Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q1 2013 Earnings Presentation
17 slides from Swedish Orphan Biovitrum Ab's earnings presentation, Apr 26, 2013
Slide 1: Q1 Results 2013
Q1 Results 2013 Geoffrey McDonough (CEO) Alan Raffensperger (COO) Annika Muskantor (Interim CFO) Stockholm, 26 April 2013
Slide 2: Highlights Q1 2013
Highlights Q1 2013 Business Financial • Received FDA approval of Kineret® for • Total revenues: MSEK 529 (507) the treatment of NOMID. • Product revenues: MSEK 345 (366) • Received EMA approval to manufacture • Stocking effect in US Q1 2012 Kineret drug substance with partner • Adjusted product reve
Slide 3: Pipeline Update
Pipeline Update • Presented new phase 3 Haemophilia • Plan to release top line data from pivotal data, reinforcing long-lasting protection phase 3 study (LAIF) of Kiobrina in Q1 from bleeding for patients. 2014. • rFVIIIFc filed by Biogen with FDA. • Finalized the elements of a protocol for a • Enro
Slide 4: Consolidated Results
Consolidated Results 600 Financial Highlights 507 529 • Total Revenues: MSEK 529 (507) 500 • Gross Margin: 57% (51) 400 304 303 • EBITA before non-recurring items: SEK M 300 259 MSEK 61 (35) 200 131 • Cash Flow from operating activities: 100 MSEK 131 (304) 61 35 0 • Ending cash balance MSEK 401 Q1-1
Slide 5: Revenues by Business Line Q1 2013
Revenues by Business Line Q1 2013 Early Stage Development Programmes Haemophilia Neonatology Inflammation Genetics MSEK 117 MSEK 131 Partner Products MSEK 97 ReFacto AF® MSEK 184 5
Slide 6: Revenues from ReFacto
Revenues from ReFacto® • Revenues for manufacturing & royalty Sales (MSEK): ReFacto 250 1 000 was MSEK 184 (141) 200 800 • Manufacturing revenue was MSEK 150 600 160 (117) • Concentration of deliveries in Q1 100 400 • Q2 expected to be lower 50 200 • Royalty revenue was MSEK 24 (24) 0 0 Q1-10 Q2-10
Slide 7: Results Q1 2013
Results Q1 2013 Alan Raffensperger (COO) Stockholm, 26 April, 2013
Slide 8: Kineret
Kineret • Revenue for Kineret was SEK 117M (135) Sales (MSEK): Kineret 140 500 120 400 • Q1 2012 included stock building by US 100 wholesalers of MSEK 20 300 80 60 200 • 7% growth adjusted for stock building and currency effects 40 100 20 • US collaboration with Savient 0 0 implemented April Q1-11 Q
Slide 9: Orfadin
Orfadin® Sales (MSEK): Orfadin • Revenue for Orfadin was MSEK 109 (94) 140 500 450 120 400 • Growth driven by Middle East, North 100 350 Africa and Turkey 80 300 • Increased commercial focus in area 250 • Q1 revenue high due to phasing 60 200 40 150 100 20 50 0 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12
Slide 10: Partner Products
Partner Products Sales (MSEK): Partner Products • Revenue for Partner Products was 140 600 MSEK 97 (115) • Q1 2012 included stock building by US 120 wholesalers of MSEK 3 100 400 80 • Foundation in place for future growth 60 200 40 • Valeant and Exelixis implementation 20 underway 0 0 Q1-11 Q2-11 Q3
Slide 11: Results Q1 2013
Results Q1 2013 Annika Muskantor (Interim CFO) Stockholm, 26 April, 2013
Slide 12: Income Statement
Income Statement MSEK Q1-13 Q1-12 Change Total revenues 529 507 4% Gross profit 303 259 17% Gross Margin 57% 51% OPEX -243 -225 Other operating revenues/expenses 2 0 Adjusted EBITA 61 35 76% Non-recurring revenues1) - 308 Non-recurring expenses - -34 EBITA 61 308 -80% Amortizations and write-downs -
Slide 13: Balance Sheet
Balance Sheet MSEK Q1-13 Q4-12 ASSETS Intangible 4 834 4 533 Tangible and financial 126 130 Total non-current assets 4 960 4 663 Inventories 681 700 Other Receivable 525 498 Cash and equivalent 401 457 Total current assets 1 608 1 655 Total Asset 6 568 6 318 EQUITY AND LIABILITIES Equity 4 840 4 838
Slide 14: Cash Flow
Cash Flow • Ended the quarter with MSEK 401 in cash 300 • MSEK 131 cash flow from operations 200 • MSEK 95 change in working capital SEK M • Reduction of inventory 100 • Increase in operating payables • Increase in operating receivables 0 • MSEK 366 paid to Amgen mid-quarter -100 Q1-11 Q2-11 Q3-11 Q
Slide 15: Net Debt
Net Debt 1 200 50% • Ended the quarter with MSEK 401 in cash 900 40% • MSEK 366 paid to Amgen mid-quarter 30% • MSEK 200 proceeds from bond tap SEK M 600 20% 300 10% 0 0% Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Net debt Net debt / Equity 15
Slide 16: Outlook 2013 Unchanged
Outlook 2013 Unchanged Revenues Total revenues are expected to be in the range of MSEK 2,000 to 2,200 • Key Therapeutic Areas – high single-digit growth • Partner Products – growth by 30 percent • ReFacto manufacturing and royalty – single-digit growth Gross Margin Approximately 57-59 percent The ou
Slide 17: Summary
Summary 1. Diversified commercial portfolio focused on improving cash flow and profitability 2. Working to efficiently commercialize our proprietary innovative medicines for rare disease patients globally 3. Business model oriented to building value through partnerships from global early stage biolo
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