#Sweden #Stockholm #Sobi #Altuvoct #Elocta

Sobi Reports Stronger Than Expected Revenue for 2024

Swedish Orphan Biovitrum AB, commonly known as Sobi, has made a significant announcement regarding its financial performance for the full year of 2024. The biopharmaceutical company reported that its revenue exceeded earlier estimates, reflecting a robust growth trajectory. The total revenue for Sobi in 2024 amounted to approximately SEK 26,000 million, which demonstrates a remarkable 19% growth when adjusted for constant exchange rates.

Key Drivers Behind the Revenue Growth

Sobi attributed this impressive performance to several factors that contributed to increased sales across its product portfolio, particularly in the fourth quarter. Notably, products in the Haemophilia portfolio and Kineret performed beyond expectations. Here’s a detailed look at the primary contributors to the revenue spike:

1. Altuvoct

Sobi observed an unexpected influx of new patients transitioning to Altuvoct in regions where the product had been launched, predominantly in Germany and Switzerland. The strong adoption of this treatment among new patients has been a pivotal factor in driving revenue growth.

2. Elocta

The sales of Elocta also experienced a notable increase due to a growth in patient numbers. Interestingly, in markets where Altuvoct was introduced, the expected switch from Elocta was lower than predicted. Additionally, favorable gross-to-net effects contributed to the product’s success.

3. Alprolix

Similarly, Alprolix benefitted from a higher-than-anticipated number of new patients and a noticeable uptick in on-demand treatments across Europe, further bolstering Sobi's financial results.

4. Kineret

Kineret experienced a surge in sales, primarily driven by advantageous gross-to-net adjustments alongside favorable order phasing, which was supported by an increase in demand for the product. This robustness in sales underlines Sobi's capability to adapt to market dynamics and respond to patient needs effectively.

Profitability Insights

The adjusted EBITA margin for Sobi remained steady in the expected mid-30s percentage range of revenues despite the stronger revenue performance. However, the positive developments on the revenue front were slightly offset by negative mix effects on the gross margin and necessary investments into launching and developing pipeline products during the fourth quarter.

Previous Projections Versus Actual Performance

When Sobi released its third-quarter report on October 24, 2024, it had projected mid-teens percentage growth in revenue at constant exchange rates for the full year and an adjusted EBITA margin in the mid-30s percentage of revenue. The actual figures surpass these estimates, highlighting the company’s robust operational execution.

Looking Ahead

As Sobi continues to navigate the evolving landscape of biopharmaceuticals, the company is set to announce its fourth-quarter and full-year report for 2024 on February 5, 2025. Investors and stakeholders are eagerly awaiting this detailed financial report to gain further insights into Sobi’s strategies and future outlook.

About Sobi

Founded as a specialized international biopharmaceutical company, Sobi is dedicated to transforming the lives of individuals suffering from rare and debilitating diseases. The company focuses on providing reliable access to innovative therapies in areas such as haematology, immunology, and specialty care. With a dedicated workforce of around 1,800 employees spanning across Europe, North America, the Middle East, Asia, and Australia, Sobi recorded a revenue of SEK 22.1 billion in 2023. Sobi is publicly traded on Nasdaq Stockholm under the ticker STOSOBI. To learn more about Sobi, visit sobi.com or connect on LinkedIn.

As the company forges ahead, continuous monitoring of its performance and strategic initiatives will be essential for stakeholders and market observers alike.