Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q1 2012 Earnings Presentation
22 slides from Swedish Orphan Biovitrum Ab's earnings presentation, Apr 26, 2012
Slide 1: Results Q1 2012
Results Q1 2012 Geoffrey McDonough (CEO) Alan Raffensperger (COO) Lars Sandström (CFO) Stockholm, 26 April, 2012
Slide 2: Highlights
Highlights Business Financial • Pfizer transactions • Total revenues: SEK 507 M (537) • Extension of supply agreement to 2020 • Decline of 6% as reported • Divestment of co-promotion rights • Product revenues up 16%, adjusted • Amended agreement with sellers – Mainly driven by Core Products – Positi
Slide 3: Q1 2012 Consolidated Results
Q1 2012 Consolidated Results Cash flow from operating activities 3
Slide 4: Revenues by Business Lines
Revenues by Business Lines Development Programs Kiobrina Hemophilia Inflammation Core Products Genetics + SEK 250 M (200 M) Three Metabolism Business Lines Growth Partner Products ReFacto Platforms SEK 115 M (132M) SEK 141 M (205 M) Rare Disease + Manufacturing + Royalty Niche Hematology & Oncology
Slide 5: Revenues by Business Line
Revenues by Business Line Q1 Change Change Full year Amounts in SEK million 2012 2011 % % at CER 2011 Core Products 250.1 200.4 25% 23% 812.3 Partner Products 115.4 131.6 -12% -13% 523.6 Partner products excl Discontinued and Co-promotion products 103.4 80.8 28% 27% 373.6 ReFacto 141.1 205.3 -31% -3
Slide 6: Revenues from ReFacto
Revenues from ReFacto Sales (SEK´000): ReFacto • Decline in revenues from strong quarter 180 last year 700 • Validation batches contributed SEK 35 M to sales 160 600 in Q1 2011 140 • Lower royalties due to difference in 500 120 timing between quarters 100 400 • Underlying volume trend is in line wit
Slide 7: Results Q1 2012 - Alan Raffensperger (COO)
Results Q1 2012 Alan Raffensperger (COO) Stockholm, 26 April, 2012
Slide 8: Revenues from Core Products
Revenues from Core Products 300 • Shift in internal resources to focus on +25% Core Products 250 • Strong growth for all products in the quarter 200 • Positive impact of approx. SEK 20 M from stock-building of Kineret by SEK M 150 wholesalers in US • Life cycle management a key focus 100 medium term
Slide 9: Kineret – Steady Growth
Kineret® – Steady Growth Sales (SEK '000): Kineret • Revenues up 26% as reported, and 7% 150 000 600000 adjusted for stock-building in US 500000 120 000 • Final process validation still expected to 400000 90 000 be completed in Q2 2012 300000 60 000 200000 • PIP approved by EMA for CAPS and SJIA 30
Slide 10: Orfadin – Strong Growth
Orfadin® – Strong Growth Sales (SEK '000): Orfadin • Revenues up 23% 100 000 400000 • Growth in Central and Eastern Europe and in Middle East/North Africa 80 000 300000 • Strong growth in Russia 60 000 • New legislation will come into effect in 2012 granting reimbursement to HT-1 patients 200000 40
Slide 11: Revenues from Partner Products
Revenues from Partner Products 150 • Total revenues declined by 12% +28%* • Revenues for current portfolio* up 28%, adjusted for both discontinued products 100 (SEK 22.5M) and co-promotion (SEK SEK M 16.3M) 50 • Positive trends for most products • First sales of Defibrotide following new 0 agreement
Slide 12: Results Q1 2012 - Lars Sandström (CFO)
Results Q1 2012 Lars Sandström (CFO) Stockholm, 26 April, 2012
Slide 13: Income Statement
Income Statement Reported Reported SEK M Q1 2011 Q1 2012 Total revenues 537 507 Gross profit 284 259 Gross margin 52.8% 51.2% OPEX -219 -225 Other operating revenues/expenses -5 308 EBITA before non-recurring items 60 342 Non-recurring items -70 -34 Amortizations -53 -66 EBIT -64 243 Net financial i
Slide 14: Gross Margin
Gross Margin 80 70 60 52,8 1,5 51,3 0,0 2,2 1,7 0,5 50 40 30 20 10 0 14
Slide 15: Cash Flow
Cash Flow Reported Reported SEK M Q1 2011 Q1 2012 Net results -69 155 Non cash items 122 182 Cash flow from operations before 53 337 change in working capital Change in working capital -75 -33 Cash flow from operating activites -22 304 Cash flow from investing activites -4 -1 Change in external debt
Slide 16: Cash Flow
Cash Flow 350 • Underlying profitability reflected in cash flow from operations 250 • Proceeds of SEK 307 M from divestment of co-promotion rights 150 • Working capital increased due to higher SEK M ReFacto receivables, partially offset by 50 decreasing inventories of Kineret -50 -150 Q1-11 Q2-11 Q3
Slide 17: Net Debt
Net Debt 1 500 30% • Rights issue in June 2011 substantially improved financial position • Positive impact from divestment of co-promotion rights (SEK 307 M) in Q1 1 000 20% • Cash position SEK 314 M SEK M 500 10% 0 0% Q3-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q4-10 Net debt Net debt / Equity 17
Slide 18: Outlook
Outlook Geoffrey McDonough (CEO) We provide valuable medicines to patients with rare diseases
Slide 19: Outlook 2012
Outlook 2012* 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-promotion r
Slide 20: 2012 Calendar Highlights
2012 Calendar Highlights Event H1 2012 H2 2012 Orfadin Liquid Formulation PIP Response Kineret CAPS PIP Response Complete Tech Transfer Kineret Manufacturing □ Kineret CAPS Filing FDA □ Kineret CAPS Filing EMA □ Top-Line Data for rFVIIIFc + rFIXFc Programs (BIIB) □ Kiobrina Complete Phase 3 Enrollme
Slide 21: Summary
Summary 1. Diversified commercial portfolio focused on improving cash flow and profitability 2. Working to efficiently commercialize our proprietary innovative medicines Pioneer & Partner in Rare Diseases for rare disease patients globally 3. Business model oriented to building value through partner
Slide 22: @sobl
22 @sobl
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