Product growth and operating expense controls evident in the quarter, lower gross margin mainly due to currency and plant maintenance.
Geoffrey McDonough, CEO: Sobi continues to make progress in its transformation
towards becoming a more focused and profitable innovative biopharmaceutical
company dedicated to rare disease patients. The third quarter highlights the
growth of our core business lines (Kineret®, Orfadin®, ReFacto® manufacturing),
as well as good performance from our launch products. In addition to focusing on
the performance of our portfolio, we are establishing a direct presence in the
United States, and expect to have a fully operational subsidiary in place at the
beginning of 2012. We are streamlining the company's expense structure based on
previously announced restructuring and additional cost controls. Progress in our
late stage programs is on track and will also continue be a key value driver for
us."
Third quarter
* Total revenues increased by 1% to SEK 447.1 M (444.0), and by 10% adjusted
for currency effects and discontinued products.
* Sales from the existing product portfolio rose by 8% adjusted for currency
effects.
* Gross margin declined, mainly due to manufacturing plant maintenance in the
quarter and currency effects.
* Operating expenses were lower, reflecting the ongoing streamlining of
operations.
* The outlook for the full year 2011 is unchanged. However, the company will
evaluate several items in the balance sheet which could amount to a write-
down of up to SEK 350 M in Q4 2011, with limited cash flow effect.
For more information, please contact:
Lars Sandström, CFO, Phone: +46 8 697 26 33
About Swedish Orphan Biovitrum (Sobi)
Sobi is a leading European specialty pharmaceutical company focused on providing
and developing specialty pharmaceuticals for patients with rare diseases and
significant medical needs. The portfolio comprises about
60 marketed products, as well as projects in late clinical phase. Key
therapeutic areas are hematological diseases, autoimmune diseases, hereditary
metabolic disorders and therapeutic oncology. In 2010 Sobi had revenues of SEK
1.9 billion and approximately 500 employees. The share (STO: SOBI) is listed on
NASDAQ OMX Stockholm. For more information please visitwww.sobi.com.
The above information has been made public in accordance with the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was released for public distribution on 20 October 2011 at 8.30 CET.
We are a global biopharma company unlocking the potential of breakthrough innovations, transforming everyday life for people living with rare diseases.
Our therapies are concentrated within the areas of Haematology, Immunology and Specialty Care.
We contribute to societies by improving access to treatment of rare diseases.
Every day, we work actively to find better ways to understand and meet patient needs.
Find out more about our business and financial performance.
Here we present our most recent press releases, news articles, and images.