Swedish Orphan Biovitrum AB · OMXSTO:SOBI
Swedish Orphan Biovitrum AB — Q4 2013 Earnings Presentation
21 slides from Swedish Orphan Biovitrum AB's earnings presentation, Feb 20, 2014
Slide 1: Q4 and FY Results 2013
Q4 and FY Results 2013 Geoffrey McDonough │ CEO Alan Raffensperger │ COO Mats-Olof Wallin │ CFO Stockholm | 20 February 2014
Slide 2: Highlights Q4 2013
Highlights Q4 2013 Business Financial Q4 2013 (Q4 2012) • Received approval for Kineret® for • Total revenues: SEK 611 M (472) treatment of rare disease CAPS in the EU • An increase of 29% • Sobi to take direct responsibility for • Product revenues: SEK 448 M (356) Orfadin® in the Americas • An incr
Slide 3: Consolidated Results Q4
Consolidated Results Q4 700 Financial Highlights 611 • Total Revenues: SEK 611 M (472) 600 • an increase of 29% 500 472 • Gross Margin: 59% (57) 400 358 SEK M • EBITA: SEK 65 M (35) 300 267 200 • Cash Flow from operating activities: 157 SEK 4 M (157) 100 65 35 4 0 Q4-12 Q4-13 Total revenues Gross pr
Slide 4: Consolidated Results Full Year
Consolidated Results Full Year 2 500 Financial Highlights 2,177 • Total revenues: SEK 2,177 M (1,923) 2 000 1,923 • an increase of 13% • Product revenues: SEK 1,558 M (1,344) 1 500 • an increase of 16% 1,284 SEK M • Gross Margin: 59% (54) 1,040 1 000 • EBITA: SEK 211 M (367) • Cash Flow from operati
Slide 5: FY Revenue by Business Line
FY Revenue by Business Line Early Stage Development Programmes Haemophilia Neonatology Genetics & Inflammation +16% SEK 562 M Metabolism +3% SEK 450 M Partner Products +29% SEK 546 M ReFacto AF® SEK 619 M +9% 5
Slide 6: ReFacto
ReFacto® • Q4 revenue for manufacturing and royalty Sales (SEK M): ReFacto 250 1 000 was SEK 163 M (116) • an increase of 40% 200 800 • FY revenue: SEK 619 M (566) 150 600 • an increase of 9% 100 400 • Q4 manufacturing revenue was 50 200 SEK 146 M (93) • Q4 includes validation batches of SEK 43 M 0
Slide 7: Results Q4 2013
Results Q4 2013 Alan Raffensperger │ COO Stockholm | 20 February 2013
Slide 8: Kineret
Kineret • Q4 revenue was SEK 164 M (131) Sales (SEK million): Kineret • an increase of 25% 200 600 150 • FY revenue: SEK 562 M (485) 400 • an increase of 16% (CER 19%) 100 • Strong US performance 200 50 • Received EU approval for Kineret for treatment of rare disease CAPS 0 0 Q3-12 Q1-11 Q2-11 Q3-11
Slide 9: Orfadin
Orfadin Sales (SEK M): Orfadin • Q4 revenue was SEK 91 M (91) 120 400 350 100 • FY revenue: SEK 366 M (357) 300 • an increase of 3% (CER 5%) 80 250 60 200 • Volume continues to grow in all markets 150 40 100 20 • Higher rebates in the US under the 50 Affordable Care Act 0 0 Q4-11 Q1-11 Q2-11 Q3-11 Q
Slide 10: Partner Products
Partner Products • Q4 revenue was SEK 173 M (113) Sales (MSEK): Partner Products • an increase of 53% 200 600 150 • FY revenue: SEK 546 M (423) 400 • an increase of 29% (CER 31%) 100 200 • Growth from new products (e.g. 50 Xiapex®, Cometriq™, Megace®) and base portfolio (e.g. Yondelis®, Ruconest® an
Slide 11: Financials Q4 and FY 2013
Financials Q4 and FY 2013 Mats-Olof Wallin │ CFO Stockholm | 20 February 2013
Slide 12: Income Statement
Income Statement Amounts in SEK M Q4-13 Q4-12 Full year 2013 Full year 2012 Total revenues 611 472 2,177 1,923 Gross profit 358 267 1,284 1,040 Gross Margin 59% 57% 59% 54% Sales and Administration -192 -130 -621 -540 Research and development -102 -99 -456 -402 Other operating revenues/expenses 2 -1
Slide 13: Balance Sheet
Balance Sheet Dec Dec Amounts in SEK M 2013 2012 ASSETS Intangible 4 637 4 533 Tangible and financial 152 130 Total non-current assets 4 789 4 663 Inventories 726 700 Accounts recievable 415 343 Other Receivable 145 143 Cash and equivalent 445 457 Total current assets 1 730 1 643 Total Asset 6 519 6
Slide 14: Cash Flow and Net Debt
Cash Flow and Net Debt 500 50% 300 400 40% 200 300 30% SEK M SEK M 200 20% 100 100 10% 0 0 0% Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 -100 Net debt Net debt / Equity Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Cash flow from operations Change in working capital 14
Slide 15: Summary and Outlook
Summary and Outlook Geoffrey McDonough │ CEO Stockholm | 20 February 2013
Slide 16: Two Years Ago
Two Years Ago Actions to Reach Our Goals We intend to earn our way into our future based on operational performance. 1. Revenue growth through focus on key products 2. Ongoing cost discipline 3. Gross Margin improvement > Improving cash flow from operations and working capital 16
Slide 17: Today
Today 2011: Adjusted EBITA SEK -21 M 2012: Adjusted EBITA SEK 97 M • 2 500 Non-recurring SEK 78 M • Non-recurring SEK 37 M (Arexis) 1 000 (restructuring) • Co-promotion Pfizer SEK -307 M • Multiferon SEK -149 M 2 177 900 2 000 1 911 1 923 800 700 1 500 600 GM 59% M SEK 500 GM 54% GM 51% 1 000 400 36
Slide 18: Planned Key Events 2014-2016
Planned Key Events* 2014 -- 2016 Sobi’s Key Milestones Kineret Orfadin Kepivance Factor VIII Factor IX Kiobrina SOBI002 NOMID approval US Filling of liquid Phase I Phase I Phase I Phase I 1 Phase I begins formulation in US NOMID launch US and EU Phase II Phase II Phase II Phase II 2 Phase I data CAP
Slide 19: Strategic Priorities
Strategic Priorities 1. Near-term focus on growth in key therapeutic areas, with sustainable positive cash flow from operations. We are here 2. Medium-term investments to ensure successful commercialization of our late-stage pipeline. 3. Long-term growth will come organically and through acquisition
Slide 20: Outlook 2014
Outlook 2014 Revenues MSEK 2,300 to 2,500 Gross Margin 58-60% Operating costs Operating costs are expected to increase as the company continues to prepare for the planned launch of the three phase 3 pipeline projects. The outlook was first published in the 2013 Q4 report on 20 February 2014. 20
Slide 21: Summary
Summary 1. Diversified commercial portfolio focused on improving cash flow and profitability 2. Working to efficiently commercialize our proprietary innovative medicines for rare disease patients globally 3. Business model oriented to building value through partnerships from global early stage biolo
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