Sobi profits rise as it rolls out haemophilia drug in Europe
pharmafile | April 28, 2016 | News story | | Financial, Q1, earnings, results, revenue, sobi
Swedish Orphan Biovitrum (Sobi) (STO: SOBI) nearly doubled its first-quarter profit driven by immediate reimbursements from Germany.
The company reported gross profit of 944 million Swedish Krona ($117.1 million) compared with 519 million a year ago.
Geoffrey McDonough, chief executive of Sobi, said: “Revenue from the quarter derives almost exclusively from Germany, the only market in the EU where pharmaceuticals are immediately reimbursed upon EU approval. We received positive reimbursement decisions late in the quarter in both the Netherlands and Ireland, and continue to advance discussions in Denmark, Sweden and the UK.”
Total revenue at 1.3 billion Krona was up 47% from 865 million Krona a year earlier. Revenues include a one-time credit from Biogen worth 322 million Krona triggered by the first commercial sales of Elocta, the company said in a statement.
Sobi maintains its full year revenue outlook in the range of 4.8 billion Krona to 5 billion Krona. Revenue will include one-time credits for Elocta worth 300 million Krona to 325 million Krona and for Alprolix of 300 million Krona to 325 million Krona. Gross margin is expected be in the range of 68% to 70%.
“2016 is off to a strong start with excellent financial results, new products added to our Partner Products portfolio, development of two new programmes for Kineret, the launch of Elocta in Europe, and positive opinions regarding Alprolix from the CHMP recommending that marketing authorisation be granted, and from the COMP recommending that the orphan designation be maintained,” McDonough said.
Anjali Shukla
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