Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Q3 2026 Earnings Presentation
37 slides from Swedish Orphan Biovitrum Ab's earnings presentation, Oct 27, 2026
Slide 1: Underpinning a strong growth momentum
Q3 2026 report Underpinning a strong growth momentum "We delivered another strong quarter, with sustained portfolio growth while advancing launches and expanding access to important therapies for people with rare diseases." - Guido Oelkers, President & CEO Third Quarter 2026 • Total revenue increase
Slide 2: CEO statement
CEO statement We maintained strong growth momentum in the Gamifant continued to see strong growth, driven third quarter with 16 per cent growth at CER and by increased demand in HLH/MAS in Still's an adjusted EBITA margin of 45 per cent, leading disease and grew 12 per cent at CER in the to a 23 per
Slide 3: Financial performance
Financial performance Total revenue Total revenue for July to September ('the quarter') was SEK 9,124 M (7,776) and increased by 17 per cent compared with the same period a year ago and by 16 per cent at CER. Strong growth from Altuvoct, Doptelet, Kineret and Aspaveli was partially offset by lower r
Slide 4: Gross profit, operating expenses, operating profit
Q3 Q3 2025 Jan-Sep Jan-Sep 2025 FY FY 2025 SEK M 2025 IAC adjusted 2025 IAC adjusted 2025 IAC adjusted Total revenue 7,776 — 7,776 20,417 — 20,417 28,238 — 28,238 Cost of goods sold1,2,3 -1,614 53 -1,562 -4,629 176 -4,453 -6,252 284 -5,968 Gross profit 6,162 53 6,214 15,788 176 15,964 21,986 284 22,
Slide 5: Net financial items, income tax, profit/loss
Net financial items Net financial items were SEK -204 M (-168) in the quarter and SEK -581 M (-646) in the year-to-date period. The year-to-date improvement was mainly driven by lower interest rates and lower interest expenses on contingent considerations. Income tax Income tax was SEK -689 M (1,132
Slide 6: Haematology
Haematology Revenue Q3 Q3 Change Jan-Sep Jan-Sep Change FY SEK M 2026 2025 Change at CER 2026 2025 Change at CER 2025 Altuvoct 1,729 769 125% 125% 4,523 1,851 144% 148% 2,873 Elocta 615 812 -24% -24% 2,104 3,075 -32% -29% 3,959 Alprolix 639 601 6% 6% 1,746 1,748 0% 2% 2,306 Royalty1 601 518 16% 14%
Slide 7: Immunology and Specialty Care
Immunology Revenue Q3 Q3 Change Jan-Sep Jan-Sep Change FY SEK M 2026 2025 Change at CER 2026 2025 Change at CER 2025 Kineret 959 769 25% 24% 2,600 2,253 15% 21% 2,994 Gamifant 834 733 14% 12% 2,362 1,947 21% 28% 2,710 Synagis — -11 n/a n/a — -90 n/a n/a -105 Beyfortus royalty 732 1,166 -37% -39% 918
Slide 8: Pipeline
Pipeline For more information, please visit sobi.com/en/pipeline. Pipeline milestones since the previous report (Abbreviations used in the table are explained in the text below) Aspaveli/Empaveli — approved for C3G and primary IC-MPGN in Japan Significant milestones Gamifant — approved for HLH/MAS i
Slide 9: Specialty Care and pipeline news flow
Gamifant: new primary HLH data at the Histiocyte Society 2026 Annual Meeting Sobi presented new clinical data on Gamifant in primary haemophagocytic lymphohistiocytosis (HLH) at the Histiocyte Society 2026 Annual Meeting in September. This included a new pooled analysis of pre- and post-transplant s
Slide 10: Other information
Other information Significant events In the quarter Guido Oelkers to step down as CEO of Sobi by the end of January 2027 Guido Oelkers informed the Board of Directors that he has decided to step down as Chief Executive Officer of Sobi to take up another position outside Sobi. Guido Oelkers will rema
Slide 11: Sustainability, financial calendar, forward-looking statements
Sustainability Sobi’s sustainability efforts support the overall mission of working together with stakeholders to find and make available medicines that transform the lives of people with rare and severe diseases and are based on two priorities: • Maintain commitment to patients • Always act respons
Slide 12: Auditor's review report
Auditor's review report Introduction We have reviewed the condensed interim report for Swedish Orphan Biovitrum AB (publ) as of 30 September 2026, and for the nine months period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report
Slide 13: Financial statements – condensed
Financial statements – condensed Consolidated statement of profit or loss Q3 Q3 Jan-Sep Jan-Sep FY SEK M 2026 2025 2026 2025 2025 Total revenue 9,124 7,776 24,150 20,417 28,238 Cost of goods sold -2,002 -1,614 -5,577 -4,629 -6,252 Gross profit 7,123 6,162 18,573 15,788 21,986 Selling and administrat
Slide 14: Consolidated balance sheet
Consolidated balance sheet Sep Dec Sep SEK M 2026 2025 2025 ASSETS Non-current assets Intangible assets1 61,245 49,080 49,725 Tangible assets2 1,591 1,631 1,639 Investments in associated companies 993 1,001 — Financial assets 203 176 176 Prepaid production costs 244 211 209 Deferred tax assets 1,097
Slide 15: Consolidated statement of changes in equity
Consolidated statement of changes in equity Equity related to owners of the Non-controlling SEK M parent company interests Total equity Opening equity, 1 January 2026 37,717 6 37,723 Share-based compensation to employees 191 — 191 Stock options exercised by employees 292 — 292 Tax adjustments for sh
Slide 16: Consolidated cash flow statement
Consolidated cash flow statement Q3 Q3 Jan-Sep Jan-Sep FY SEK M 2026 2025 2026 2025 2025 Cash flow from operating activities Profit before tax 3,038 -4,027 6,132 -2,137 34 Non-cash items Depreciation/amortisation and impairment 810 7,515 2,849 9,342 10,096 Other, non-cash items1 214 223 530 742 1,04
Slide 17: Key ratios and other information
Key ratios and other information Q3 Q3 Jan-Sep Jan-Sep FY SEK M 2026 2025 2026 2025 2025 Profit measures Gross profit 7,123 6,162 18,573 15,788 21,986 Adjusted gross profit1,2 7,195 6,214 18,708 15,964 22,270 EBITDA1 4,036 3,656 9,569 7,851 10,963 Adjusted EBITDA1,2 4,133 3,709 9,708 8,232 11,487 EB
Slide 18: Parent Company statement of profit and loss
Financial statements – condensed Parent Company statement of profit and loss Q3 Q3 Jan-Sep Jan-Sep FY SEK M 2026 2025 2026 2025 2025 Revenue 5,433 4,521 16,463 12,017 16,145 Cost of goods sold -1,992 -1,629 -5,744 -4,200 -5,709 Gross profit 3,440 2,892 10,719 7,817 10,436 Selling and administrative
Slide 19: Parent Company balance sheet
Parent Company balance sheet Sep Dec Sep SEK M 2026 2025 2025 ASSETS Non-current assets Intangible assets 13,286 14,445 14,606 Tangible assets 559 584 585 Financial assets 37,974 29,616 29,590 Prepaid production costs 847 805 795 Total non-current assets 52,666 45,451 45,576 Current assets Inventori
Slide 20: Parent Company statement of changes in equity
Parent Company statement of changes in equity Jan-Sep FY Jan-Sep SEK M 2026 2025 2025 Opening balance 36,176 37,361 37,361 Share-based compensation to employees 191 250 182 Stock options exercised by employees 292 245 46 Tax adjustments for share programmes1 24 15 0 Equity swap for hedging of share
Slide 21: Notes: Accounting policies
Notes Note 1 | Accounting policies and measurement bases and other information Accounting policies This report has been prepared in accordance with IAS 34 and the Swedish Annual Accounts Act. The Parent Company applies the Annual Accounts Act and the Swedish Corporate Reporting Board’s Recommendatio
Slide 22: Note 2 Segment reporting
Note 2 | Segment reporting Revenue and EBITA by segment Q3 2026 Haematology Immunology Specialty Care Group – other7 Total Total revenue 6,171 2,525 428 — 9,124 EBITA1 2,944 1,152 5 -111 3,990 Adjusted EBITA1,2,3 2,944 1,232 5 -93 4,087 Amortisation and impairment -442 -288 -17 -17 -764 Results from
Slide 23: Revenue - Gross to net
Revenue - Gross to net Q3 Q3 Jan-Sep Jan-Sep FY 2026 2025 2026 2025 2025 Product sales, gross 11,077 8,674 30,680 25,108 34,043 Discounts -3,285 -2,583 -9,109 -7,600 -10,097 Product sales, net 7,792 6,092 21,571 17,508 23,946 Royalty 1,333 1,684 2,579 2,910 4,293 Service fees — — — -1 -1 Total reven
Slide 24: Note 3 Fair value of financial instruments
Note 3 | Fair value of financial instruments The table below shows financial instruments measured at fair value, based on their classification in the fair value hierarchy. The breakdown of how fair value is determined is made based on the following three levels. Level 1: Consists of equity instrumen
Slide 25: Note 4 Related-party transactions
Dec 2025 Level 1 Level 2 Level 3 Total Financial assets and liabilities measured at fair value through profit or loss Currency derivatives held for trading — -14 — -14 Shares in investment fund — — 30 30 Contingent value rights (CVR) — — 53 53 Endowment policies — — 39 39 Financial assets measured a
Slide 26: Note 5 Business combinations
Note 5 | Business combinations On 9 February 2026, Sobi completed the acquisition of Arthrosi, whereby Sobi acquired all outstanding shares of Arthrosi’s common stock and common equivalents. Arthrosi was a private biotechnology company. The consideration was SEK 9,424 M, of which SEK 8,746 M was pai
Slide 27: Note 6 Intangible assets - impairment
Note 6 | Intangible assets - impairment Zynlonta In the second quarter, Sobi recognised an impairment of SEK 452 M relating to the product and marketing right for Zynlonta, following the results of the LOTIS-5 Phase 3 confirmatory trial in the second-line treatment of DLBCL. The impairment is report
Slide 28: Alternative performance measures
Alternative performance measures – financial measures not defined according to IFRS Sobi uses certain financial measures, Alternative performance measures (APM) in this report that are not defined according to IFRS. Sobi considers these measures to provide valuable supplementary information for stak
Slide 29: Q3 2025 Total revenue, adjusted for FX
Total revenue, Total revenue, adjusted for FX comparable Q3 2025 Total revenue FX impact impact period Change at CER Haematology Altuvoct 769 23 792 129 >200 % Elocta 812 33 845 1,119 -24% Alprolix 601 27 627 575 9% Royalty 518 47 565 459 23% Whereof Eloctate/Alprolix 258 24 281 307 -6% Whereof Altu
Slide 30: Jan-Sep 2025 Total revenue FX impact
Total revenue, Total revenue, adjusted for FX comparable Jan-Sep 2025 Total revenue FX impact impact period Change at CER Haematology Altuvoct 1,851 54 1,905 134 >200% Elocta 3,075 103 3,178 3,753 -15% Alprolix 1,748 53 1,801 1,736 4% Royalty 1,548 98 1,646 1,347 22% Whereof Eloctate/Alprolix 820 49
Slide 31: Strategic portfolio
Strategic portfolio Definition: Includes Sobi's medicines Altuvoct, Aspaveli/Empaveli, Doptelet, Gamifant, Tryngolza, Vonjo and Zynlonta, and royalty on Sanofi's sales on Altuviiio and Beyfortus. Reason for use: Focused list of medicines in the launch phase and key royalty income which contribute si
Slide 32: EBITA and EBITA margin
EBITA and EBITA margin Definition: Earnings before interest, tax, amortisation and impairment of intangible assets. EBITA margin; EBITA as a percentage of total revenue. Reason for use: EBITA is a key performance measure and gives a fair view of the profitability of the ongoing business. Q3 Q3 Jan-S
Slide 33: Adjusted earnings per share
Adjusted earnings per share Definition: Adjusted profit attributable to equity holders of the parent company divided by the average number of ordinary shares. Reason for use: Adjusted earnings per share is a good measure of the company’s profitability and is used to determine the value of the compan
Slide 34: Definitions
Definitions Alprolix® (eftrenonacog A recombinant, extended half-life (EHL) clotting factor IX medicine for the treatment of alfa) haemophilia B. Altuvoct® (efanesoctocog The first high-sustained FVIII replacement therapy with the potential to maintain near- alfa) normal factor activity levels for a
Slide 35: Definitions (continued)
Kineret® (anakinra) A recombinant protein medicine that blocks interleukin-1α and β by binding to interleukin-1 type 1 receptors. Interleukin-1 is a key mediator of inflammation and a significant contributor to auto-inflammatory diseases, including several rare diseases. Lacutamab A first-in-class a
Slide 36: Definitions (continued)
Waylivra® (volanesorsen) A medicine used to reduce triglyceride blood levels in patients with familial chylomicronaemia syndrome (FCS) that has been confirmed by genetic testing. Zynlonta® (loncastuximab A medicine used to treat adults with certain types of diffuse large B-cell lymphoma (DLBCL) tesi
Slide 37: About Sobi
Sobi is a global biopharma company unlocking the potential of breakthrough innovations, transforming everyday life for people living with rare diseases. Sobi has approximately 2,000 employees across Europe, North America, the Middle East, Asia and Australia. In 2025, revenue amounted to SEK 28 billi
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