Sobi Reports Q4 2024: Strong Performance to End a Successful Year
Sobi, the Swedish biopharmaceutical company, recently released its financial results for the fourth quarter of 2024, showcasing notable growth and a strong conclusion to the fiscal year. The finalized report indicates a total revenue increase of 9%, reaching SEK 7,436 million (approximately USD 700 million), compared to SEK 6,844 million in the same period last year. When adjusted to constant exchange rates (CER), the growth stands at 8%.
A closer look at revenue sources reveals a remarkable surge in the haematology segment, which increased by 22% at CER to SEK 4,487 million, fueled by impressive sales of key products. Notable among these is Doptelet®, which generated sales of SEK 1,147 million compared to SEK 727 million last year, followed by Vonjo® with SEK 416 million and sales from Aspaveli®/Empaveli® totaling SEK 269 million. A new entrant, Altuvoct®, also contributed to the growth with sales amounting to SEK 302 million shortly after its launch.
Conversely, the immunology sector faced a decline, with revenues dropping by 12% at CER to SEK 2,564 million, attributed mainly to disappointing sales figures for Synagis®, which saw a drastic drop to SEK 68 million from SEK 897 million the previous year. This decline was partially offset by increased royalities from Beyfortus®, which rose to SEK 1,207 million, and Kineret® sales that reached SEK 777 million.
The company's strategic portfolio generated substantial growth, with a 50% increase at CER translating to SEK 4,099 million. This portfolio includes innovative drugs such as Altuvoct, Aspaveli, Doptelet, Gamifant®, Vonjo, and Zynlonta®, as well as royalties from the sales of Altuviiio® and Beyfortus® by Sanofi. These products fundamentally reflect Sobi's commitment to addressing unmet medical needs within rare disease markets.
In terms of profitability, Sobi reported an adjusted EBITA margin of 34%, slightly down from 38% year-on-year, with an EBITA of SEK 2,572 million. The earnings per share (EPS) before dilution also saw an increase from SEK 3.02 to SEK 4.07, whilst adjusted EPS rose to SEK 4.03 from SEK 3.21.
Sobi's financial position remains strong, with cash flow from operating activities amounting to SEK 1,797 million, a significant rise from SEK 1,073 million reported for the same quarter in the previous year.
Looking at the entire fiscal year, Sobi's total revenue for 2024 climbed 18% to reach SEK 26,027 million, reflecting a robust 19% growth at CER. Haematology and immunology divisions achieved similar increases of 24% and 11% respectively.
Despite the favorable results, the board has proposed to refrain from distributing dividends for the 2024 financial year, suggesting a focus on reinvesting in growth opportunities.
Looking forward to 2025, Sobi expects continued revenue growth in the range of high single-digit percentages at CER, while anticipating an adjusted EBITA margin to stabilize in the mid-30% range.
As Sobi moves into 2025, it remains committed to enhancing its portfolio of innovative treatments in haematology, immunology, and specialty care, further solidifying its position in the biopharmaceutical industry. Investors, analysts, and media representatives are invited to join a conference call on the day of the report's release, to delve deeper into the financials and offer a platform for questions. Sobi's performance in these challenging sectors highlights its resilience and strategic focus on developing effective solutions for patients with rare and chronic conditions.
To learn more about Sobi, visit their official website at sobi.com or follow them on LinkedIn for updates.
A closer look at revenue sources reveals a remarkable surge in the haematology segment, which increased by 22% at CER to SEK 4,487 million, fueled by impressive sales of key products. Notable among these is Doptelet®, which generated sales of SEK 1,147 million compared to SEK 727 million last year, followed by Vonjo® with SEK 416 million and sales from Aspaveli®/Empaveli® totaling SEK 269 million. A new entrant, Altuvoct®, also contributed to the growth with sales amounting to SEK 302 million shortly after its launch.
Conversely, the immunology sector faced a decline, with revenues dropping by 12% at CER to SEK 2,564 million, attributed mainly to disappointing sales figures for Synagis®, which saw a drastic drop to SEK 68 million from SEK 897 million the previous year. This decline was partially offset by increased royalities from Beyfortus®, which rose to SEK 1,207 million, and Kineret® sales that reached SEK 777 million.
The company's strategic portfolio generated substantial growth, with a 50% increase at CER translating to SEK 4,099 million. This portfolio includes innovative drugs such as Altuvoct, Aspaveli, Doptelet, Gamifant®, Vonjo, and Zynlonta®, as well as royalties from the sales of Altuviiio® and Beyfortus® by Sanofi. These products fundamentally reflect Sobi's commitment to addressing unmet medical needs within rare disease markets.
In terms of profitability, Sobi reported an adjusted EBITA margin of 34%, slightly down from 38% year-on-year, with an EBITA of SEK 2,572 million. The earnings per share (EPS) before dilution also saw an increase from SEK 3.02 to SEK 4.07, whilst adjusted EPS rose to SEK 4.03 from SEK 3.21.
Sobi's financial position remains strong, with cash flow from operating activities amounting to SEK 1,797 million, a significant rise from SEK 1,073 million reported for the same quarter in the previous year.
Looking at the entire fiscal year, Sobi's total revenue for 2024 climbed 18% to reach SEK 26,027 million, reflecting a robust 19% growth at CER. Haematology and immunology divisions achieved similar increases of 24% and 11% respectively.
Despite the favorable results, the board has proposed to refrain from distributing dividends for the 2024 financial year, suggesting a focus on reinvesting in growth opportunities.
Looking forward to 2025, Sobi expects continued revenue growth in the range of high single-digit percentages at CER, while anticipating an adjusted EBITA margin to stabilize in the mid-30% range.
As Sobi moves into 2025, it remains committed to enhancing its portfolio of innovative treatments in haematology, immunology, and specialty care, further solidifying its position in the biopharmaceutical industry. Investors, analysts, and media representatives are invited to join a conference call on the day of the report's release, to delve deeper into the financials and offer a platform for questions. Sobi's performance in these challenging sectors highlights its resilience and strategic focus on developing effective solutions for patients with rare and chronic conditions.
To learn more about Sobi, visit their official website at sobi.com or follow them on LinkedIn for updates.
Topics Health）
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