April 2024
Slide 2: Important notice and disclaimer
Important notice and disclaimer PROJECT COMEBACK – INVESTOR PRESENTATION DISCLAIMER This presentation material (the “Presentation”) has been prepared by Swedish Orphan Biovitrum AB (publ), Swedish Corporate ID. no. 556038-9321 (the “Issuer” or the “Company”, together with its direct and indirect sub
Slide 3: Today's presenters and agenda
Today’s presenters and agenda Overview of Sobi Henrik Stenqvist Chief Financial Officer Financials and operational highlights Cecilia Nord Global Head of Sustainability Sustainability at Sobi Erik Krohn Head of Treasury and Tax Financing and contemplated transaction Appendix 3 3
Slide 4: Overview of Sobi
Overview of Sobi
Slide 5: Sobi at a glance
Sobi at a glance Biopharmaceutical company with a focus on rare diseases Business areas: • Haematology • Immunology • Specialty Care Present around 30 countries, delivering treatments to patients in many more 7 assets across 9 projects in development Head office in Stockholm, Sweden ~1,800 employees
Slide 6: Sobi's mission is to transform the lives of people with rare and debilitating diseases
Sobi’s mission is to transform the lives of people with rare and debilitating diseases Sobi strategy 2023: Revenue: SEK 22,123 M (+12% at CER) EBITA margin adjusted 34% Lead in Haematology 5% 6% Capture the value 12% of the pipeline 6% 38% 35% 60% 37% Grow Immunology and Specialty Care Haematology I
Slide 7: What are rare diseases?
What are rare diseases? Rare disease in numbers3-5 The European Commission on Public Health defines rare diseases as life- Rare diseases affect ~300m people threatening or chronically debilitating worldwide diseases which affect fewer than 1 in 80% of rare diseases have a genetic 2,000 people.1 basi
Slide 8: Why rare diseases?
Why rare diseases? • High medical unmet need: 30% of children born with Rare disease market, USD Bn a rare disease die before their 5th birthday Global rare disease market is expected to increase more than 10% per year2 • Government and Regulatory support: incentives 120 such as fast regulatory appr
Slide 9: Business model - Source, develop and commercialise in the rare disease space
Business model - Source, develop and commercialise in the rare disease space 2018 2019 2020 2022 2023 Acquisitions Source Licensing 7 medicines in 9 projects in development Develop (phase 2 through registration) Europe +6% North America + 6% Commercialise 2023: Revenue: SEK 22,123 M International +7
Slide 10: Strong record of successful achievements in delivering medicines to rare disease patients
Strong record of successful achievements in delivering medicines to rare disease patients around the world Selected examples from the Sobi portfolio Source Novimmune Dova Apellis CTI Pharma ITP - FDA approval 2018 PNH - EU approval 2021 MF – FDA approval 2022 pHLH - FDA approval 2018 EU approval 202
Slide 11: Strong track record of operational performance
Strong track record of operational performance Sales (SEK Bn) Haematology – 2023 Accounted for 60% of total revenue 2023 Specialty Care Immunology Haematology In June, the acquisition of CTI was completed and Vonjo was added to the portfolio. 22.1 Strong sales growth for Elocta, Alprolix and 18.8 Do
Slide 12: Increased diversification in products and the global regions
Increased diversification in products and the global regions Product diversification Geographic diversification Doptelet Haematology Efa alfa royalty Immunology Specialty care Vonjo 4%2019 2021 Zynlonta 15% Aspaveli 32% 39% Specialty care Specialty care Beyfortus royalty 64% 2023 45% Gamifant Gamifa
Slide 13: Financials and operational highlights Q1 2024
Financials and perational highlights Q1 2024
Slide 14: Strategic portfolio delivering top-line growth in all regions
Strategic portfolio delivering top-line growth in all regions Sobi strategy Q1 2024 High double-digit performance at CER Revenue Q1 - SEK 6,256 M, +20% Lead in EBITA margin adjusted 37% Haematology Operating cash flow SEK 2,256 M Strategic portfolio1 accounting for 35% of sales in Q1 (15% Q1 2023) •
Slide 15: Significant events ahead in 2024
Significant events ahead in 2024 Anticipated major pipeline news flow Doptelet Efanesoctocog alfa SEL-212 & Gamifant US & EU (paediatric) EU decision US submissions CN, JP (ITP) 2024 H1 2024 H2 Efanesoctocog alfa – Haemophilia A: Gamifant – sHLH / MAS in • Regulatory decision in EU rheumatological d
Slide 16: Sustainability at Sobi
@sobl Sustainability at Sobi
Slide 17: Sobi's sustainability strategy supports our strategic business priorities
Sobi’s sustainability strategy supports our strategic business priorities Capture the Lead in Grow Go global value of our Haematology Immunology pipeline Maintain Always Maintain commitment Always act commitment to patients act responsibly to patients responsibly Commitment to the UN Global Compact.
Slide 18: Maintain commitment to patients
Maintain commitment to patients Access to treatment 36,000+ patients with rare or debilitating diseases treated with Sobi medicines. Sobi’s medicines available in ten new markets. Humanitarian aid 810 M IU factor donated in ten-year commitment to World Federation of Hemophilia to donate 1 Billion IU
Slide 19: Always act responsibly
Always act responsibly Responsible sourcing process pillars 1 Alignment of principles 95% of contract manufacturers 2 Risk assessment & qualification scored by EcoVadis with a 64 point average. 3 Performance management >80% of contract manufacturers currently with approved Science Based Targets or c
Slide 20: The progress on our sustainability strategy is recognised by external stakeholders
The progress on our sustainability strategy is recognised by external stakeholders One of ten companies in DJSI Europe within Pharmaceuticals, Biotech and Life Sciences Stable performance in analyst indices Index 2023 MSCI A (top 26%) Sustainalytics 21.6 (24 / 397) ISS B - Prime 20
Slide 21: Financing and contemplated transaction
Financing and contemplated transaction
Slide 22: Financing objectives
Financing objectives Enter the domestic debt capital market Diversify • Access to new liquidity funding • Multiple sources to reduce refinancing risk sources • Reduce dependency of banks Support Sobi’s growth journey Enable • Maintain liquidity for mid-size acquisitions and in-licensing future BD* •
Slide 23: Historical leverage development
Historical leverage development 30 4 Net debt and leverage development • Debt increases with BD 3.7 SEK, billion 3,5 transactions and declines 25 by strong cash flow and 3 growing EBITDA 20 2.7 2.5 2.6 2,5 2.2 2.3 • Several funding sources 2.0 2.0 2.3 2.2 15 1.8 1.9 2 • Equity used to partly 27 1.7
Slide 24: Strong cash flow with deleveraging capability
Strong cash flow with deleveraging capability Operating cash flow SEK, million 6 000 5 000 Strong cash conversion 4 000 Highly cash generative 3 000 business model 5 214 5 471 4 660 4 470 Capacity to delever 2 000 3 635 1 000 0 2019 2020 2021 2022 2023 24
Slide 25: Current maturity structure
Current maturity structure 8,0 Credit facilities as of FY2023 Note:SEK, not all facilities are utilized and several billion extensions are ongoing 7,0 Balanced maturity profile with several extension options 6,0 5,0 Maximum maturities within 12 months defined in policy 4,0 7 6 6 3,0 Financing histor
Slide 26: Proposed transaction
Proposed transaction Issuer Swedish Orphan Biovitrum AB (publ) (“SOBI”) Use of proceeds General corporate purposes Tenors 3 & 5 years expected Interest FRN and/or FXD Exp. Combined Size TBD Issuer call 1m (on 3y tranche) & 3m (on 5y tranche) Par Calls Denominations 2m x 2m Target market Eligible cou
Slide 27: Summary and key credit highlights
Summary and key credit highlights Rare diseases are an attractive market and expected to grow faster than general pharma Strong portfolio of medicines and solid pipeline driving future growth Globally diversified, present in around 30 countries, delivering treatments to patients in many more Highly
Slide 28: Thank you
CONFIDENTIAL – FOR INTERNAL USE ONLY Thank you Sobi is a trademark of Swedish Orphan Biovitrum AB (publ). © 2022 Swedish Orphan Biovitrum AB (publ) – All rights reserved Swedish Orphan Biovitrum AB (publ) SE-112 76 Stockholm • Sweden www.sobi.com 28
Slide 29: Appendix
@sobl Appendix
Slide 30: Current Development pipeline
Current Development pipeline Source: https://www.sobi.com/en/pipeline. 30
Slide 31: Humanitarian Aid Program
Visionary founding partner Humanitarian Aid Program Over 22,000 people reported treated since programme start Over 9,500 acute bleeds treated in 2023 Over 1,000 surgeries in 2023 Over 810 million IU factor donated in total Reference: Sobi Annual & Sustainability Report 2023 31
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