SOURCE: Swedish Orphan Biovitrum AB (publ)

October 26, 2010 02:50 ET

Interim financial report for the period 1st January to 30th September, 2010

STOCKHOLM, SWEDEN--(Marketwire - October 26, 2010) - Swedish Orphan Biovitrum

(Translation only)

Weak European performance in the third quarter, offset by continued US sales growth

Third quarter revenues and EBITA, excluding restructuring costs, amounted to SEK 444 M and SEK 63 M, respectively

* Revenues, excluding Tracleer, increased by  5% in Constant Exchange Rate
    (CER) and was unchanged in SEK

    * Sales in North America increased by 16% in CER and by 17% in SEK
    * Sales in Europe decreased by 1% in CER, corresponding to -11% in SEK
    * Sales of Kineret® increased by 2% in CER and decreased by 2%
      in SEK
    * Sales of Orfadin® increased by 21% in CER and by 14% in SEK
    * Total ReFacto® revenues increased by 4% in CER

* EBITA, excluding restructuring costs was SEK 63.1 M (proforma 34.0) and
  core EPS was SEK 0.19 (0.20)

* Net income and EPS amounted to SEK -27.5 M (7.9) and SEK -0.13 (0.08)

* A Letter of Intent to form a Commercial Alliance with the Chinese company
  Dongbao was announced

* rFIXFc phase I/II results, showing a three-fold increase in half-life,
  were Presented

* Based on positive phase I/II data, a decision to proceed rFVIIIFc into
  Phase III studies was taken. rFVIIIFc also received orphan drug
  designation in Europe

* Kineret® received orphan drug designation in the US for
  cryopyrin-associated periodic syndromes (CAPS)

* Xagrid, Fosrenol, and Equasym  distribution agreements will sequentially
  be discontinued during 2011

* Full year guidance adjusted (see outlook 2010, page 9

Significant events after the reporting period

  * Sym001 (rozrolimupab) for ITP received orphan drug designation in
    the US

  * The Exinalda project has been discontinued

CEO Comments

Martin Nicklasson, CEO, said: We are seeing strong continued US sales growth, directly linked to the build-up of our Marketing & Sales resources and activities. Unfortunately, since many European countries are facing budget troubles, we have seen a weaker sales performance in the European market. This was particularly manifested at the end of the third quarter. We have also seen lately, a risk adverse buying pattern on a wholesaler and distribution level, with no or delayed purchase of products, awaiting the implementation of announced price cuts in some countries. During the year an increased level of parallel trade has also occurred. Finally, launches of new growth products in Europe have been delayed or hampered, and sales from these products will not have a significant impact until 2011. Due to this, we have to adjust our full year guidance.

Conference call details

The Interim Report for the third quarter 2010 will be presented by Swedish Orphan Biovitrum´s CEO Martin Nicklasson and CFO Göran Arvidson at a media and analyst telephone conference. The presentation will be held in English and can also be followed, direct or retrospectively, by a web cast via internet.


Tuesday, October 26, 2010 at 3.00 p.m. (CET)


Grand Hôtel, Stockholm Sweden (room "Mårten Vinge")

Please register for participation to Maria Mattsson on or by phone +46 70 438 88 53

To participate in the Telephone Conference

Please call:

UK: +44 (0)20 3043 2436, SE: +46 (0)8 505 598 53, US: +1 866 458 40 87

To follow the Telephone conference via web cast, direct or retrospectively by Internet you will find the link on our web site, please visit:

About Swedish Orphan Biovitrum

Swedish Orphan Biovitrum is a Swedish based niche specialty pharmaceutical company with an international market presence. The company is focused on providing and developing specialist pharmaceuticals for rare disease patients with high medical needs. The portfolio consists of about 60 marketed products and an emerging late stage clinical development pipe-line. Our focus areas are: hemophilia, inflammation/autoimmune diseases, fat malabsorption, cancer supportive care and inherited metabolic disorders. Swedish Orphan Biovitrum had pro-forma revenues 2009e of about SEK 2 B and approximately 500 employees. The head office is located in Sweden and the share (STO: SOBI) is listed on NASDAQ OMX Stockholm. For more information please visit

Swedish Orphan Biovitrum may be required to disclose the information provided herein pursuant to the Swedish Securities Markets Act. The information was provided for public release on October 26, 2010 at 8:30 a.m. CET.


Complete Interim report 1st Jan to 30th Sept:

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(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE

Contact Information

  • Contacts for further information

    Erik Kinnman
    Investor Relations
    phone +46 73 422 15 40

    Martin Nicklasson
    phone +46 8 697 23 27

    Goran Arvidson
    phone +46 8 697 23 68